Fidelity Bank, eco.business fund team in Ghana
The eco.business Fund, an impact investor advised by Finance in Motion, has invested in the West African country of Ghana by providing $15 million to Fidelity Bank, a press release announced on Wednesday (August 31).
Fidelity Bank will lend to agribusinesses across the value chain, including food production, logistics and supply chains for domestic staples and export crops. It will also promote production and consumption practices that are more in line with sustainability and biodiversity conservation standards.
Both parties will work to build the capacity of agribusinesses, promote business linkages, climate-resilient agricultural practices, and provide technical support to businesses and bank staff.
Fidelity Bank supports the agricultural sector, “not only because of the business and commercial opportunities it presents, but above all because of the direct impact it has on job creation, food security, improved livelihoods livelihood and inclusion of women”.
Ghana plans to become food self-sufficient and has adopted sustainability standards for agribusinesses and increased focus on domestic production.
The agribusiness sector strives for innovation, with its long history rooted in manual trade, from ancient stone tablets to modern paper documents still in use.
Read more: Digital marketplaces tackle 3,000 years of agribusiness inertia
PYMNTS wrote recently that DiMuto CEO Gary Loh characterized the industry as a world “where IBM means something really different – it means ‘It’s Better Manual’.”
Loh started DiMuto in 2019 to help solve problems for agribusiness companies, stemming from when his family private equity fund ran into trouble investing in an apple grower. He said one of the things he learned was that there had to be a way to fix quality issues with perishables.
DiMuto’s goal is to ensure that there is always an “unquestionable” quality of delivered goods, using product video and scanning with QR codes and barcodes and consolidating invoices.
We are always looking for partnership opportunities with innovators and disruptors.