Fidelity Bank Awards USD 83,000 to 17 Agritech Startups for Sustainable Growth

Fidelity Bank has awarded a total of GH¢1.3 million (~USD 83,077) in grants to 17 local agritech businesses, as part of its commitment to fostering sustainable growth in the agricultural sector. The grants, provided under the bank's GreenTech Innovation Challenge Programme, are designed to help these businesses scale up their operations. The beneficiaries were selected from 33 agritech start-ups that pitched their ideas during the program.

This initiative aligns with Fidelity Bank's broader strategy to bolster strategic sectors of the economy, thereby driving sustainable growth, enhancing economic resilience, and contributing to national development. At the recent 2024 Sustainability Summit in Accra, Julian Opuni, Managing Director of Fidelity Bank, highlighted the bank's focus on supporting young entrepreneurs with innovative greentech solutions in agriculture. He emphasized that giving back to society is a core aspect of the bank's sustainability agenda, aiming to ensure that their financial and CSR activities positively impact the economy and the environment.

Opuni also mentioned that the bank is committed to rigorous monitoring of the grant recipients to ensure the funds are used as intended. "We will follow up to make sure the money is used where it’s supposed to be," he assured.

Skin Gourmet, a skincare start-up, was named the overall winner of the Agritech Start-up Challenge, securing GH¢200,000. Other winners in various categories include:

• AgriSupport, Chan-Tico, Agricom, Axis Drone Service, Monger Food, Fresh Aura, Sunify, Enactus UMA, Verte Tower, AgriEase, Farmtecture received GH¢ 50,000 each, and
• Agrimercarb, Freshline, Nastec Power Solutions, Wobil Technologies Ltd., Axis Drone Service, and Farm 360 receiving GH¢100,000 each to support their operations.

Source: Buertey Francis BORYOR and Christabel DANSO ABEAM / The Business & Financial Times