GreenTech Challenge: Fidelity Bank grants GH¢1.4m

FIDELITY Bank has granted more than GH¢ 1.4 million to AgriTech businesses as part of its first-ever GreenTech Innovation Challenge (GTIC) 2024, a move that underscores the bank’s commitment to fostering technological innovation in Ghana’s agricultural sector. Launched in partnership with Innohub, the GTIC aims to empower young entrepreneurs and drive sustainable solutions in agriculture.

Initially, the bank planned to distribute GH¢ 1.2 million across three categories. However, due to the “exceptional quality and innovative nature” of the businesses that participated, the bank exceeded its initial commitment. Speaking at the bank’s annual Sustainability Conference, Mr. Julian Opuni, the Managing Director, emphasized the significance of this initiative.

“By launching this challenge, we aimed to identify and support young entrepreneurs who are courageously making a difference in their communities through innovative solutions,” Mr. Opuni stated. “We are providing not just financial support but also technical assistance to help these businesses thrive.”

Out of 197 applicants, 33 AgriTech startups were shortlisted, and after a rigorous selection process that included boot camps and pitch sessions, 17 businesses were awarded grants. These businesses were recognized across three categories: Ideation, Scale-Up, and Commercialisation.

In the Ideation Stage, businesses that demonstrated groundbreaking ideas were each awarded GH¢ 50,000 to further develop their concepts. The winners included AgriSupport, Chan-Tico, Agricom, Monger Foods, Fresh Aura, Sunify, Enactus UMAT, Verte Tower, AgriEase Limited, and Farmitecture. An additional GH¢ 100,000 has been allocated for “incubation and business service” to help these ideas transition into fully registered businesses.

In the Scale-Up Category, Agrimercarb, Freshline, Nastech Power Solutions, and Wobil Technologies Ltd. were each awarded GH¢ 100,000 for their potential to expand and positively impact their communities.

Skin Gourmet emerged as the winner in the Commercialisation Category, receiving GH¢ 200,000 for its market-ready solutions with significant potential for societal impact.

The bank also awarded additional grants to two outstanding businesses, Axis Drone Services and Farm 360, which did not initially qualify for the top prizes. Each received GH¢ 100,000 for their exceptional contributions to advancing agricultural technology.

Derrick Annan, Co-Founder and CEO of Axis Drone Services, expressed gratitude, saying the support will help scale their operations as they continue using drone technology to solve challenges in agriculture.

Mr. Opuni further noted that Fidelity Bank would closely monitor the grant recipients to ensure the funds are used effectively. “They have been very clear about how they plan to use the funds, and we will ensure that the money goes exactly where they said it would.

“We also want to see the promised growth, and we intend to assist and walk alongside them on this journey. We are not just giving out money and moving on; we are deeply invested in ensuring that these innovations achieve their full potential.” The GreenTech Innovation Challenge has unveiled a wealth of talent within Ghana’s entrepreneurial ecosystem, and Fidelity Bank’s support highlights its dedication to nurturing entrepreneurs and fostering a thriving GreenTech ecosystem.