Fidelity Bank Ghana, the largest privately-owned indigenous bank, has unveiled a new initiative to foster innovation in the agricultural sector.
Through the Fidelity Young Entrepreneurs Fund (FYEF), the bank is launching an Agric-Tech competition aimed at developing groundbreaking solutions to address challenges within the Ghanaian agriculture value chain.
The announcement was made by Julian Opuni, Managing Director of Fidelity Bank, during the Agriculture and Fintech Forum. This event, hosted by Fidelity Bank, brought together key stakeholders to explore the intersection of agriculture and fintech, demonstrating how technology can dismantle longstanding barriers in the agricultural value chain.
In his keynote address titled “Seeding Innovation: The Convergence of Agriculture and FinTech in Africa,” Mr. Opuni highlighted the significant role of the youth in driving technological adoption and innovation within the agricultural sector.
The MD pointed out that Africa’s demographic advantage, with 60% of its population under 25 years old, is currently underutilized. This is largely due to the perception among young people that agriculture is an unappealing profession, typically associated with the elderly.
“Africa’s youth, aged under 25, make up 60% of the population, with over 200 million young people residing on the continent. Despite this demographic advantage, the agriculture sector remains largely untapped by Africa’s youth, who often view farming as a profession for the elderly.”
Julian Opuni
Mr. Opuni the urged the changing of this perception and equipping young Ghanaians with the necessary support and resources to actively participate in the sector’s transformation. “This will not only address youth unemployment but also ensure the sustainability and growth of Africa’s agricultural sector,” he declared.
Building upon the existing FYEF program, which provides financial and non-financial support to youth-led businesses, particularly, those in the agriculture sector, a dedicated space for Agric-Tech will be carved out within the FYEF framework.
“Access to opportunities that drive innovation is key to motivating youth involvement in Agric-Tech,” Mr. Opuni explained. “This Agric-Tech competition aims to incentivise the development of innovative solutions that will address critical issues faced by Ghanaian agriculture, ultimately leading to a revolutionized sector.”
Julian Opuni
Challenges Hindering Africa’s Agricultural Productivity
Mr. Opuni acknowledged the numerous challenges hindering Africa’s agricultural productivity, including limited investment, inadequate resources, and a lack of access to technology and funding. He pointed out the risk aversion of financial institutions due to historically high non-performing loan rates in the agricultural sector. However, he called for open dialogue between banks, stakeholders, and policymakers.
“This forum represents a critical step forward,” Mr. Opuni declared. “By fostering collaboration, we can work towards building a data-driven ecosystem. This will allow banks to more accurately assess risk, design targeted financial products for farmers, and ultimately bridge the financing gap for agricultural businesses.”
The forum also showcased Fidelity Bank’s dedication to advancing agricultural development. Divisional Director, Retail and Business Banking, Nana Esi Idun-Arkhurst, participated in a panel discussion focused on integrating technological and financial innovation to reduce risk within the African agricultural value chain.
Additionally, Head of Partnerships, Sustainability and CSR, Nana Yaa Afriyie Ofori-Koree at Fidelity Bank, joined another panel discussion exploring the potential of Measurement, Reporting, and Verification (MRV) technology in unlocking financial flows for sustainable agricultural production in Ghana.
“Fidelity Bank’s leadership in the Agriculture, coupled with the creation of a dedicated Agric-Tech space within the FYEF program, demonstrates a strong commitment to supporting young innovators and fostering a more vibrant and technologically advanced agricultural sector in Ghana.”
Nana Yaa Afriyie Ofori-Koree
The Agric-Tech competition is designed to change this perception by encouraging young entrepreneurs to develop innovative solutions that can make farming more appealing and profitable. By integrating modern technology into agriculture, the initiative aims to attract the youth to the sector, thereby unlocking its full potential.
The forum also served as a platform to bridge the gap between agriculture and fintech, showcasing various technological solutions that can enhance efficiency and productivity in agriculture. It underscored the importance of collaboration between different sectors to drive sustainable development in agriculture.
Fidelity Bank’s commitment to this cause reflects a broader strategy to support sustainable development and economic growth in Ghana. By investing in the youth and providing them with the tools and resources to succeed in agriculture, the bank hopes to create a ripple effect that will benefit the entire economy.
The Agric-Tech competition within the FYEF is expected to be a catalyst for change, inspiring young entrepreneurs to embrace agriculture and innovate solutions that address the pressing challenges faced by farmers and other stakeholders in the value chain. With this initiative, Fidelity Bank is not only fostering innovation but also contributing to the transformation of agriculture in Ghana and beyond.
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