Ecobank Group Named Best Bank for SMEs in Africa

Kayode Tokede

Ecobank Group  has announced that it 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 recently at Glaziers Hall in London, UK.

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 $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.