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Home»Business»Ecobank Group wins Best Bank for SMEs in Africa award
Business


ECOBANK GROUP WINS BEST BANK FOR SMES IN AFRICA AWARD

By Ganiyu MubarakFebruary 25, 2024Updated:February 25, 2024No Comments
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 Ecobank, the leading pan-African Banking Group, has won the esteemed Best Bank
for SMEs in Africa 2024 award in Global Finance’s annual SME Bank Awards.

 The win reflects Ecobank’s unwavering commitment to meeting the specialised
needs of SMEs across its diverse markets.



The award ceremony took place on 20 February 2024 at Glaziers Hall in London,
UK.

Also, one of its affiliates, Ecobank Nigeria emerged Best FX Bank under the
Country & 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, corporate executives, and others.”



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 * In matter of Dele Farotimi before Star Chamber, by Chidi Anselm Odinkalu

Carol Oyedeji, Acting Group Executive, Ecobank Commercial Banking, 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, collection, 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 despite 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’s Awards for Excellence
2023, continuing the success from the previous year.


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