Fintech App Development
Fido money lending app is a financial app powered by Fido. It is one of the most popular lending platforms for borrowers and money lenders living in Ghana. The chances of fraud are low as the developer is licensed legally and regulated by the bank of Ghana. So, any small business owner or individual looking for quick cash to finance immediate needs and expenses in Ghana can turn to Fido Money lending.
In the last few years, the original growth of mobile financial services in sub-Saharan Africa has challenged all expectations. Although Kenya is frequently cited as a leading example of digital transformation, Ghana has lately become the fastest-growing mobile money market in Africa. It has registered accounts growing six-fold between 2012 and 2017.
The country's involvement presents a fresh outlook on its digital transformation and displays that technology can help modernize the financial system as well as also promote greater financial inclusion.
Fido Money Lending Limited(FIDO) is a financial institution. It is headquartered in Accra, Ghana. The app is licensed by the Bank of Ghana. The app provides fast and easy loans for people who need them for the short-term. These loans are called FIDO Loans. The customers can apply for FIDO loans using their smartphones just by downloading the FIDO app. The FIDO loans are made easily available to salaried, contracted and self-employed professionals. The customers just need to do a one-time verification of ID and mobile money account. There are no guarantors required for loans.
Interesting features of the Fido Money app:
Applying for a loan from the comfort of home or office is easy. Even if one is extremely busy and does not get enough time to visit the bank the person can always resort to an instant loan on the Fido app.
The app can help the person to borrow a loan in case of confusion to borrow a loan for a specific task. In certain situations, if a person is unable to make the right decisions regarding the loans, the amazing app helps the person to make the loan request decisions. Having Fido on your mobile phone means the person is just a tap away from credit alert to their bank accounts.
Fido is adorned with another amazing feature. The app does not have any hidden charges. The payment details and the charges are clarified at the time of filing the loan application. When the person is about to submit the loan application he can check the total amount in the app. Fido does not charge the upfront fees on the secured loan. However, a processing fee of 12GHS is deducted while repayments are done.
Applying for a loan on the lending app does not require any paperwork and neither does one needs to go to the bank.
What are the benefits of Fido?
If a person is applying for the first time for the loan they can receive GHS 200 and repay between 10 to 33 days. The person can enjoy a higher loan payout up to GHS 600 every time they repay the outstanding loan with lower interest rates on the subsequent loan. The interest rates displayed at the Fido lending app for new customers starts at 14% for 30 days. Whereas the existing customers who have good-paying history can get loans at 8% for 30 days.
The person can choose repayment terms that align with their specific needs. This can vary from 10 to 90 days. They can pay the loan due on one installment or in tranches depending on their eligibility. The loans on the Fido app are designed to assist with urgent cash and not for long term obligations. The interest rate in the app is set at a cap of 0.466% per day and it keeps on decreasing. If a person takes 600 GHS for 30 days, the rate of interest implied by 0.266% per day, the annual percentage rate for a secured loan including the relevant charges is 123%.
Fido loans do not imply compound interest and they are also not available for extension or refinancing beyond the stated term.
How can one apply for Fido loans?
To apply for loans on Fido, one needs a valid ID proof, a mobile money account that is 2 months old and he should be a resident of Ghana and should be above 18 years of age.
The easiest and affordable approach to develop a P2P lending app like Fido
Money lending, borrowing, requesting and personal choices for getting paid back between your friends and family can be awkward. In Africa, as the banking system is not really strong, informal lending or P2P lending is still the chief source of loans for somebody in the requirement of cash to invest, deal with unexpected expenses.
P2P lending apps are bridging the gap between formal and informal lendings. The market in Ghana and Africa is vast for P2P businesses. If you are looking for a venture in financial services, P2P lending in Africa can be a really profitable option for you.
We can help you with our white label solutions for P2P lending apps to kickstart your business easily and to start earning profits. Our technologically powered white label solutions are helpful for you to provide your customers with the best of the services. We provide you end-to-end solutions from the start of your business.
If you wish to know about the features of the white label solutions and the cost of development of a P2P lending app, connect with us for a free consultation session or ask for a free demo.