Ecobank Group Secures Best Bank for SMEs in Africa 2024 by Global Finance

* Nigerian affiliate wins Best FX Bank

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 February 20, 2024 at the Glaziers Hall in London, UK.

Also, one of its affiliates, Ecobank Nigeria, emerged the Best FX Bank under the Country & Territory Awards category for Nigeria.

Global Finance said 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” it said.

The Acting Group Executive, Ecobank Commercial Banking, Carol Oyedeji, 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.