Fidelity Bank has awarded over GH¢1.4 million in grants to innovative businesses using technology to address challenges in the agriculture sector as part of its inaugural “GreenTech Innovation Challenge” (GTIC) 2024. Launched earlier this year in partnership with Innohub, the challenge aims to empower young entrepreneurs and support the development of sustainable solutions for Ghana’s agriculture industry.
In a statement shared with The High Street Journal, Fidelity Bank initially intended to award a total of GH¢1.2 million across three categories. However, due to the “exceptional quality and innovative nature” of the participating businesses, the bank exceeded its commitment.
“By launching this challenge, we aimed to identify and support young entrepreneurs who are courageously making a difference in their communities through innovative solutions,” the statement noted. “We are providing not just financial support, but also technical assistance to help these businesses thrive,” it added.
A rigorous evaluation process recognized 17 exceptional participants from 197 applicants and 33 shortlisted AgriTech startups. The award categories included Ideation, Scale-Up, and Commercialisation. Applicants who demonstrated groundbreaking ideas at the Ideation Stage were awarded GH¢50,000 each to further develop their concepts. Additionally, GH¢100,000 was dedicated to “incubation and business service” to help these ideas transition into fully registered businesses.
Fidelity Bank also awarded additional grants to two outstanding businesses that did not initially qualify for the top prizes. Derrick Annan, Co-Founder and CEO of Axis Drone Services, expressed that the support would help them scale operations as they continue using drone technology to solve agricultural challenges.
Mr. Julian Opuni, Managing Director of Fidelity Bank, emphasized that there would be a strict monitoring process for the awardees to determine the impact of the grant. “We are not just giving out money and moving on; we are deeply invested in ensuring that these innovations achieve their full potential,” he stated.
