Ecobank Group has won the Best Bank for SMEs in Africa 2024 award while Ecobank Nigeria emerged Best FX Bank under the Country & Territory Awards category in Global Finance’s Annual SME Bank Awards.
The award to the group is in recognition of its commitment to meeting the specialised needs of SMEs across its diverse markets while Global Finance says Ecobank Nigeria emerged winner in the FX category based on transaction volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports from Nigeria.
Global Finance said its 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.
Carol Oyedeji, Acting Group Executive, Ecobank Commercial Banking, who received the award on the bank’s behalf, 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 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.
The award ceremony took place last week Glaziers Hall in London.
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 2022.
