Ecobank International has won the Best Bank for SMEs in Africa 2024 award in the annual SME Bank Awards of the Global Finance.
The win reflects Ecobank’s commitment to meeting the specialised needs of SMEs across its diverse markets.
The award ceremony which took place at Glaziers Hall in London, also saw one of its affiliates, Ecobank Nigeria, emerging 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.”
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.
