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HomeDigital BankingFidelity Bank and Proxtera strike an agreement to support SMEs

Fidelity Bank and Proxtera strike an agreement to support SMEs

A historic deal was struck by Proxtera and Fidelity Bank, the biggest privately held bank in Ghana, to enable small and medium-sized businesses (SMEs) via the Ghana Integrated Financial Ecosystem (GIFE) Platform.

During the ongoing 3i Africa Summit, a significant assembly in Accra centred on maximising Africa’s growth potential via efficient cooperation between technology, finance, and policy, the alliance was cemented.

Mr. Saurav Bhattacharyya, CEO of Proxtera, and Nana Esi Idun-Arkhurst, Divisional Director, Retail and Business Banking at Fidelity Bank, signed on behalf of their respective businesses.

Nana Esi Idun-Arkhurst underscored the vital role that small and medium-sized enterprises (SMEs) play in Ghana’s economy. She highlighted the jobs that SMEs create and the innovative ways in which they solve problems including restricted access to finance, customer reach, and basic business skills. Ms. Idun-Arkhurst clarified that this lack of knowledge impedes both sustainable growth and well-informed decision-making.

To tackle these difficulties head-on, the Development Bank of Ghana (DBG), the Monetary Authority of Singapore (MAS), and the Bank of Ghana (BOG) have teamed up to create GIFE, with Proxtera serving as the digital infrastructure provider. The platform offers a complete digital growth solution to MSMEs.

“In addition to all the programmes, platforms, and solutions we already offer SMEs, 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,” stressed Nana Esi Idun-Arkhurst of Fidelity Bank.

All SMEs who register on the GIFE platform, according to Ms. Idun-Arkhurst, should have the unrivalled chance to establish themselves as major actors in the world economy.

Fidelity Bank is eager to collaborate with Proxtera to strengthen the governance of Ghanaian SMEs, and Ms. Idun-Arkhurst emphasized that “we will work with all the various stakeholders in the value chain to make this possible.”

Proxtera’s CEO, Mr Saurav Bhattacharyya, reaffirmed Proxtera’s dedication to the common goal of strengthening MSMEs in Ghana. Mr. Bhattacharya declared, “We are committed to making GIFE a successful platform that fosters inclusive economic growth.”

The platform is tailored to the unique requirements of small and medium-sized enterprises in Ghana thanks to our partnership with Fidelity Bank and other GIFE members. We intend to keep enhancing and growing the GIFE platform so that it continues to be an invaluable tool for companies for a very long time.

The agreement that Fidelity Bank and Proxtera signed on the GIFE platform is a big step in the right direction for empowering SMEs in Ghana. Through this partnership, the bank is demonstrating its dedication to fostering the expansion of this crucial industry and advancing the prosperity of the Ghanaian economy as a whole.

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