Singapore fintech firm targets Africa as core growth market
As business expands EFGH projects in Africa will soon account for most of its earnings
Harry Yamsom, Administrator of Ghana’s District Assemblies Common Fund (left), with Dennis Ng, Executive Chairman of Embed Financial Group Holdings, during a meeting in Singapore on October 17, 2025. Photo courtesy: EFGH
Africa has become a central focus for Singapore-based technology company Embed Financial Group Holdings (EFGH), with chief executive Dennis Ng expecting the continent to generate up to 80% of its revenues within the next year. EFGH recently announced a new project in Ghana, adding to a series of others it has landed over the past two years in countries ranging from the Democratic Republic of Congo (DRC) to Nigeria.
Founded in 2023, EFGH began with a focus on the technology behind embedded insurance, where coverage is offered at the moment of purchase and integrated into the transaction rather than sold separately. Over time, it has broadened its scope beyond insurance to include a wider range of financial services and digital infrastructure products.
The company’s latest initiative in Ghana is the rollout of what it calls a “finternet”, a system designed to link payments, micro-insurance and other financial services through a single digital infrastructure. The project is being implemented with Ghana’s District Assemblies Common Fund (DACF), a constitutional fund established to support local governance and development.
The DACF had been seeking a digital solution that would simplify tax and utility payments, improve access to remittances, and streamline the way it distributes funds to Ghana’s 261 administrative districts.
With the new platform, users will be able to send and receive money both domestically and from abroad, make routine payments, and settle local taxes. Insurance products will also be available, with underwriting provided through Ghanaian insurance partners. The service will be offered through a mobile app as well as USSD channels for non-smartphone users, both tied to the same digital wallet infrastructure.
The system will run on EUSD, a digital stablecoin pegged one-to-one to the US dollar. Using a stablecoin allows payments to move instantly, avoiding many of the delays and fees associated with traditional channels. Users will be able to convert their digital balances into cash at branches and agents of a local partner bank.
EFGH plans to release an initial version of the platform by the end of the year and refine it based on feedback from early adopters.
Before starting EFGH, Ng worked for global insurance firms and banks in Singapore. He first became exposed to Africa during his time at Prudential, where he supported operations in multiple African markets.
Having first deployed its solutions in Southeast Asia, EFGH has shifted its attention to Africa over the past year. In the DRC it is developing a project similar to the Ghana initiative; in Nigeria it has delivered a chatbot for a major insurance provider; and in Zambia it is contributing to a telemedicine programme for smallholder farmers, with plans to connect the service to insurers so medical claims can be paid into a digital wallet.
Ng sees most potential for personal accident cover in Africa. This is because in many African economies a large share of the workforce is informal and engaged in manual labour, leaving then vulnerable when injuries occur. The Asia business of EFGH is being overseen by a ‘dedicated’ CEO, leaving Ng to focus on the African market.
References
'Ghana’s DACF and Singapore’s EFGH launch joint venture to build Africa’s first finternet', Embed Financial Group Holdings, 29 October 2025
'Bridging two worlds: How Ghana and Singapore are building Africa’s first finternet', Embed Financial Group Holdings, 10 November 2025
