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Promoting small and medium-sized enterprises

The majority of Ghana's population works either in agriculture or in the services sector. The Fidelity Bank, one of Ghana's leading banks, offers tailor-made financial services for small and medium-sized enterprises that operate primarily in these areas. Its SME customers are mainly small, family-run businesses, tradespeople and farmers.

Besides its SME business, the Fidelity Bank also offers extensive financial services to its approx. one million private customers. The bank maintains 45 branches across the country, and employs a workforce of around 1,500. And the Fidelity Bank makes every effort to provide financial services to people with no previous experience of banks. In Ghana only a third of the adult population has a bank account, yet most have a mobile phone or smart phone. And this is precisely where Fidelity Bank comes into play, with its innovative solutions – for instance with mobile money services, i.e. making deposits and withdrawals via mobile devices.

In 2014 DEG invested in the Ghanaian Fidelty Bank together with the Dutch development bank FMO, the Swedish development financier Swedfund and the European Financing Partners. DEG arranged the long-term loan amounting to USD 60 million, while furnishing USD 18.5 million itself. The financing supports Fidelity Bank so it can continue to expand its SME business. DEG is also actively supporting the bank in developing an environmental and social management system.

Further information

Interview with Edward Effah, CEO of Ghanaian commercial bank Fidelity

banking hall