Head of Operations for Fido loans, Terrance Asare has explained that lack of growth in most financial institutions are caused by fraudulent activities by fraudsters.
Speaking on the GTV Breakfast Show, he said, “It has become a hindrance for most financial institutions to grow because of these fraudsters” he said.
He further explained that, Fido loans which was created for the average Ghanaian who may not have enough capital to start their business have scammers using their brand for fraudulent activities.
Scammers reach out to costumers of financial institutions on Facebook and propose loans which exceeds the fixated amount Fido gives out to their customers.
Over the years, scammers do not only message Fido customers but also run adverts on some television stations with brand materials from the Facebook of FIDO.
Mr. Asare said their service is rendered only digitally and have no agents in the market space.
He also added that, the firm does not ask for a deposit before granting a loan to their customers.
The company has rebranded to help the average Ghanaian with easy access on the digital platform and also reduce fraudulent activities.
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