Fidelity Bank, Ghana’s largest privately-owned bank, has signed a landmark agreement with Proxtera on to empower Small, and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) Platform.
The agreement was signed Wednesday during the ongoing 3i Africa Summit, a major gathering focused on driving Africa’s growth potential.
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.
Nana Esi Idun-Arkhurst, Divisional Director, Retail and Business Banking at Fidelity Bank, and Mr. Saurav Bhattacharyya, Chief Executive Officer of Proxtera signed on behalf of their respective organisations.
Ms Idun-Arkhurst emphasised the crucial role of SMEs in Ghana’s economy, highlighting job creation and innovation.
She, however, identified challenges such as limited access to finance, customer reach, and essential business skills.
This lack of expertise, Ms. Idun-Arkhurst explained, 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 programs, platforms, and solutions we already offer SMEs,” Ms Idun-Arkhurst said.
Ms. Idun-Arkhurst expressed the hope that all SMEs who signed up on the GIFE platform would have the unparalleled opportunity of positioning themselves to be a global player.
Ms. Idun-Arkhurst highlighted that Fidelity Bank looked 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, ” he said.
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,” he said.
