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3i Africa Summit: Fidelity Bank joins Proxtera to empower Ghana's SMEs

Fidelity Bank has sealed a pact with Proxtera on Wednesday, May 15, 2024, aimed at empowering Small and Medium Enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) Platform.

3i Africa Summit: Fidelity Bank joins Proxtera to empower Ghana's SMEs

The alliance was cemented amidst the ongoing 3i Africa Summit, a pivotal assembly dedicated to propelling Africa's growth potential.

Signing on behalf of their respective entities were Nana Esi Idun-Arkhurst, Divisional Director of Retail and Business Banking at Fidelity Bank, and Mr. Saurav Bhattacharyya, Chief Executive Officer of Proxtera.

Nana Esi Idun-Arkhurst underscored the indispensable role played by SMEs in Ghana's economy, emphasizing their contributions to job creation and innovation.

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However, she also acknowledged the challenges they face, including limited access to finance, customer outreach, and essential business skills. Ms. Idun-Arkhurst articulated that this lack of expertise impedes informed decision-making and sustainable growth.

GIFE, a collaborative initiative between the Development Bank Ghana (DBG), the Monetary Authority of Singapore (MAS), and the Bank of Ghana (BOG), with Proxtera serving as the digital infrastructure provider, aims to confront these challenges head-on. The platform furnishes MSMEs with a comprehensive digital solution for their expansion.

"GIFE presents yet another opportunity for the bank to furnish the requisite solutions to today's modern SMEs, aiding them in competing locally, regionally, and globally, alongside all the programs, platforms, and solutions we already provide for SMEs," emphasized Nana Esi Idun-Arkhurst of Fidelity Bank.

Ms. Idun-Arkhurst expressed optimism that all SMEs enrolling on the GIFE platform will have an unparalleled opportunity to position themselves as global players.

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She further highlighted Fidelity Bank's anticipation to collaborate with Proxtera in enhancing the governance of Ghanaian SMEs,

"We will collaborate with all the various stakeholders in the value chain to make this possible."

Mr. Saurav Bhattacharyya, CEO of Proxtera, reiterated Proxtera's dedication to the shared vision of empowering Ghanaian MSMEs.

"We are committed to making GIFE a thriving platform that fosters inclusive economic growth," affirmed Mr. Bhattacharyya.

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"Our collaboration with Fidelity Bank and other GIFE participants ensures that the platform caters to the specific needs of Ghanaian SMEs. We have plans for continual improvement and expansion of the GIFE platform, guaranteeing its relevance for businesses well into the future."

Fidelity Bank's collaboration with Proxtera on the GIFE platform marks a significant stride towards empowering Ghana's SMEs. This partnership underscores the bank's commitment to bolstering the growth of this pivotal sector and contributing to a more prosperous Ghanaian economy for all.

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