Fidelity Bank and FDA Sign MoU to Boost Growth and Compliance of SMEs in Ghana
Accra, Ghana – In a strategic move to support small and medium-sized enterprises (SMEs), Fidelity Bank Ghana, the country’s largest privately-owned financial institution, and the Food and Drugs Authority (FDA) have formalized a partnership. This collaboration is aimed at fostering an environment that promotes growth and ensures regulatory compliance among SMEs.
According to the Ghana News Agency (GNA) , the partnership is encapsulated in a Memorandum of Understanding (MoU) signed on Wednesday, November 1. The agreement highlights multiple areas of collaboration between Fidelity Bank and the FDA, with a primary focus on technical support, training, and shared expertise to enhance the capabilities of SMEs associated with Fidelity Bank. Notably, the beneficiaries of this initiative will include youth and women entrepreneurs participating in the Fidelity Young Entrepreneurs Initiative (FYEI).
The partnership entails cooperative efforts to exchange technical knowledge, conduct educational workshops, and advocate for best practices to ensure adherence to regulatory standards. The FDA has committed to training Fidelity Bank staff and SME beneficiaries on regulatory requirements, championing best practices, and facilitating regulatory compliance through the Progressive Licensing Scheme (PLS). These efforts are geared towards guiding SMEs in meeting safety, quality, and regulatory standards.
Fidelity Bank will play a crucial role in leading awareness campaigns, conducting initial screenings of applications, and providing essential support for regulatory compliance. This is expected to ensure the smooth disbursement of funds to SME clients and enhance their adherence to regulatory norms.
To ensure the longevity and effectiveness of these initiatives, both entities will prioritize meticulous documentation, establish a comprehensive database, and offer consistent support to SMEs affiliated with Fidelity Bank.
Nana Esi Idun-Arkhurst, Divisional Director of Retail and Business Banking at Fidelity Bank, expressed her enthusiasm about the agreement, seeing it as a significant milestone in empowering SMEs and promoting regulatory compliance. She looks forward to working closely with the FDA to ensure the sustainable growth and success of their clients.
Dr. Delese Mimi Darko, Chief Executive Officer of the FDA Ghana, underscored the importance of such partnerships in creating a compliant business environment. She emphasized that combining the strengths of both institutions would create a conducive platform for the growth and success of SMEs in Ghana.
The MoU between Fidelity Bank and the FDA is a landmark agreement that reinforces their mutual commitment to cultivating a supportive business landscape. It aims to ensure the sustainable growth and success of SMEs, thereby contributing to the economic progress and sustainable development of Ghana.