Accra, March 8, GNA — Mr Edward Effah, Founder of Fidelity Bank, has urged young entrepreneurs to build businesses that seek to address problems in society.
He advised them to have a sharp vision that transcended mere organisational success and embodied a broader calling of addressing socio-economic challenges within the nation.
The Founder gave the advice during an Orange Summit, held by Fidelity Bank, in Accra.
The summit, tailored for young entrepreneurs, provided a platform for insightful discussions and guidance on building world-class companies with a broader societal impact.
Mr Effah, also the Chairman of Unilever Ghana, said: “Your vision should have a calling. It should not be just about being the biggest organisation or having the best products in the world.
It should have a calling beyond the organisation. 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.”
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 said 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.
Mr Effah said a robust vision should cater to the interests of all stakeholders, whether customers, employees, shareholders, or regulators, a holistic approach to vision ensured sustainable growth and stability.
He 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 organisation that seeks to solve Ghana’s socioeconomic problems deliberately,” he said.
This focus on social impact, Mr. Effah said, not only attracted passionate individuals but also fostered a sense of purpose within the organisation.
In addition to visionary leadership, the founder of Fidelity bank emphasised 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.
The Founder emphasised 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 featured speakers from relevant organisations such as the Ghana Revenue Authority, the Food and Drugs Authority, Ghana Export and Promotion Authority and the African Continental Free Trade Area.
“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,” an official statement issued to the Ghana News Agency, in Accra, said.
“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.”
GNA