Accra, Aug. 31, GNA – The Fidelity Bank has awarded over GH¢ 1.4 million grant to innovative businesses that use technology to address challenges in the agriculture sector.
The move aligns with its inaugural “GreenTech Innovation Challenge” (GTIC) 2024, launched early this year in partnership with Innohub.
GTIC empowers young entrepreneurs and supports the development of sustainable solutions for Ghana’s agriculture industry.
A press release copied to Ghana News Agency said the Bank initially intended to award a total of GH¢ 1.2 million across three categories but had to exceed it commitment due to the “exceptional quality and innovative nature” of the participating businesses.
“At the company’s annual “Sustainability Conference, Mr Julian Opuni, the Director said: “By launching this challenge, we aimed to identify and support young entrepreneurs who are courageously making a difference in their communities through innovative solutions,
“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.”
Seventeen participants from 197 applicants and 33 shortlisted AgriTech startups were recognized a rigorous evaluation process. The award categories include: Ideation, Scale-Up, and Commercialisation.
Applicants who demonstrated groundbreaking ideas at the Ideation Stage were also awarded GH¢ 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.
An amount of GH¢100,000 has been dedicated to “incubation and business service” for the 10 ideas to transition them into fully registered businesses, the release said.
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 Commercialisation Category, Skin Gourmet emerged winner, receiving the top cash prize of GH¢ 200,000 for their innovative solutions that demonstrated market readiness and significant potential for societal impact.
“Fidelity Bank also exceeded expectations as it awarded additional grants to two other outstanding businesses that did not initially qualifying for the top prizes,” the release said.
They were Axis Drone Services and Farm 360, each receiving GH¢100,000 for their exceptional contributions to advancing agricultural technology.
Derrick Annan, Co-Founder and CEO of Axis Drone Services, said the support will help them scale operations as they continue to use drone technology to solve challenges in agriculture.
Mr. Opuni said there would be strict monitoring process for the awardees to determine the impact of the grant.
“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,” he stated.
The GreenTech Innovation Challenge has unveiled a wealth of talent and innovative ideas within Ghana’s entrepreneurial ecosystem. Fidelity Bank’s support demonstrates its commitment to nurturing entrepreneurs and fostering a thriving GreenTech ecosystem.
GNA