Founder of Fidelity Bank Edward Effah urges young entrepreneurs to build purpose-led businesses

At the recent Orange Summit held by Fidelity Bank on Thursday, February 29th at Sunlodge in Accra, the Founder of Fidelity Bank and Chairman of Unilever, Mr. Edward Effah, emphasized the significance of visionary leadership for young entrepreneurs.

The summit, tailored for young entrepreneurs, provided a platform for insightful discussions and guidance on building world-class companies with a broader societal impact.

During his keynote address, the esteemed financial mogul highlighted the essence of having a clear vision that transcends mere organizational success. He emphasized that a compelling vision should embody a broader calling, one that aims to address socio-economic challenges within the nation.

"Your vision should have a calling. It should not be just about being the biggest organization or having the best products in the world. It should have a calling beyond the organization. It should make the world a better place. For instance, if you are in a poultry farm, your calling should be to solve Ghana's malnutrition problem." he remarked, stressing the importance of businesses contributing to societal development beyond profit-making endeavours.

Drawing from Fidelity Bank's own ethos, he exemplified how their vision of becoming a world-class bank intertwined with their commitment to Ghana's socio-economic progress. "At Fidelity Bank, when we said we wanted to be a world-class bank that gives returns to all its stakeholders, we went further to say that we wanted to contribute to Ghana's socio-economic development. That was the bigger calling, and that bigger calling created more followership."

He highlighted that by actively participating in initiatives such as financing at least half of the power projects in Ghana in recent years and promoting inclusive banking, Fidelity Bank established itself as an institution dedicated to societal betterment.

Moreover, he underscored the importance of stakeholder management, asserting that a robust vision should cater to the interests of all stakeholders. Whether it's customers, employees, shareholders, or regulators, a holistic approach to vision ensures sustainable growth and stability. Using Fidelity Bank's own mission as an example, Mr. Effah highlighted the power of a purpose-driven vision in attracting stakeholders and fostering a sense of shared responsibility.

"When people come, they will know that they want to work with an organization that seeks to solve Ghana's socioeconomic problems deliberately," he said. This focus on social impact, Mr. Effah argued, not only attracts passionate individuals but also fosters a sense of purpose within the organization.

In addition to visionary leadership, the founder of Fidelity bank emphasized the value of becoming a thought leader within one's industry.

"I think whatever business you're in, it's important that you really are a thought-leader, and you know the industry inside out. And when you do, individuals look up to you and you are called to speak on relevant topics globally."

He urged entrepreneurs to delve into thorough research and continuous learning, drawing from his own experience at Fidelity Bank. He emphasized the importance of research and learning undertaken by the bank in the beginning to understand and emulate the success of world-class financial institutions. "By studying successful counterparts worldwide, entrepreneurs can navigate their industries more effectively and steer clear of common pitfalls," he said.

The Orange Summit is just one of the non-financial services offered to beneficiaries of Fidelity's Young Entrepreneurs Fund, which provides access to concessionary funds at a significantly reduced rate. The initiative also pioneers ESG training and capacity building, paving the way for businesses to develop robust environmental and social management systems and pursue certifications and licenses.

The event also featured speakers from relevant organizations such as the Ghana Revenue Authority (GRA), the Food and Drugs Authority (FDA), Ghana Export and Promotion Authority (GEPA) and the African Continental Free Trade Area (AfCFTA).

In essence, the summit served as a testament to Fidelity Bank's commitment to nurturing the next generation of visionary leaders and fostering socio-economic development within Ghana.

Through a combination of financial support and knowledge-sharing platforms like the Orange Summit, Fidelity Bank continues to empower young entrepreneurs to realize their aspirations and contribute meaningfully to society.