Fidelity Bank Ghana, the largest privately-owned financial institution in the nation, and the Food and Drugs Authority (FDA) have formalized their dedication to promoting a collaborative environment conducive to the growth and regulatory compliance of small and medium-sized enterprises (SMEs).
This partnership was achieved through the signing of a Memorandum of Understanding (MoU). Within this significant agreement, the two organizations have delineated multiple areas of collaboration, with a primary focus on technical support, training, and shared expertise aimed at enhancing the capabilities of SMEs associated with Fidelity Bank.
The beneficiaries would include youth and women entrepreneurs participating in the Fidelity Young Entrepreneurs Initiative (FYEI).
The partnership encompasses cooperative efforts to exchange technical knowledge, conduct educational workshops, and advocate best practices to ensure adherence to regulatory standards. Furthermore, the FDA will actively engage with Fidelity Bank’s clientele, providing valuable insights into product safety, quality, and regulatory compliance.
The FDA has committed to training Fidelity Bank staff and SME beneficiaries on regulatory requirements, championing best practices, safeguarding application submissions, and facilitating regulatory compliance through the Progressive Licensing Scheme (PLS).
Concurrently, Fidelity Bank will lead awareness campaigns, conduct initial screenings of applications, and provide essential support for regulatory compliance, thus ensuring the smooth disbursement of funds to SME clients.
Effectiveness of The Collaborative Initiatives
In a bid to guarantee the longevity and effectiveness of these collaborative initiatives, both entities will give prominence to meticulous documentation, establish a comprehensive database, and offer consistent support to SMEs affiliated with Fidelity Bank.
Nana Esi Idun-Arkhurst, Divisional Director, Retail and Business Banking at Fidelity Bank, expressed her enthusiasm about the agreement, saying, “This collaboration signifies a significant milestone in our commitment to empowering SMEs and promoting regulatory compliance. We eagerly anticipate working closely with the FDA to ensure the sustainable growth and success of our clients,” she said.
Dr. Delese Mimi Darko, Chief Executive Officer of the FDA Ghana, also stressed the importance of such partnerships, saying, “Our collaboration with Fidelity Bank underscores our shared dedication to fostering a compliant business environment. By combining our strengths, we can create a conducive platform for the growth and success of SMEs in Ghana.”
This landmark MoU reinforces the mutual commitment of Fidelity Bank and the FDA to cultivate a supportive business landscape and ensure the sustainable growth and success of SMEs, thereby reaffirming their unwavering dedication to the economic progress and sustainable development of Ghana.
Fidelity Bank is a commercial bank in Ghanawhich begun business in October 1998 as a Discount House. It was issued with its Universal Banking License on June 28, 2006, making it the 22nd bank to be licensed by the Bank of Ghana. It is one of the twenty-seven licensed commercial banks in the country.
The Food and Drugs Authority (FDA) formerly the Food and Drugs Board (FDB) was also established in August 1997 under the Food and Drugs Law, 1992 (PNDCL 305B). It is the National Regulatory Authority mandated by the public Health Act, 2012 (Act 851) to regulate food, drugs, food supplements, herbal and homeopathic medicines, veterinary medicines, cosmetics, medical devices, household chemical substances, tobacco and tobacco products.
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