Fidelity Bank Ghana, the country's largest privately owned bank, has officially launched Phase Two of the Fidelity Young Entrepreneurs' Initiative (FYEI).
The move reflects the bank's commitment to fostering economic growth and development by empowering youth-centric businesses.
The transformative program aims to provide financial and non-financial support to young entrepreneurs, playing a pivotal role in shaping Ghana's future economic landscape.
In the first phase, Fidelity Bank supported young entrepreneurs, particularly focusing on female entrepreneurs, through loans with extended repayment periods.
With a fund size of GH₵10 million, FYEI disbursed GHS 3.9 million to 32 borrowers during the first phase, demonstrating impactful results. The average loan size was GH₵200,000, and the average term was 24 months, highlighting the effectiveness of the initiative.
Nana Yaa Afriyie Ofori-Koree, Head of Partnerships, Sustainability, and Corporate Social Responsibility (CSR) for Fidelity Bank, expressed the bank's delight in launching the next phase after the success of FYEI Phase 1.
She emphasized the vision of empowering young entrepreneurs and businesses as catalysts for social and economic development in Ghana.
Ofori-Koree stated, “We believe that by providing both financial and non-financial resources, we can help these businesses survive and thrive in the competitive and dynamic market.” The initiative also integrates sustainability and environmental and social responsibility.
Fidelity Bank encourages young entrepreneurs who share their passion and values to join the journey of creating a positive impact and transforming Ghana's future.
The second phase introduces enhanced terms and conditions, amplifying support for young entrepreneurs, both financially and non-financially.
The pricing remains competitive at 10% per year with a processing fee of 0.5%. Start-up funding is now accessible for businesses operational for at least one year, and the qualifying age for women has been extended to 45 years.
The initiative broadens its scope to include sectors such as manufacturing, agriculture, technology, creative arts, water, sanitation and hygiene (WASH), renewable energy, and recycling.
Fidelity Bank aims to support at least 200 businesses, creating jobs that contribute to economic growth. Eligible young entrepreneurs are encouraged to seize the opportunity by submitting their applications at FYEI Application Portal or by contacting 0531012935 or 0596039614.