The Fidelity Bank Ghana has under its GreenTech Innovation Challenge awarded GH¢ 1.4 million in grants, supporting 17 groundbreaking businesses nationwide in the agricultural value chain.
The bank has also empowered young entrepreneurs, particularly women, through its Fidelity Young Entrepreneurs Initiative, which has supported 103 Small and Medium-sized Enterprises (SMEs) to the tune of GH¢14.35 million.
Mr. Atta Yeboah Gyan, Deputy Managing Director of the bank, said this at a media engagement in Sunyani.
Mr. Yeboah Gyan said “Beyond our financial achievements, we are passionate about contributing to Ghana’s development. Agriculture is a key secto, and we are proud to support its growth through initiatives like the GreenTech Innovation Challenge, where we awarded GH¢ 1.4 million in grants, supporting 17 groundbreaking businesses nationwide in the agricultural value chain.”
He added that “we are also empowering young entrepreneurs, particularly women, through our Fidelity Young Entrepreneurs Initiative, which has supported 103 Small and Medium-sized Enterprises (SMEs) this year alone, disbursing a total of GH¢14.35 million.”
Supporting Women Entrepreneurs and Farmers
According to Mr. Yeboah Gyan, the bank’s bridge in agriculture initiative continues for farmers. He said since January 2024, the bank has created 119 new jobs and impacted over two thousand smallholder farmers.
“Our partnership with the MasterCard Foundation under the Bridge-In-Agriculture initiative continues to deliver significant results. Since the beginning of the year, we have created 119 new jobs, sustained over 3,000 existing jobs and positively impacted 2,483 smallholder farmers, 72.9% of whom are women. Inclusive growth remains at the heart of our efforts in the agricultural sector,” Mr. Yeboah Gyan said.
Sustainability Initiatives: Reducing Our Environmental Footprint
Mr. Yeboah Gyan said the bank has made significant progress in waste reduction by recycling 1.8 metric tonnes of paper and measured its scope 3 greenhouse gas emissions at 78,530 metric tonnes of CO2 equivalent.
“As we navigate economic growth, we are also committed to reducing our environmental impact. We have made significant strides in waste reduction, recycling 1.8 tonnes of paper, and have measured our Scope 3 greenhouse gas emissions at 78,520 metric tonnes of CO2 equivalent. These figures provide a baseline as we set ambitious reduction targets moving forward,” he said, adding that “We have also integrated ESG principles into our lending practices, ensuring the businesses we finance operate responsibly.”
Corporate Social Responsibility
Mr. Yeboah Gyan said the bank has under its corporate social responsibility prioritised education, economic empowerment, health, and gender equality.
The bank has so far positively impacted the lives of 6,409 individuals in just the first half of this year.
“Through our Orange Impact initiative, which ensures educational access across the country, we have supported seven schools so far, with Accra Royal JHS being the latest addition. Our Employee Volunteering Program has seen over 127 staff contributing more than 430 hours of community service,” he said.
Navigating Challenges and Resilience
The Deputy Managing Director of the bank observed that in spite of all the achievements, the bank faced some challenges over the years, with the domestic debt exchange programme as the most crucial.
“The past few years have presented some unusual challenges; one that is particularly worthy of note in recent memory is the domestic debt exchange program.
“However, despite these varied hurdles, Fidelity Bank continues to exhibit resilience and innovation to circumnavigate these challenges and continue delivering superior services and value to our customers,” he said.
According to him, the bank turned a loss of GH¢518 million in 2022 into a profit of GH¢1.17 billion in 2023.
Additionally, the bank’s assets grew by 25% to GHS 17.22 billion, while its capital adequacy ratio improved from 16.8% to 20.9%, reflecting strong financial health.
“It will happen”
The bank recently launched its new brand campaign, ‘Ɛbɛ fa’, which means “It will happen.” This campaign celebrates the resilience of its customers and Ghanaians in general, highlighting real-life stories of those who have achieved significant milestones with our support.
It is a reminder of Fidelity Bank’s core belief that ‘your dreams are valid, and with the right partner and motivation you can realise that dream.’
In light of this, Fidelity Bank continues to pursue its role as your loyal finance partner, empowering Ghanaians to achieve their dreams.
The Journey
The Fidelity Bank Ghana journey began in 1998 as a discount house. By 2006, the bank had transitioned into a universal bank, marking the beginning of a journey filled with significant milestones.
Fast forward to 2024 and Fidelity Bank Ghana stands as the largest privately owned Ghanaian bank and the fifth largest in Ghana by assets.
In just over 18 years, the bank has expanded its reach to 81 branches nationwide, with 7 branches in the Bono and Ahafo regions, including Techiman, Berekum, Goaso, Sampa, Dormaa, Sunyani Main and Sunyani Post branches. This achievement is a testament to the bank’s commitment to serving the people of Ghana.
Financial Inclusion: A Cornerstone
Mr. Yeboah Gyan recalled that a pivotal moment in the bank’s history was the 2011 commitment to financial inclusion. He said the bank recognised the vast potential to bring banking services to the unbanked majority when, in 2014, the bank introduced its Agency Banking Model and Smart Account, which require minimal KYC and can be opened in just five minutes.
“This was the first of its kind in Ghana, and it revolutionised banking by making it possible for people to open accounts at agent points such as mobile money agents, Ghana Post, and retail locations like Melcom,” Mr. Yeboah Gyan said.
So far, the bank has successfully onboarded over 1.5 million previously unbanked and underbanked individuals, helping to decrease Ghana’s unbanked population from 70% in 2011 to around 40% with its pioneering approach now being replicated by other banks.
“In Sunyani alone, our agent network comprising 226 agents, who form part of a total of 770 agents in Bono, Bono East and Ahafo has empowered countless individuals and businesses,” he emphasised.
Celebrating 10 Years of Financial Inclusion
Mr. Yeboah Gyan announced that as part of activities marking a decade of its financial inclusion journey, the bank is introducing micro-loans, which are easily and conveniently accessible through its 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 microinsurance options, ensuring that no Ghanaian is left behind in the financial system,” Mr. Yeboah Gyan assured.
In furtherance of its quest to continuously improve customer service and operational efficiency in the digital age, the bank recently launched a state-of-the-art special project office located in Accra. This cutting-edge facility brings together the Fidelity Core Banking Application, Digital Office, and Projects & Optimisation teams under one roof, fostering innovation and collaboration.
