Ecobank, the leading pan-African Banking Group, has announced that it has won the Best Bank for Small and Medium Enterprises (SMEs) in Africa 2024 award in Global Finance’s annual SMEs Bank Awards.
It said the recognition at the ceremony on February 20, 2024 at Glaziers Hall in London, United Kingdom (UK), reflects Ecobank’s unwavering commitment to meeting the specialised needs of SMEs across its diverse markets.
Also, one of its affiliates, Ecobank Nigeria emerged Best FX Bank under the Country and Territory Awards category for Nigeria. Global Finance says Ecobank Nigeria emerged winner based on transaction volume, market share, breadth of offerings and global coverage, as detailed in public company documents and media reports from Nigeria.
“Our criteria also include subjective factors such as reputation, thought leadership, customer service and technology innovation, using input from industry analysts, surveys and corporate executives, among others.”
Acting Group Executive, Ecobank Commercial Banking, Carol Oyedeji, said: “This award recognises the strength of Ecobank’s support for Africa’s small and medium-sized enterprises (SMEs), enabling them to thrive and grasp the immense intra-African trade opportunities created by the AfCFTA’s single market.
“In addition to our comprehensive suite of banking, payments, collections and financing solutions, we also offer invaluable non-financial support, such as business leadership and skills training, and our innovative matchmaking platform connecting traders, buyers, sellers and suppliers across Africa.”
She added that in spite of the volatile foreign exchange (FX) challenges, Ecobank Nigeria displayed the highest levels of transparency, maintaining high transaction volume and retaining its market share in the country.
In recent months, Ecobank has further expanded its lending capacity to meet the financing needs of SMEs through strategic initiatives, including a US$200 million risk-sharing agreement with the African Guarantee Fund and a US$32.8 million loan facility from eco.business Fund and the SANAD Fund for SMEs.
Global Finance selected the winners for the 2024 Best SME Bank Awards based on entries submitted by banks and independent research, supplemented by insights from industry insiders, executives, and technology experts.
This latest recognition adds to Ecobank’s growing list of accolades, including being named Africa’s Best Bank for SMEs in Euromoney Awards for Excellence 2023, continuing the success from the previous year.
