Fidelity Bank, Ghana’s largest privately-owned indigenous bank, has committed to embarking on an expanded and ambitious sustainability and social impact strategy that focuses on three pillars: sustainable finance, sustainable operations, and corporate social responsibility.
In line with this ambition, the bank has set up a fully-fledged Partnerships,
Sustainability & Corporate Social Responsibility department to drive this
agenda. The new department is to work collaboratively with all other
departments of the business to integrate sustainability principles across all
the Bank’s activities and operations. This is to ensure that the Bank achieves
the dual objective ofproviding maximum value to stakeholders without
compromising its impact on the environment and society.
The Sustainability vision of the Bank is to create a sustainable future for all
Ghanaians, by supporting inclusive economic growth, reducing its environmental
footprint, maintaining high standards of governance and ethics, and engaging
with stakeholders to build trust and foster long-term partnerships.
Key among the initiatives listed as part of this wide-reaching Sustainability
and Social Impact plan is the Bank’s flagship CSR intervention dubbed Orange
Impact which is already underway. The Orange Impact project seeks to support
fifteen marginalised schools across the country with a suite of customized
needs-based resource and facility upgrades over a 3-year period.
This came to light at the Bank’s recent virtual Annual General Meeting (AGM) which
was held on Friday May 26, 2023. The meeting gave shareholders the opportunity
to consider and adopt the report of the directors for the fiscal year ended
31st December 2022.
Addressing shareholders during the virtual AGM, the immediate past Board Chairman
of Fidelity Bank, Mr. Edward Effah reiterated the Bank’s renewed focus on ESG
as an integral imperative of its overarching business strategy., “As a
financial institution, we are acutely aware of our role in ensuring a
sustainable future for our planet, communities, and economy. We have begun
integrating environmental, social, and governance (ESG) concepts into all
aspects of our operations after making significant strides in our
sustainability journey over the last year. We have also ensured that, our
strategy aligns with the Sustainable Development Goals (SDGs). Furthermore, we
acknowledge that sustainability is an ongoing process, and we are dedicated to
continuously enhancing our sustainability practices and positively impacting
the environment around us.
Speaking on the three pillars of the bank’s sustainability agenda, the Managing
Director of Fidelity Bank Ghana, Julian Opuni stated that, “the sustainable
finance pillar will see the bank collaborating with customers and stakeholders
to develop financing solutions that drive economic growth while safeguarding
the environment and promoting social progress. On the sustainable operations
pillar, we aim to reduce our carbon footprint and incorporate gender diversity
into our operations, lending, and credit management practices. On the CSR front
the bank will support economic empowerment for target groups and increase
access to quality education by providing learning, teaching materials, and
improving infrastructure.”
Mr. Opuni also highlighted some major strides the Bank has already made in the
CSR and renewable energy space. “In 2022, the bank installed solar energy at
our newly opened Kaneshie Branch, and this is in line with our initiative to
deploy renewable energy across all Fidelity Bank locations.”
He added, “In November 2022, the bank began the construction of a six-unit
classroom block for the Duose D/A Primary School in Duose, Upper West Region.
Many students were learning under trees or in dilapidated structures that posed
a threat to them.I am happy to report that by mid-June 2023, we will be handing
overthe new six-unitschool building to the people of Duose D/A Primary School.
This is the first of many such undertakings that we will be finalizing
throughout the course of the next three years.”
On the bank’s fiscal performance, the Managing Director, reported that
notwithstanding the macro-economic volatilities that confronted the banking
sector in 2022, the bank proved resilient and recorded a 29% increase in
operating income as well as a decline in the Bank’s cost to income ratio
from49% in 2021 to 46% in 2022.The bank also recorded a 22% increase in
customer depositswhich grew to GH¢ 10.06 billion,anda 20% growth in loans
andadvances.He noted that the Bank’s capital adequacy ratio of 16% is
significantlyabove regulatory and prudential requirements; a clear indicator
that Fidelity Bank is solvent.”
The newly appointed Board Chairman of Fidelity Bank, Mr. James Reynolds Baiden
whose appointment was ratified during the AGM,noted that the Bank is already on
the upswing and has registered a profit of over GHS150 million in the first
quarter of 2023.He averred that this development augurs well for the
performance of the Bank in the ensuing year. Mr. Baiden further assured
shareholders and customers that the board, management, and staff of the Bank
are working assiduously to fully restore the Bank to its upward trajectory on
all performance benchmarks. He added, “I must also reiterate that based on the
foregoing reports, there is no iota of doubt that Fidelity has once again
weathered the storm and bounced back stronger. Our customers can rest assured
that their funds are safe with us, and I urge them to continue enjoying the
best Banking experience in Ghana via our various branches, agencies, and
digital platforms.”
Source:
Peacefmonline.com