Fidelity Bank announces GHS1 million GreenTech Innovation Challenge Grant Fund

In a significant move to propel Ghana's agricultural sector towards a more sustainable future, Fidelity Bank, Ghana's largest privately owned indigenous bank, has announced the GreenTech Innovation Challenge (GTIC) 2024. This initiative will award over GHS 1 million in grant funding to support innovative solutions addressing critical challenges within the country's agricultural value chain.

The GTIC 2024 aims to empower Ghanaian businesses and innovators by providing them with the resources they need to launch or scale their GreenTech solutions. These solutions have the potential to revolutionize Ghana's agricultural sector, ensuring a more sustainable and productive future.

Fidelity Bank's Managing Director, Julian Opuni, emphasized the bank's dedication to supporting the agricultural sector. "Our commitment to agriculture is not new," he stated. "During the 3i Africa Summit in May 2024, we announced the expansion of our Fidelity Young Entrepreneurs Initiative through the introduction of an AgricTech competition. We recognize the immense potential of technological solutions in the Agric sector, and the GTIC is a significant step forward in nurturing this potential."

Mr. Opuni further highlighted the importance of engaging Ghana's youthful population: "Africa boasts of a youthful population, with over 60% under the age of 25. However, the agricultural sector often fails to capture the imagination of this demographic. The GTIC is designed to change that. We want to attract young, tech-savvy minds and empower them to develop innovative solutions that will transform Ghana's agricultural landscape. We are excited to see the incredible ideas that emerge and become catalysts for progress."

The GTIC is meticulously structured to empower innovators at three various stages of development.

The Ideation Tier is designed for innovators with new, groundbreaking ideas that can tackle specific agricultural challenges. Participants in this tier will be equipped with the resources and support needed to turn their concepts into actionable solutions, laying the groundwork for impactful GreenTech solutions.

Moving on to the Scale Up Tier, this program targets businesses with established GreenTech solutions that have already demonstrated success. Here, the focus shifts to supporting the expansion and elevation of these solutions, maximizing their positive impact.

Finally, the Commercialization Tier caters to established businesses with market-ready GreenTech products seeking to amplify their reach. Here, the focus shifts to helping businesses navigate the commercial landscape, ensuring their GreenTech solutions achieve both commercial success and widespread positive impact.

Applications for the GreenTech Innovation Challenge are now open and will be accepted until July 21, 2024. Prospective applicants can visit the challenge website, https://www.innohub.com.gh/programs/fidelity-gtic/, to explore categories, eligibility criteria, and the application process in detail.

The challenge will culminate in exciting pitching events where finalists will present their solutions to a distinguished panel of judges. Winners will be awarded not only grant funding but also invaluable mentorship and the chance to bring their innovations to scale.

Fidelity Bank's GreenTech Innovation Challenge underscores its commitment to driving sustainable development and empowering the next generation of agricultural innovators. By providing substantial financial support and a platform for growth, the bank aims to catalyze the transformation of Ghana's agricultural sector, making it more resilient, efficient, and attractive to young entrepreneurs