Adegbenro Barakat Opeyemi(SIWES Student, Moshood Abiola Polytechnic)
Ecobank, the leading pan-African banking group, has been honored with the prestigious Best Bank for SMEs in Africa 2024 award by Global Finance during its annual SME Bank Awards.
This recognition underscores Ecobank’s steadfast dedication to catering to the unique needs of SMEs across its diverse markets. The awards ceremony took place at Glaziers Hall in London, UK.
In addition, Ecobank Nigeria, a subsidiary, clinched the Best FX Bank award in the Country and Territory Awards category for Nigeria.
Global Finance cited Ecobank Nigeria’s transaction volume, market share, breadth of offerings, and global coverage based on public filings and media reports from Nigeria.
Global Finance Magazine, established in 1987, offers corporate finance and business decision-makers worldwide economic news and insights, providing essential data, research, and analysis on the global economy, financial markets, and capital-raising developments.
Carol Oyedeji, Group Executive at Ecobank Commercial Banking, emphasized the significance of the award, stating, This award recognizes Ecobank’s commitment to supporting small and medium-sized businesses in Africa, enabling them to flourish and seize the massive intra-African trade opportunities offered by the AfCFTA’s single market.
Despite foreign exchange challenges, Ecobank Nigeria maintained transparency, sustained high transaction volumes, and retained market share.
Ecobank has expanded lending capabilities for SMEs through strategic initiatives, including a $200 million risk-sharing arrangement with the African Guarantee Fund and a $32.8 million loan facility from the Eco. Business Fund and the SANAD Fund for SMEs.
Global Finance selected the winners based on bank submissions, independent research, and insights from business insiders, executives, and technology professionals.
This accolade adds to Ecobank’s growing list of achievements, solidifying its position as Africa’s Best Bank for SMEs.
