Fidelity Bank Ghana Plc has reiterated its commitment to reducing environmental footprint produced by the company as part of measures to fight climate change.

The company made a significant stride in reducing its waste by recycling 1.8 tonnes of paper generated from its daily operations and activities.

The financial institution currently has an estimated greenhouse gas (GHG) emissions standing at 78,520 tonnes of carbon dioxide equivalent as they keep to the Scope 3 emissions targets.

Speaking at a media engagement in Kumasi, Deputy Director of Fidelity, Atta Yeboah Gyan, indicated that the company is integrating its Environmental, Social, and Governance (ESG) principles into its lending practices.

This is to ensure that businesses supported by the bank are aligned with sustainable operations.

“In fact, this year, we have ensured that 100% of the businesses receiving loans from us have a fire extinguisher installed at their operations. This month is also our Sustainability Month at Fidelity Bank, where we dedicate our efforts to initiatives that make our world a better place. We will also be hosting our Sustainability Conference later this month, and I invite all of you to join us in this collaborative effort to create a better future,” he said.

Supporting Women Entrepreneurs: Bridge-In-Agriculture

Through partnership with the MasterCard Foundation, the bank has launched the Bridge-In-Agriculture initiative, which focuses on supporting women entrepreneurs in the agricultural sector.

The initiative has since the beginning of the year created 119 new jobs, sustained 3,209 existing jobs, and positively impacted 2,483 smallholder farmers.

Over seventy percent of the beneficiaries have been women.

Empowering Agriculture: The GreenTechInnovation Challenge

The bank remains resolute in supporting innovative ideas and businesses that promote and empower the agriculture space.

With its recently launched GreenTech Innovation Challenge (GTIC), the initiative aims at propelling Ghana’s agricultural sector toward a more sustainable future.

“But beyond these numbers, what drives us is our commitment to making a meaningful impact in Ghana. One sector that lies at the heart of our mission is agriculture, which holds immense potential for our country’s economy.
We are dedicated to ensuring that this sector reaches its full potential,” Mr. Yeboah Gyan said.

Through the GTIC, over GHS 1 million in grant funding will be awarded to support innovative solutions that addresses critical challenges along Ghana’s agricultural value chain.

The program is designed to empower innovators at various stages of development, from ideation to commercialization.

“Moreover, this initiative is an extension of our Fidelity Young Entrepreneurs Initiative, where we support young entrepreneurs, particularly women aged 18-45, with funding, technical assistance, and mentorship,” Mr. Yeboah Gyan added.

The financial institution has empowered 103 Small and Medium Enterprises (SMEs) across diverse sectors, including manufacturing, agriculture, creative arts, WASH and technology in 2024 alone.
 
Resilience Amid Economic Pressures

Despite the country’s prevailing economic difficulties, the bank is strategizing to stay afloat.

Mr. Yeboah Gyan explains the bank is turning their losses incurred from what he describes as “aggressive” debt into positive gains.

“The aggressive debt restructuring plan announced by Ghana brought unprecedented challenges, leading to significant impairment losses across the sector. The bank at its annual general meeting announced a loss of GH¢518 million in 2022 into a profit of GH¢1.17 billion in 2023,” he said.

Total assets of the bank also grew by 25%, reaching GHS 17.22 billion, while the shareholder funds increased by 119%, standing at GHS 1.44 billion.

The Capital Adequacy Ratio (CAR) also improved from 16.8% in 2022 to 20.9% in 2023, reflecting a strong capitalization.

The bank is upbeat about its future prospects in staying buoyant in the financial sector as measures are instituted to cushion against economic pressures