Bi-Weekly Growth Analysis

Ghana & Uganda — Mar 9–22, 2026 vs Feb 23–Mar 8, 2026

Prepared: March 24, 2026 · Data: Snowflake, MongoDB, CleverTap, Campaign Platforms · Fido Analytics

Executive Summary

Key metrics across onboarding, KYC, lending, marketing, and savings for the current bi-weekly period.

76,577
GH Signups (Mar)
Through Mar 28
Feb: 76,494
25.8%
GH Signup→Disb Rate
19,786 first disbursements
Up from 25.0% (Feb)
19,420
UG Signups (Mar)
Through Mar 28
Feb: 18,999
18.1%
UG Signup→Disb Rate
3,511 first disbursements
Up from 14.2% (Feb)
Chenosis scaling up in Ghana: Launched Jan 2026. IN_APP at 58.1% success (4,477/7,709 biweekly) — strong and improving. USSD volume surged from 7 (Feb) to 1,159 (Mar) but success rate dropped to 41.4%. Margins steady at 43.5%. Chenosis IN_APP is now the higher-performing channel.
CAC spiking in both markets: Ghana CAC hit $6.48 (Feb), up 35% from Jan. Uganda doubled from $6.26 to $12.84 in 3 months.
Savings at GHS 9.41M — promo driving retention: Total balance at GHS 9.41M. "Without Loan" savers surged to 26.5% of new accounts. Post-promo active retention jumped from 53.6% to 65.0% (+11.4pp).

1. Onboarding Funnel

Monthly conversion rates and volumes for Ghana and Uganda: Signups → KYC → First Fido Score ≥250 → First Disbursement (Oct 2025 – Mar 2026).

GH Ghana Conversion Rate Trends

Monthly | KYC/Signup, FS≥250/Signup, Disb/Signup

UG Uganda Conversion Rate Trends

Monthly | KYC/Signup, FS≥250/Signup, Disb/Signup

Absolute Volumes — Ghana vs Uganda

Monthly registrations and first disbursements side-by-side

Onboarding Funnel Over Time

GH Ghana Full Funnel — Monthly Volumes

Oct 2025 – Mar 2026 | Signups → KYC → FS ≥250 → First Disbursement

UG Uganda Full Funnel — Monthly Volumes

Oct 2025 – Mar 2026 | Signups → KYC → FS ≥250 → First Disbursement

Registrations vs LN0 Disbursements

GH Ghana Reg vs First Disbursements

Monthly | Volumes + Conversion Ratio

UG Uganda Reg vs First Disbursements

Monthly | Volumes + Conversion Ratio
Ghana: KYC is the biggest cliff. ~54% of signups complete KYC. Of those, ~56% get a Fido Score ≥250, and ~82% of eligible users take their first loan. KYC → FS Eligible is where the most volume is lost.
Uganda: KYC→FS Eligible is the tightest bottleneck. Only ~35% of KYC completers get FS ≥250 (vs Ghana’s 56%). But once eligible, 87% disburse — higher than Ghana.

2. KYC Detailed Funnel

62.1%
GH KYC Completion Rate
+3.5pp vs previous
52.8%
UG KYC Completion Rate
+2.8pp vs previous
ID Capture
Biggest Bottleneck
~25–30% drop-off
30,543
GH KYC Succeeded (Current)
Up from 27,373

KYC Funnel Comparison

GH Ghana KYC Funnel — Current vs Previous

Mar 9–22 vs Feb 23–Mar 8 | Step-over-step conversion

UG Uganda KYC Funnel — Current vs Previous

Mar 9–22 vs Feb 23–Mar 8

Step-over-Step Conversion — Ghana vs Uganda

Current period comparison
Biggest drop-off: KYC Start → ID Front Capture. Ghana loses 24.6%, Uganda loses 29.9%. ID scanning/OCR is the #1 friction point.

KYC Provider Analysis

58.1%
GH Chenosis IN_APP
4,477 / 7,709 (biweekly)
Launched Jan 2026, 60-65% monthly
40.0%
GH Chenosis USSD
381 / 953 (biweekly)
Volume surged: 7→1,159 (Feb→Mar)
43.5%
GH Margins (IN_APP)
18,051 / 41,459
Down from 45.5% prev
87.9%
UG NITA Avg Success
9-day avg (Mar 14–22)

GH Provider Success Rate Trend

Monthly | Chenosis USSD vs Chenosis IN_APP vs Margins

GH Chenosis USSD Volume Share

Monthly | Chenosis USSD as % of total KYC attempts

GH USSD vs IN_APP (Bi-Weekly)

Mar 9–22 vs Feb 23–Mar 8

UG Daily Provider Volumes & NITA Success

Mar 14–22 | Stacked bars + success rate

3. LN0 & Nano Loans

19,786
GH LN0 Volume (Mar)
Full month
Up from 19,138 (Feb)
305.3
GH Avg Fido Score
Steady upward trend
Up from 290.3 (Oct)
70.9%
GH Improved Score Rate
Score improved after LN0
Up from 47.5% (Oct)
~Mar 2
Nano Loan Launch
New product
Monitor disbursement mix

LN0 Volume & Average Fido Score

Monthly | Bar = LN0 count, Line = Avg Score

Improved Fido Score Rate

Monthly | % whose Fido Score improved post-LN0
Score improvement rate surging: 47.5% → 70.9% over 6 months (+23.4pp). LN0 is effectively building credit history.

