Fidelity Bank Deputy MD advocates collaborative approach to e-mobility in Africa

Fidelity Bank Ghana, the largest privately-owned bank in the country, made a significant contribution to the Electric Mobility Conference 2024, held at the Movenpick Ambassador Hotel in Accra.

Atta Yeboah Gyan, Deputy Managing Director at Fidelity Bank, delivered a thought-provoking keynote address which shed light on the vast opportunities and challenges presented by the e-mobility revolution in Africa.

The two-day conference, proudly sponsored by Fidelity Bank, themed ‘The New ERA: Innovation and Sustainability’, brought together business leaders and government agencies to discuss advancements in the e-mobility industry, strategies for reducing greenhouse gas emissions, and supportive policies for the sector.

In his keynote speech, Gyan highlighted the unique landscape Africa presents for the e-mobility revolution. “We have a growing population, a rising demand for efficient transportation, and a pressing need for sustainable solutions to deal with climate change. E-mobility offers a promising opportunity to achieve all three objectives simultaneously,” he remarked.

Gyan acknowledged the challenges that come with adopting e-mobility on the continent, particularly the high upfront costs associated with projects. “The fact of the matter is that currently, the high upfront costs associated with e-mobility projects remains a significant hurdle to overcome for wider adoption,” he noted.

He stressed the importance of collaborative action in overcoming these hurdles, emphasizing the need for innovative funding arrangements and strategic public-private partnerships (PPPs). “Access to funding is crucial,” he declared, citing initiatives like the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) as positive steps. By combining resources and expertise from the public and private sectors, we can accelerate the development of e-mobility infrastructure,” Gyan emphasized.

To unlock the full potential of e-mobility, Gyan outlined several supportive government policies. “Governments must promote the establishment of charging stations in public spaces, transportation hubs, and residential and commercial areas to alleviate range anxiety and make electric vehicles a more convenient option,” he stated.

Mr. Gyan stressed the need for educational campaigns to inform the public about the environmental and economic benefits of e-mobility. “Educating the public is crucial for widespread adoption,” he explained. He encouraged African governments, educational institutions, and the private sector to join forces and conduct research to optimize the potential of renewable energy in Africa.

Mr. Gyan also highlighted the need for financial incentives such as tax breaks and subsidies to make e-mobility more affordable and appealing. “By offering financial incentives to individuals and businesses who purchase electric vehicles, governments can make the shift towards e-mobility more affordable and appealing,” Gyan explained.

“Fidelity Bank is deeply committed to sustainability,” declared Mr. Gyan. He highlighted several initiatives undertaken by the bank to foster a greener future. These include financing renewable energy appliances, powering Duose D/A Primary School, in the Upper West Region in an off-grid community with solar energy, and partnering with solar providers to offer customer financing.

The bank is also leading by example with solar power at its head office annex in Tesano and is developing a pipeline of sustainable products to meet evolving customer needs.

Mr. Gyan concluded by emphasizing the importance of collaboration. “By working together – governments, businesses, innovators, and enthusiasts – we can transform e-mobility and renewable energy into the cornerstones of a sustainable future for Africa,” he declared. Fidelity Bank, he affirmed, stands ready to be a partner in this journey.

The Electric Mobility Conference 2024 served as a valuable platform for a cross-section of stakeholders to discuss the future of transportation in Africa. As the summit drew to a close, participants departed with a shared consensus: through collective collaboration and a steadfast commitment to sustainability, e-mobility is poised to transform the continent’s transportation landscape, ensuring a cleaner, greener, and more sustainable future for generations to come.”

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