Ghana: Fidelity Bank unveils Phase Two of Young Entrepreneurs’ Fund

Fidelity Bank Ghana, the country’s largest privately-owned bank, reiterates its commitment to fostering economic growth and development through the initiation of Phase Two of the Fidelity Young Entrepreneurs’ Initiative (FYEI). This program, designed to offer financial and non-financial assistance, seeks to empower youth-centric businesses, making a substantial contribution to Ghana’s future economic landscape.

In its first phase, the initiative focused on dynamic and visionary young entrepreneurs aged 18-40, with an emphasis on supporting female entrepreneurs and start-ups. With a fund size of GHS 10 million, FYEI I successfully disbursed GHS 3.9 million to 32 borrowers, showcasing impactful outcomes. The initiative, characterized by an average loan size of GHS 200,000 and a typical term of 24 months, has benefited a total of 32 businesses since its inception, with plans to further expand this number in the coming years.

Expanding on the achievements of its initial phase, Fidelity Bank introduces improved terms and conditions, enhancing both financial and non-financial support for young entrepreneurs. The competitive financial pricing maintains a 10% annual interest rate and a 0.5% processing fee. Start-up funding is now available for businesses operating for at least one year, and the age qualification for women extends to 45 years. The initiative also broadens its scope to encompass sectors including manufacturing, agriculture, technology, creative arts, water, sanitation and hygiene (WASH), renewable energy, and recycling.

Recognizing the multifaceted needs of young entrepreneurs, the project has enhanced the non-financial aspects with no additional cost. This includes access to mentorship from seasoned entrepreneurs, legal and regulatory assistance, and the incorporation of sustainability as a service, which underscores Fidelity Bank’s commitment to nurturing sustainable businesses.

The project is also poised to create access to market opportunities for all the businesses through strategically curated marketplace events twice a year.

The initiative also pioneers ESG training and capacity building, paving the way for businesses to develop robust environmental and social management systems and pursue certifications and licenses.

Head of Partnerships, Sustainability, and CSR, Fidelity Bank, Nana Yaa Afriyie Ofori-Koree, said the objective is to provide support to a minimum of 200 businesses, fostering job creation and contributing to economic growth.

“After a successful Fidelity Young Entrepreneurs Fund phase one, we are delighted to launch the next phase of it, which is a testament to our vision of empowering young entrepreneurs and businesses as the catalysts for social and economic development in Ghana,” she said.

She added, “We believe that by providing both financial and non-financial resources, we can help these businesses survive and thrive in the competitive and dynamic market. We also recognize the importance of sustainability and environmental and social responsibility, which is why we have incorporated these aspects into our initiative. We invite all young entrepreneurs who share our passion and values to join us in this journey of creating positive impact and transforming the future of Ghana.”

The FYEI, with its expanded scope and enhanced support measures, is strategically positioned to play a significant role in shaping Ghana’s future economic landscape, empowering the next generation of entrepreneurs to drive innovation, create employment, and contribute to the nation’s sustainable development.