4. CAC & Marketing

$6.44
GH Feb CAC (cost/L0)
Mar: $5.71
Up from $4.69 (Jan)
$10.00
UG Feb CAC (cost/L0)
Mar: $7.51
Up from $7.89 (Jan)
33.6%
GH Best L0 Rate
MTN_SMS_Blast
Best KYC rate too (67.6%)
42.7%
UG Best L0 Rate
SafeBoda-Riders (323)
Exceptional conversion

GH Ghana CAC Trend (cost/L0)

Monthly | Total cost / L0 disbursements (USD)

UG Uganda CAC Trend (cost/L0)

Monthly | Total cost / L0 disbursements (USD)

CAC Deep Dive — What’s Driving the Increase?

GH Total Marketing Spend

Monthly spend (USD) | Oct 25–Mar 26

GH CPI / CPK / CAC Trends

CPI = cost/install, CPK = cost/KYC, CAC = cost/L0

GH Funnel Conversion Rate Trends

Install→Signup, Signup→KYC, KYC→Disbursement
GH Dec had highest CAC at $6.89 (cost/L0) — low L0 volume (16,965) against $117K spend. Feb spiked again to $6.44 with $123K spend and only 19,138 L0. Jan was the most efficient month at $4.69.
Cost methodology: CAC = total cost / L0 disbursements. Oct–Dec costs from Kochava digital spend, Jan–Mar from actual marketing budget. CPI = cost/installs, CPK = cost/KYC verified.

Campaign Performance (Mar 9–22)

GH Ghana Top 10 Campaigns — Full Funnel

Signups → KYC → L0 → Savings

GH Campaign Conversion Rates

KYC/Signup, L0/KYC, Savings/KYC per campaign

UG Uganda Top 10 Campaigns — Full Funnel

Signups → KYC → L0 → Savings

UG Campaign Conversion Rates

KYC/Signup, L0/KYC per campaign

GH User Acquisition Source

Source distribution

GH Source Detail (excl. Organic)

Identified attribution sources

5. Savings

All data from SEMANTIC_LAYER.SAVINGS_ACCOUNTS_INFO & SEMANTIC_LAYER.SAVINGS_ALL_TRANSACTIONS. Updated Mar 30, 2026.

39,464
Active Accounts
Deposit > 20 GHS (of 94,235)
41.9% active rate
GHS 9.41M
Total Balance
+ Interest Accrued
Crossed 9M milestone
GHS 238
Avg Balance / Active
Without Loan: GHS 384
12,490
New Accounts (Mar)
Full month — semantic layer
Down from 12,920 (Feb)
2.51%
Conversion from Base
42,608 active clients / 1.70M KYC
26.5%
Savers First %
No L0 or before L0
Up from 10.4% (Oct)
7,421
Closed Accounts (Mar)
Up from 6,304 (Feb)

Savings Group Breakdown

GroupTotal AccountsActiveActive %Total Balance (GHS)Avg BalanceBalance Share
After Loan76,52231,38241.0%6,553,080208.8269.6%
Without Loan13,7966,37746.2%2,450,521384.2726.0%
Before Loan3,9171,70543.5%406,183238.234.3%
Total94,23539,46441.9%9,409,784238.44100%

Transaction Trends

Deposits vs Withdrawals

Monthly | Dual bars + net flow % overlay

Net Deposit Flow

Monthly | Deposits minus Withdrawals

New Accounts vs Closures

Monthly

First-Time Saver Rate

Monthly | % new accounts from first-time savers

New Accounts by Group

Stacked: After Loan, Before Loan, Without Loan

“Without Loan” Share of New Accounts

Monthly | Independent savings adoption

Savings Promotion A/B Test (CASH vs TOPUP)

CASH Reward
11.9%
Completion Rate | 84 enrolled
TOPUP (Airtime) Reward
6.7%
Completion Rate | 89 enrolled

Savings Promotion Funnel (All Users)

View → Click → Amount View → Amount Action → Account Created

CASH vs TOPUP Backend Status

Active, Cancelled, Completed, Disbursing

Completion Rate Comparison

CASH vs TOPUP (Airtime)

Save for a Goal A/B Test

Goal Group (v4.40)
11.7%
997 / 8,492 | 6-step funnel
Control (other versions)
11.7%
3,160 / 26,969 | 4-step funnel

Goal Group Funnel (v4.40)

6-step with goal-setting screens

Control Funnel (other versions)

Standard 4-step without goal screens

Goal Group Step-over-Step Analysis

Conversion between each consecutive step

Promotion Impact on Active Savings Accounts

Savings promotion launched Feb 12, 2026. Comparing account creation and retention before vs after launch. All data from SEMANTIC_LAYER.SAVINGS_ACCOUNTS_INFO.

