Fidelity Bank, Ghana's largest privately-owned bank, signed a landmark agreement with Proxtera on Wednesday, May 15, 2024, to empower Small, and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) Platform.
The partnership was solidified during the ongoing 3i Africa Summit, a major gathering focused on driving Africa's growth potential. Signing on behalf of their respective organizations were Nana Esi Idun-Arkhurst, Divisional Director, Retail and Business Banking at Fidelity Bank, and Mr. Saurav Bhattacharyya, Chief Executive Officer of Proxtera.
Nana Esi Idun-Arkhurst emphasized the crucial role of SMEs in Ghana's economy, highlighting their job creation and innovation, but also acknowledging challenges like limited access to finance, customer reach, and essential business skills. This lack of expertise, Ms. Idun-Arkhurst explained, hinders informed decision-making and sustainable growth.
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 MSMEs 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," emphasized Fidelity Bank's Nana Esi Idun-Arkhurst.
Ms. Idun-Arkhurst expressed hopes that all SMEs who sign up on the GIFE platform will have the unparalleled opportunity of positioning themselves to be a global player.
Ms. Idun-Arkhurst further highlighted 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."
Mr. Saurav Bhattacharyya, CEO of Proxtera, 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," 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."
Fidelity Bank's signing with Proxtera on the GIFE platform marks a significant step towards empowering Ghana's SMEs. This collaboration demonstrates the bank's commitment to supporting the growth of this vital sector and contributing to a more prosperous Ghanaian economy for all.