Fidelity Bank Joins Forces with Proxtera to Empower Ghana’s SMEs on GIFE Platform

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.