Fidelity Bank, Ghana’s largest privately owned bank, has entered a groundbreaking partnership with Proxtera to enhance support for Small and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) platform. This agreement, signed on Wednesday, May 15, 2024, during the 3i Africa Summit, aims to address key challenges faced by SMEs in Ghana, providing them with the tools necessary for sustainable growth and global competitiveness.
The 3i Africa Summit, a significant event focused on leveraging Africa’s growth potential, served as the backdrop for this strategic alliance. Representing their respective organizations, Nana Esi Idun-Arkhurst, Divisional Director of Retail and Business Banking at Fidelity Bank, and Mr. Saurav Bhattacharyya, CEO of Proxtera, formalized the partnership.
Empowering SMEs
Nana Esi Idun-Arkhurst underscored the vital role that SMEs play in Ghana’s economy, particularly in job creation and innovation. However, she acknowledged the obstacles these businesses face, such as limited access to finance, insufficient customer reach, and a lack of essential business skills. “This lack of expertise,” Ms. Idun-Arkhurst noted, “hinders informed decision-making and sustainable growth.”
The GIFE platform, a collaboration involving the Development Bank Ghana (DBG), the Monetary Authority of Singapore (MAS), and the Bank of Ghana (BOG), with Proxtera as the digital infrastructure provider, is designed to tackle these challenges directly. It offers SMEs a comprehensive digital solution to enhance their operational capabilities and market reach.
Comprehensive Support
“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 Nana Esi Idun-Arkhurst. She expressed optimism that SMEs using the GIFE platform would gain a competitive edge and position themselves as global players.
Furthermore, Ms. Idun-Arkhurst highlighted Fidelity Bank’s commitment to collaborating with Proxtera to strengthen governance within Ghanaian SMEs. “We will work with all the various stakeholders in the value chain to make this possible,” she added.
A Shared Vision
Mr. Saurav Bhattacharyya, CEO of Proxtera, affirmed the company’s dedication to empowering Ghanaian MSMEs through the GIFE platform. “We are dedicated to making GIFE a successful platform that fosters inclusive economic growth,” he stated. Mr. Bhattacharyya emphasized that the collaboration with Fidelity Bank and other GIFE participants ensures that the platform is tailored to meet the specific needs of Ghanaian SMEs. He also mentioned plans for continuous improvement and expansion of the platform to maintain its relevance and utility for businesses.
Future Prospects
The partnership between Fidelity Bank and Proxtera marks a significant milestone in supporting Ghana’s SMEs, demonstrating a strong commitment to fostering economic growth and sustainability. By leveraging the GIFE platform, Fidelity Bank aims to provide SMEs with the resources needed to thrive in an increasingly competitive global market.
As this collaboration unfolds, it is poised to contribute significantly to the prosperity of the Ghanaian economy, ensuring that SMEs can overcome their challenges and achieve sustainable growth.