By Ayuure Kapini Atafori
Fidelity Bank, Ghana’s largest privately-owned bank, signed a partnership agreement with Proxtera on Wednesday, May 15, 2024, to empower Small, and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) Platform.
Fidelity Bank’s signing on the GIFE platform marks a significant step towards empowering Ghana’s SMEs. The collaboration demonstrates the bank’s commitment to supporting the growth of the SMEs sector, and to contributing to a more prosperous economy.
The partnership was consummated during the ongoing 3i Africa Summit, a major gathering focused on driving Africa’s growth potential, held in Accra.
Nana Esi Idun-Arkhurst, the Divisional Director in charge of Retail and Business Banking at Fidelity Bank, and Mr. Saurav Bhattacharyya, Chief Executive Officer of Proxtera, signed for their respective organizations.
Nana Idun-Arkhurst emphasized the crucial role that SMEs play in the economy, highlighting their efforts in job creation and innovation. She acknowledged challenges like limited access to finance, customer reach, and essential business skills which encumber the operations of SMEs.
The lack of expertise, Nana Idun-Arkhurst explained, hinders informed decision-making and sustainable growth in the SMEs ecosystem.
GIFE, a collaborative effort among the Development Bank Ghana (DBG), Monetary Authority of Singapore (MAS), and Bank of Ghana (BoG), with Proxtera as the digital infrastructure provider, aims to address the challenges of SMEs. The platform provides SMEs with a comprehensive digital solution for 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 programs, platforms, and solutions we already offer SMEs,” Nana Idun-Arkhurst said.
She hoped that all SMEs which sign up on the GIFE Platform will have the unparalleled opportunity of positioning themselves to be global players. She said Fidelity Bank looks forward to working with Proxtera to deepen the governance of Ghanaian SMEs, adding “and we will work with all the various stakeholders in the value chain to make this possible.”
Mr. Bhattacharyya reiterated Proxtera’s commitment to the shared vision of empowering Ghanaian SMEs. “We are dedicated to making GIFE a successful platform that fosters inclusive economic growth,” said Mr. Bhattacharya.
“Our collaboration with Fidelity Bank and other GIFE participants ensures 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.
