Fidelity Bank Ghana and the Food and Drugs Authority (FDA) have formalised their dedication to promoting a collaborative environment conducive to the growth and regulatory compliance of Small and Medium-Sized Enterprises (SMEs).
They achieved this through the signing of a Memorandum of Understanding (MoU) on November 1, 2023.
Within this significant agreement, the two organisations have delineated multiple areas of collaboration, with a primary focus on technical support, training, and shared expertise aimed at enhancing the capabilities of SMEs associated with Fidelity Bank.
The beneficiaries would include youth and women entrepreneurs participating in the Fidelity Young Entrepreneurs Initiative (FYEI).
The partnership encompasses cooperative efforts to exchange technical knowledge, conduct educational workshops, and advocate best practices to ensure adherence to regulatory standards.
Furthermore, the FDA will actively engage with Fidelity Bank's clientele, providing valuable 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).
Concurrently, Fidelity Bank will lead awareness campaigns, conduct initial screenings of applications, and provide essential support for regulatory compliance, thus ensuring the smooth disbursement of funds to SME clients.
In a bid to guarantee the longevity and effectiveness of these collaborative initiatives, both entities will give prominence to 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 agreement, 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, stressed the importance of such partnerships, saying, "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."
This landmark MoU reinforces the mutual commitment of Fidelity Bank and the FDA to cultivate a supportive business landscape and ensure the sustainable growth and success of SMEs, thereby reaffirming their unwavering dedication to the economic progress and sustainable development of Ghana.
Latest Stories
-
We may all resort to vote buying if electorates prioritise such over development – Asiedu Nketiah
34 mins -
NDF engages mineral extraction communities in advocacy and litigation resolution
39 mins -
Adabraka community in A/R unites to combat electoral violence
46 mins -
Forestry Commission cracks down on endangered bush meat trade
47 mins -
Global GDP could plunge by 24% by 2,100 without urgent climate action
48 mins -
High Court dismisses lecturer’s bid to block Deputy IGP’s appointment
56 mins -
MTN records 35.5% growth in profit to GH¢3.76bn in quarter 3, 2024
1 hour -
Deloitte to hold training on navigating customs and excise duty Obligations
1 hour -
Akufo-Addo, Bawumia should have prioritised National Peace Campaign launch – Mahama
1 hour -
AGI works to clamp down on substandard foreign mattresses penetrating Ghanaian markets
1 hour -
Immigration Service intercepts 54 gallons of fuel
1 hour -
Ace Medical Insurance makes its mark at Ghana Club 100 Awards
1 hour -
Dafeamekpor takes Speaker to High Court to affirm vacant seats ruling
2 hours -
Government is not funding GMX music streaming platform – Director of Marketing
2 hours -
Energy sector not advancing enough – ACEP
2 hours