Fidelity Bank disburses GH¢14.35m to support SMEs

FIDELITY Bank Ghana has disbursed GH¢14.35 million in 2024 to support the growth of 103 Small and Medium-sized Enterprises (SMEs) to improve their businesses.

Implemented under the Fidelity Young Entrepreneurs initiative, it is targeted to empower young people and women entrepreneurs.

Additionally, the bank had awarded GH¢1.4 million in grants under the GreenTech Innovation Challenge to support the growth of the country's agricultural value chain. 

The Deputy Managing Director of the Bank, Atta Yeboah Gyan, disclosed this at a media forum in Sunyani, the Bono Regional capital, last Thursday.

He said since the beginning of the year, the bank had created 119 new jobs, sustained over 3,000 existing jobs, and positively impacted 2,483 smallholder farmers, explaining that 72.9 per cent of them were women.

He said the bank’s partnership with MasterCard Foundation under the Bridge-In-Agriculture initiative continued to deliver significant results. 

Mr Gyan said: “The bank has identified the role agriculture plays in the country's economy and we are proud to support its growth through our various initiatives. We are passionate about contributing to Ghana's development.”

Environmental impact

He said the bank was committed to reducing environmental impact, explaining that it had made significant strides in waste reduction by recycling 1.8 tonnes of paper, and had measured their scope - three greenhouse gas emissions at 78,520 tonnes of carbon dioxide equivalent.

"This year, we ensured that all businesses receiving loans from Fidelity Bank have appropriate safety measures, like fire extinguishers," he said.

On Corporate Social Responsibility, Mr Gyan said the bank prioritised education, economic empowerment, health and gender equality.

He said the bank had positively impacted the lives of 6,409 individuals in just the first half of this year.

He said the bank was also constructing 16 basic schools across the country, explaining that most of the facilities had been completed, while others were at the various stages of completion.

Potential

Mr Gyan said they recognised the vast potential to bring banking services to the unbanked majority. 

He said through their efforts, they had successfully onboarded over 1.5 million previously unbanked and underbanked individuals.

That, according to Mr Gyan, was helping to decrease Ghana's unbanked population from 70 per cent in 2011 to around 40 per cent.

He said in Sunyani alone, their agent network comprising 226 agents, who formed part of a total of 770 agents in Bono, Bono East and Ahafo regions, had empowered countless individuals and businesses.

Mr Gyan said the bank remained dedicated to innovation and empowerment. 

"That is why we are introducing micro-loans which are easily and conveniently accessible through our 24/7 virtual Assistant on WhatsApp, Kukua. You don't need any documentation or collateral to access an immediate loan on Kukua. Beyond these easy-to-get loans, we are also exploring micro-insurance options, ensuring that no Ghanaian is left behind in the financial system," he said.

Writer's email: biiya.ali@graphic.com.gh