Fidelity Bank Plc has taken significant steps toward reducing its environmental impact as part of its broader mission to combat climate change.
In a strategic move to integrate environmental responsibility into its operations, the financial institution has made strides in waste reduction, recycling 1.8 tonnes of paper generated from its daily activities. This effort forms part of a comprehensive approach to lessen the bank’s environmental footprint.
In addition to waste management, Fidelity Bank has focused on curbing its greenhouse gas (GHG) emissions, which currently stand at 78,520 tonnes of carbon dioxide equivalent. These emissions are monitored under Scope 3, which accounts for indirect emissions throughout the bank’s supply chain. By keeping to these targets, Fidelity Bank is demonstrating its commitment to sustainability and environmental stewardship.
At a recent media engagement, Deputy Director of Fidelity Bank, Atta Yeboah Gyan, outlined how the bank is embedding Environmental, Social, and Governance (ESG) principles into its lending framework. This ensures that businesses receiving financial support from the bank operate in a sustainable and responsible manner.
“In fact, this year, we have ensured that 100% of the businesses receiving loans from us have a fire extinguisher installed at their operations,” Mr. Yeboah Gyan stated. This safety requirement is part of a broader push to ensure that the businesses supported by Fidelity Bank are prepared for potential risks and hazards.
He also announced that August marks the institution’s Sustainability Month, during which Fidelity Bank is focused on launching initiatives that contribute to a more sustainable world. This will culminate in a Sustainability Conference later in the month, bringing together stakeholders to collaborate on efforts to create a better future.
Supporting Women Entrepreneurs: Bridge-In-Agriculture
As part of its sustainability efforts, Fidelity Bank is not only addressing environmental issues but also empowering women in agriculture through the Bridge-In-Agriculture initiative. This program, in partnership with the MasterCard Foundation, focuses on supporting women entrepreneurs in the agricultural sector.
Since its inception earlier this year, the initiative has created 119 new jobs, sustained 3,209 existing jobs, and positively impacted 2,483 smallholder farmers. With over 70% of the beneficiaries being women, the program underscores Fidelity Bank’s commitment to gender inclusivity and empowerment in a sector that holds significant potential for Ghana’s economy.
The program’s success is evident in its tangible impact on the agricultural landscape, especially for women entrepreneurs who have long faced barriers to financial resources and support. By bridging this gap, Fidelity Bank is fostering a more inclusive economy.
Fidelity Bank’s GreenTech Innovation Challenge (GTIC) is another bold initiative aimed at transforming Ghana’s agricultural sector. The challenge seeks to propel the industry toward a more sustainable and innovative future by offering financial and technical support to businesses with solutions that address critical challenges in agriculture.
Over GHS 1 million in grant funding will be awarded through the program, which supports innovators at every stage of development, from ideation to commercialization. This initiative reflects Fidelity Bank’s commitment to nurturing innovative ideas that can boost productivity and sustainability across Ghana’s agricultural value chain.
In his remarks, Mr. Yeboah Gyan emphasized the importance of agriculture in Ghana’s economic growth. “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,” he said.
The GTIC initiative builds on the bank’s ongoing support for young entrepreneurs through the Fidelity Young Entrepreneurs Initiative. This program provides funding, mentorship, and technical assistance to women entrepreneurs aged 18-45, further aligning the bank’s mission with broader goals of economic empowerment.
Despite the broader economic challenges facing Ghana, Fidelity Bank has demonstrated resilience. According to Mr. Yeboah Gyan, the bank has successfully navigated the difficult environment brought on by Ghana’s aggressive debt restructuring plan. This restructuring led to significant impairment losses across the financial sector, including Fidelity Bank, which reported a loss of GH¢518 million in 2022.
However, through strategic measures, the bank turned this loss into a profit of GH¢1.17 billion in 2023. This remarkable recovery was supported by a 25% growth in total assets, reaching GHS 17.22 billion, and a 119% increase in shareholder funds, standing at GHS 1.44 billion. The bank’s Capital Adequacy Ratio (CAR) also improved from 16.8% in 2022 to 20.9% in 2023, reflecting a strong capitalization position.
Fidelity Bank’s ability to withstand economic pressures and continue growing amid adversity speaks to its robust financial strategy and commitment to sustainability. The bank remains optimistic about its future prospects, positioning itself as a leader in both the financial and sustainability sectors.
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