Another week, another wave of exciting developments in Ghana’s startup ecosystem. This week’s edition is packed with news on funding rounds, product launches and policy updates. Let’s dive in, but first the headlines:
- Fido secures $10 million from FMO as part of its Series B funding round.
- MEST Africa backs 3 new startups from the 2024 Entrepreneurs-in-Training cohort.
- Akofresh’s CEO named as a 2024 Anzisha Prize winner, securing $10,000 in prize money.
- Bank of Ghana release draft guidelines for the regulations of cryptocurrency and other digital assets.
- Teachers Fund’s buy-now-pay-later platform Credit Mall launches smartphone financing scheme.
- Ghana’s Aquantuo and Metaschool shortlisted among Africa’s Business Heroes 2024 Top 50 Finalists.
Funding
Fido, the digital lender based in Ghana and Uganda, has secured $10 million in equity from FMO’s MASSIF Fund as part of its Series B capital raise. The company utilizes alternative data and artificial intelligence to underwrite loans for more than 650,000 customers, granting them instant access to credit without a formal financial track record based on its credit score. Fido intends to use the funding to grow its loan book in Ghana and Uganda and to further expand into new African countries while maintaining its goal of supporting bottom-of-pyramid clients.
MEST Africa has invested in 3 new startups from the 2024 Entrepreneurs-in-Training cohort. The “lucky three” includes Worklyn, a workspace that automates task tracking from different channels and centralises communication tools with a direct integration with WhatsApp; Intelli Concierge, a multichannel assistant that streamlines customer interactions to quickly answer repetitive questions on WhatsApp, Facebook , Web and Email with real-time information fetching and Pikelo which provides francophone professionals with a mobile application to learn English in a fun and engaging way by speaking with human-like avatars and receiving instant feedback.
Akofresh’s CEO, Mathias Charles Yabe has been recognized as one of the winners of the prestigious 2024 Anzisha Prize, a leading youth entrepreneurship initiative for entrepreneurs between 15 to 22 years in Africa. As part of the winning prize the company received a $10,000 award along with access to mentorship, training, and networking opportunities.
Product launch
Teachers Fund’s buy-now-pay-later subsidiary Credit Mall has launched a smartphone financing scheme. Dubbed Ascend Smartphone Financing, the initiative will enable individuals to purchase Android smartphones with a 10% down payment and pay the remaining balance over six months. To manage risks, the platform features a phone-locking system which will remotely lock the phone once a customer defaults on payments.
Policy
The Bank of Ghana has made a significant move toward regulating the growing interest in cryptocurrencies and digital assets within the country. In a recently released draft guideline, the central bank has outlined its approach to ensuring that digital assets such as bitcoin, stablecoins, and other virtual currencies are managed responsibly while also fostering innovation. Virtual asset service providers, which include exchanges, wallets, and other platforms facilitating digital asset transactions, will need to register with the Bank of Ghana. They will also be subject to strict anti-money laundering and terrorism financing regulations. This move reflects a broader effort to ensure that the evolving digital asset ecosystem operates within clear legal boundaries.
Incubator & Accelerators
Ghana’s Aquantuo and Metaschool have been shortlisted among Africa’s Business Heroes 2024 Top 50 Finalists. Founded by Clement Owusu-Donkor in 2016, Aquantuo simplifies global shipping by connecting international markets to African consumers. Metaschool, led by Richard Duodu, is revolutionizing education with its AI-powered teaching assistant. The platform provides on-demand video lessons, adaptive learning paths, and practical science experiments.
