Fidelity Bank Surpasses Target 17 AgricTech Businesses Granted 12 Million In GreenTech Innovation Challenge

Fidelity Bank, Ghana's largest privately-owned indigenous bank, has concluded its inaugural GreenTech Innovation test (GTIC) 2024 with an exceptional impact, awarding over GHS 1.4 million in grants to groundbreaking businesses that address key obstacles in the agriculture sector using innovation. Launched earlier this year in partnership with Innohub, the GTIC aimed to empower young entrepreneurs and support the development of sustainable solutions for Ghana's agricultural industry.

Initially, Fidelity Bank committed to awarding GHS 1.2 million in grants across three categories: Ideation, Scale-Up, and Commercialization. However, due to the exceptional quality and innovative nature of the participating businesses, the bank exceeded its funding commitment, demonstrating its dedication to fostering innovation and sustainability in the agricultural sector.

"By launching this test, we aimed to identify and support young entrepreneurs who are courageously making a difference in their communities through innovative solutions," stated Julian Opuni, Managing Director of Fidelity Bank, during the bank’s annual Sustainability Conference. "We are providing not just financial support, but also technical assistance to help these businesses thrive. The winners have gone through rigorous selection process, boot camp, and pitch sessions, and they represent the future of agriculture and sustainability in Ghana."

After a rigorous evaluation process, 17 exceptional participants from 197 applicants and 33 shortlisted AgriTech startups that participated in the GTIC were recognized. They were selected based on their innovative business ideas and the impact they are making in their communities.

Ideation Stage Winners

Ten winners in the Ideation Category, who demonstrated groundbreaking ideas poised to revolutionize agriculture using innovation, were awarded GHS 50,000 each to further develop their concepts. The winners include AgriSupport, Chan-Tico, Agricom, Monger Foods,  Fresh Aura, Sunify,Enactus UMAT, Verte Tower, AgriEase Limited, and  Farmitecture. There is also GHS100,000 dedicated to incubation and business service for these 10 ideas to transition them in fully registered businesses.

Scale-Up and Commercialization Stage Winners

Four businesses in the Scale-Up Category were awarded GHS 100,000 each for their ability to expand and positively impact their communities. The winners were Agrimercarb, Freshline, Nastech Power Solutions, and Wobil Technologies Ltd.

In the Commercialization Category, Skin Gourmet emerged as the winner, receiving the top cash prize of GHS 200,000 for their innovative solutions that demonstrated market readiness and significant potential for societal impact.

Unexpected Recognition and Additional Grants

In a surprise announcement, Fidelity Bank went beyond expectations by awarding additional grants to two other exceptional businesses. Despite not initially qualifying for the top prizes, Axis Drone Services and Farm 360 were each awarded GHS 100,000 for their exceptional contributions to advancing agricultural innovation.

"We have gone through a lot to get here, and Fidelity Bank has made all our efforts worthwhile," said Derrick Annan - Co-Founder and CEO of Axis Drone Services. "This unexpected support will significantly impact our ability to scale our operations and persist to innovate in using drone innovation to solve obstacles in agriculture."

Mr. Opuni emphasized Fidelity Bank’s commitment to monitoring the impact of these grants. "There will be a strict monitoring process for the awardees. 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."

A Vision for a Sustainable Future

The GreenTech Innovation test has unveiled a wealth of talent and innovative ideas within Ghana's entrepreneurial ecosystem. The unprecedented level of support from Fidelity Bank demonstrates a strong commitment to nurturing these entrepreneurs, fostering a thriving GreenTech ecosystem, and contributing to a more sustainable and prosperous agricultural sector.