2 Join forces to empower Ghana's SMEs on GIFE Platform
Fidelity Bank has signed an agreement with Proxtera to empower Small and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) platform.
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This was signed at the just-ended 3i Africa Summit, a major gathering which was focused on driving Africa's growth potential.
The Divisional Director, Retail and Business Banking at Fidelity Bank, Nana Esi Idun-Arkhurst, and the Chief Executive Officer (CEO) of Proxtera, Saurav Bhattacharyya,
signed for their respective institutions.
GIFE, a collaborative effort between the Development Bank Ghana (DBG), the Monetary Authority of Singapore (MAS), and the Bank of Ghana (BOG), with Proxtera as the digital infrastructure provider, aims to address these very challenges head-on.
The platform provides Micro-, Small and Medium-sized Enterprises (MSMEs) with a comprehensive digital solution for growth.
Strength of SMEs
Nana Idun-Arkhurst emphasised the crucial role of SMEs in Ghana's economy, highlighting their job creation and innovation potential.
She, however, acknowledged the challenges the sector faced such as limited access to finance, customer reach, and essential business skills, which hindered informed decision-making and sustainable growth.
"GIFE presents yet another opportunity for the bank to provide the needed solutions to today's modern SMEs, helping them compete locally, regionally and globally, in addition to all the programmes, platforms and solutions we already offer SMEs," Nana Idun-Arkhurst added.
She expressed the hope that all SMEs that sign up for the GIFE platform would have the unparalleled opportunity to position themselves as global players.
Nana Idun-Arkhurst further stated that Fidelity Bank looks forward to working with Proxtera to deepen the governance of Ghanaian SMEs "and we will work with all the various stakeholders in the value chain to make this possible".
Shared vision
Mr Bhattacharyya reiterated Proxtera's commitment to the shared vision of empowering Ghanaian MSMEs.
"We are dedicated to making GIFE a successful platform that fosters inclusive economic growth," he said.
Fidelity Bank and other GIFE participants ensure that the platform meets the specific needs of Ghanaian SMEs.
“We have plans for continuous improvement and expansion of the GIFE platform, ensuring it remains a valuable resource for businesses well into the future," he added.