BY Ndumbe Bell Joseph Gastonin Douala.
Ecobank Group has been awarded the distinction of being the best bank for small and medium enterprises for the third consecutive year by Global Finance, a reputed international observatory for the development of SMES, and by Euromoney Awards for Excellence twice earlier.
The award was reportedly won twice at another Euromoney Awards for Excellence in 2022and 2023 for what was described as the bank’s specific services to SMES in Africa.
In response to the news Ecobank Group readout reacted that the prestigious award demonstrated the bank’s relentless involvement in fulfilling the particularities of SMES in the different countries where they operate.
Reasons justifying their distinction has been reportedly noted in the financing and non-financing services such as by providing multiple payment, banking collection and financial solutions, while on the other hand, they offer services such as training, a platform for interactive contacts to share ideas, experiences and business management skills among traders, buyers, sellers and suppliers across the African continent.
Another booster that led them to higher heights was a loan guarantee package agreement with the African Guarantee Fund of 200 million US dollars to assist in risk-sharing for those SMES needing financing. With the inclusion of another loan facility booster of 32.8 million U.S dollar with Eco. Business Fund and one SANAD fund,the group has collaborated recently to assure and catalyse its lending capacity with SMES in need of financing.
The same event had Ecobank Nigeria named the best foreign exchange bank in the country based on the criteria such as the volume of transactions, global coverage, breath of offering and market share. The reports were compiled after contacts with companies. Other criteria in the mix included customer service, technological innovation, reputation, thought leadership with reports if findings sourced form business executives, industrial analysts, surveys and a host of others.
The Acting Group Director of Ecobank Commercial Banking Carol Oyedeji was quoted saying that it was time for SMES in Africa to use the spur of the moment and grasp the opportunities that the pan-African Common Market (AFFCFTA) has brought. Carol Oyedeji also commented that among all the above facilities to promote the SME course in Africa, Ecobank has demonstrated unalloyed transparency, high volume transactions and has always retained the country’s market share.
It was again emphasized that, the distinctions have always been based on nominations submitted by banks, independent research teams, stakeholders in the business sector, technology experts and soon.