Pre-Promo (Jan 1 – Feb 11)
53.6%
Active Retention | 2,475 avg weekly new
Post-Promo (Feb 12 – Mar 29)
65.0%
Active Retention | 2,860 avg weekly new
+11.4pp
Active Retention Lift
53.6% → 65.0%
+15.6%
Avg Weekly New Accounts
2,475 → 2,860
42,608
Cumulative Active (Mar)
Up from 10,965 (Oct)
3.9x growth in 6 months
460
Promotion Rewards Issued
232 CASH + 216 TOPUP + 12 Airtime

Cumulative Active Accounts Growth

Monthly | Active accounts (all) from SAVINGS_ACCOUNTS_INFO

Weekly Active Retention Rate

% of new accounts still active | Pre vs Post promo
MetricPre-Promo (Jan 1 – Feb 11)Post-Promo (Feb 12 – Mar 29)Change
Total New Accounts17,32720,019+15.5%
Avg Weekly New2,4752,860+15.6%
Still Active (as of now)9,29113,006+40.0%
Active Retention Rate53.6%65.0%+11.4pp
“Without Loan” savers surging: 10.4% (Oct) → 26.5% (Mar) of new accounts — 2.5x increase. Strong independent savings adoption beyond lending.
CASH reward outperforms TOPUP 1.8x (11.9% vs 6.7% completion). Lower cancellation too (22.6% vs 27.0%). Recommend full rollout.
Promotion driving retention: Active retention jumped from 53.6% to 65.0% post-launch (+11.4pp). Weekly retention trending UP: 59.9% (Feb 16) → 67.7% (Mar 16) → 81.5% (Mar 23). Strong signal that promotion incentives keep accounts alive.
Goal screens don’t hurt conversion (both 11.7%), but engaged goal-setters convert at 35.7% — 3x the baseline.

6. What’s New

Feature releases and product experiments from the past two weeks.

Uganda

Chenosis KYC A/B Test (Phase 2)

MTN clients who fail NITA get Chenosis USSD fallback (treatment) vs no fallback (control). Running since Mar 16. Treatment shows +6.9pp lift (62.6% vs 55.8%) but not yet significant (p=0.16). 71% of treatment passes via Chenosis. Median verification: 1 min (treatment) vs 5 min (control).

62.6%
Treatment
55.8%
Control
+6.9pp
Lift (p=0.16)
1 min
Median Time
Ghana

Chenosis Scaling Up (Launched Jan 2026)

Chenosis IN_APP at 58–65% success rate since Jan launch — consistently outperforming Margins (43–47%). USSD volume surged from 7 (Feb) to 1,159 (Mar) as rollout expanded, though success rate dropped to 41.4%. IN_APP dominates volume at ~19K/mo.

58.1%
Chenosis IN_APP
40.0%
Chenosis USSD
43.5%
Margins (IN_APP)
Savings

Savings Promotion A/B Test (CASH vs TOPUP)

CASH reward outperforms TOPUP at 11.9% vs 6.7% completion. Active retention jumped +11.4pp post-launch (53.6% → 65.0%). 460 promotion rewards issued (232 CASH, 216 TOPUP).

11.9%
CASH Completion
6.7%
TOPUP Completion
+11.4pp
Retention Lift
460
Rewards Issued
Savings

Save for a Goal A/B Test

Goal screens don’t reduce conversion — both at 11.7%. Users who engage with goal-setting are 3x more committed (35.7% account creation).

11.7%
Both Groups
35.7%
Goal Engagers
3x
Commitment Lift

Detailed A/B Results — CleverTap Funnels

CASH Promotion Funnel

Promo Card → Amount → Deposit → Active

TOPUP Promotion Funnel

Promo Card → Amount → Deposit → Active

Goal Group Funnel

Amount View → Deposit (users with goal event)

No-Goal Control Funnel

Without goal event in same period
Ayekoo! — Well done

Bi-Weekly Growth Analysis · Ghana & Uganda · Mar 9–22, 2026 · Fido Analytics

Activity view · All onboarding, KYC, lending, marketing & savings metrics · Savings updated Mar 30 from Semantic Layer