• Tue. Apr 23rd, 2024

Ecobank Group Receives Acclaim As Best Bank For SMEs In Africa 2024


In a testament to its dedication to supporting small and medium-sized enterprises (SMEs) across the continent, Ecobank Group has been honored with the prestigious Best Bank for SMEs in Africa 2024 award by Global Finance. The recognition underscores Ecobank’s commitment to addressing the unique needs of SMEs in its diverse markets.

The award ceremony, hosted by Global Finance, took place on February 20, 2024, at Glaziers Hall in London, UK. Ecobank’s Acting Group Executive for Commercial Banking, Carol Oyedeji, expressed pride in the achievement, emphasizing the importance of supporting SMEs in seizing opportunities presented by the African Continental Free Trade Area (AfCFTA).

Notably, Ecobank Nigeria, a key affiliate, also secured recognition by winning the title of Best FX Bank in Nigeria under the Country & Territory Awards category. Global Finance based its decision on various factors, including transaction volume, market share, breadth of offerings, and global coverage. The criteria also considered subjective elements such as reputation, thought leadership, customer service, and technology innovation.

Carol Oyedeji, Acting Group Executive, Commercial Banking, Ecobank. receiving the trophy of Bank for SMEs in Africa 2024 award in Global Finance’s annual SME Bank Awards in London, UK recently.

Carol Oyedeji highlighted Ecobank Nigeria’s resilience in navigating foreign exchange challenges, maintaining transparency, and retaining market share. Despite the volatile FX landscape, the bank demonstrated high transaction volume and excellence in serving its customers.

Ecobank’s recent initiatives, such as 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, showcase the institution’s commitment to expanding lending capacity for SMEs.

Global Finance selected the winners based on entries submitted by banks and independent research, incorporating insights from industry insiders, executives, and technology experts. This recognition follows Ecobank’s previous success, including being named Africa’s Best Bank for SMEs in Euromoney’s Awards for Excellence 2023. Ecobank continues to build on its reputation as a leading financial institution dedicated to supporting SMEs across Africa.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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