The leading pan-African Banking Group Ecobank has won the Best Bank for SMEs in Africa award at the Global Finance magazine’s annual SME Bank Awards 2024.
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.
Comment on the award, Carol Oyedeji, Acting Group Executive of Ecobank Commercial Banking, said: “This award recognizes 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.”
In recent months, Ecobank has further expanded its lending capacity to meet the financing needs of SMEs through strategic initiatives, including a USD 200 million risk-sharing agreement with the African Guarantee Fund, and a USD 32.8 million loan facility from eco.business Fund and the SANAD Fund for SMEs.
In Tanzania, Ecoabnk is actively expanding and exploring opportunities within the value chain of the corporate sector, such as SMEs that are part of their ecosystem.
As explained by Charles Asiedu, MD of Ecobank Tanzania, “We have probably the best products in Africa in the retail space, we have diversified our product offerings to cater to all segments, and our goal is to grow the SME and consumer sides to complement our strong corporate portfolio.”
Last year, Ecobank was named Africa’s Best Bank for SMEs in Euromoney’s Awards for Excellence 2023.
About Ecobank Group & Ecobank Tanzania
Ecobank currently has a presence in 35 African countries. The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai, United Arab Emirates, London, UK, and Beijing, China.
ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM.
The Group employs over 14,000 people and offers consumer, commercial, corporate and investment banking products, services and solutions across multiple channels, including digital, to over 32 million customers.
Ecobank Tanzania Limited began its operations in January 2010 and has since grown to include several branches across the country.
For more information read TanzaniaInvest’s exclusive interview with Charles Asiedu: https://www.tanzaniainvest.com/finance/banking/ecobank-interview-charles-asiedu
