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Fidelity Bank Ghana Allocates GHC14.35 Million to Support SMEs, Expands Financial Services

Sunyani: Fidelity Bank Ghana has announced the provision of GHC14.35 million in financial support to 103 Small and Medium-sized Enterprises (SMEs) across the nation. The initiative is part of the bank's broader effort to boost economic growth and sustainability in the SME sector. According to Ghana News Agency, Mr. Gyan Atta Yeboah, the Deputy Managing Director of Fidelity Bank Ghana, outlined the bank's achievements during a media engagement in Sunyani. The financial support has resulted in the creation of 119 new jobs and the sustenance of over 3,000 existing positions. Furthermore, 2,483 stakeholder farmers have benefited from the initiative, with 72.9 percent of them being women. Despite encountering challenges, the bank reported a profit of GHC1.17 billion in 2023, with assets growing by 25 percent to GHC17.22 billion. The bank's capital ratio improved from 16.8 percent to 20.9 percent. Mr. Yeboah also announced plans to introduce easily accessible micro-loans, without collateral, through the digital p latform Kukua, primarily benefiting SMEs. The bank is considering micro-insurance options to enhance financial inclusion across Ghana. Mr. Yeboah emphasized Fidelity Bank Ghana's focus on delivering innovative financial solutions to meet customer needs, reflecting its leadership in the banking sector. Established 18 years ago, the bank operates 81 branches nationwide and is the largest private asset in Ghana. In addition to financial initiatives, the bank is committed to reducing its environmental impact, having recycled 1.8 tons of paper and measured greenhouse gas emissions at 78,520 tons of CO2 equivalent. The bank also prioritizes education, economic empowerment, health, and gender equality, positively impacting 6,409 individuals and supporting seven schools within the first half of the year.