Accra, Ghana – Fidelity Bank Ghana, the largest privately-owned financial institution in the country, and the Food and Drugs Authority (FDA) have officially solidified their commitment to fostering an environment conducive to the growth and regulatory compliance of small and medium-sized enterprises (SMEs).
The partnership was formalized through the signing of a Memorandum of Understanding (MoU), outlining various areas of collaboration between the financial institution and the regulatory body.
The primary focus of the agreement revolves around providing technical support, training, and shared expertise to enhance the capabilities of SMEs associated with Fidelity Bank.
Notably, the beneficiaries include youth and women entrepreneurs participating in the Fidelity Young Entrepreneurs Initiative (FYEI).
The collaborative efforts will involve the exchange of technical knowledge, educational workshops, and advocacy for best practices to ensure adherence to regulatory standards.
The FDA will actively engage with Fidelity Bank's clientele, offering 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),” stated the release.
Concurrently, Fidelity Bank will lead awareness campaigns, conduct initial screenings of applications, and provide essential support for regulatory compliance, ensuring the smooth disbursement of funds to SME clients.
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, Retail and Business Banking at Fidelity Bank, expressed her enthusiasm about the collaboration, stating, “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.”
Dr. Delese Mimi Darko, Chief Executive Officer of the FDA Ghana, emphasized the importance of such partnerships, stating, “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.”
The MoU, signed on Wednesday, November 1, reinforces the mutual commitment of Fidelity Bank and the FDA to cultivate a supportive business landscape, ensuring the sustainable growth and success of SMEs and reaffirming their dedication to Ghana's economic progress and sustainable development.