Best bank for CSR: Banco de Fomento Angola
Banco de Fomento Angola (BFA) is Angola’s best bank for corporate social responsibility this year. It has launched a range of programmes to support poverty eradication, health and wellness, education and social equality in the country.
The bank’s Solidário programme, launched five years ago, is one of its more important. Through it, BFA provides financial support to activities and strategic projects for improving children’s education, health and social and financial inclusion.
Through the support of this programme, two vocational training centres were improved in the community of Camizungo and Luanda, one for IT and the other for electrical training. The centres help young people learn a trade and generate income for their families.
BFA has also launched the BFA+Nutrir project to reduce child malnutrition in Angola in collaboration with Unicef. As part of this initiative, 2,917 children were admitted for treatment of severe malnutrition between March and September 2022. Additionally, volunteers have promoted good hygiene practices in the Cunhinga community, benefitting 15,241 people.
In another partnership with Unicef, the bank ran the BFA+Água+Vida project for the construction and delivery of two schools and training for teachers.
Best bank for digital solutions: Banco Angolano de Investimentos
Banco Angolano de Investimentos (BAI) is the best bank for digital solutions in Angola after innovating to meet growing customer demands and embracing a cloud-first strategy.
The bank offers a large range of digital products compared with the domestic competition. These include digital onboarding, instant microloans, QR code payments and international transfers.
It has been working to improve efficiency across its digital platforms. This was particularly evident in international transfers, where automated processing had reduced transfer times by two days.
The bank has been successful in migrating customers to its digital platforms. This was helped by an agreement with the largest telecoms provider in Angola, which has allowed its customers to access the bank’s digital banking services free of charge.
BAI has also invested in refurbishing its IT systems and adopting a cloud-first strategy using data centres from US tech company VMware.
Its digitalization efforts were also reflected in its recent IPO, which was completed digitally, from onboarding to bidding.
Best bank for SMEs: Banco Angolano de Investimentos
Banks have played an important role in supporting Angola’s small and medium-sized enterprise sector, which has been a cornerstone of the government’s strategy to boost economic diversification, private investment and employment. Banco Angolano de Investimentos (BAI) retains its leading position in this market segment and is the best bank for SMEs in the country this year.
The bank recorded 2% growth the number of SME clients last year, reaching 8,288 by the end of 2022. In the research period, 105 credit operations were approved, corresponding to AKz45 billion ($55 million). Of this, some AKz39 billion was formalised by December 2022, representing a growth in the loan portfolio of 74.6% year on year.
The bank’s total SME segment portfolio is approximately AKz79 billion in value, including deposits and credit facilities.
Best bank for digital solutions: Rawbank
Rawbank is the Democratic Republic of the Congo’s best bank for digital solutions this year – a challenge in a country where much of the population doesn’t have access to the internet or mobile banking.
The bank has, however, made digital strides while also continuing to provide essential brick-and-mortar services. It was at the forefront of digitalization in the country as the first domestic institution to offer the ability to send and receive money globally.
The bank is continuing to develop digital products inhouse to improve efficiency and customer experience. It recently updated its core banking system from Sopra’s Amplitude V10 to Amplitude V11, offering the ability to interface with third-party applications and increasing the service it can provide to customers.
The bank has also developed its illicocash e-wallet solution, bringing together various services into one application that allows customers to send, transfer and withdraw money, access accounts, top up mobile airtime for Vodacom, Orange, Africel and Airtel, and pay for cable TV subscriptions.
The app provides clear financial statements, allowing customers to track spending and saving.
Since illicocash was updated to its 2.0 version, there has been a 30% increase in both customer acquisition rates and transactions. The application is highly rated, with a 4.2-star average and over 1,400 reviews.
Best bank for CSR: Access Bank
Access Bank is this year’s best bank for corporate social responsibility in Ghana, thanks to its commitment to projects that drive economic progress, environmental consciousness and social responsibility in the country.
The bank’s impact is evident through various initiatives, including the Live B3TA project, which introduced a savings account for informal women’s savings groups. The scheme reached 85 communities and raised C3.9 million ($338,000) in 2022.
Education was another key focus of the bank in the review period, with initiatives such as promoting girls’ education by encouraging enrolment and retention.
The bank also allocated €30,000 to support financial literacy through collaborations with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and agriculture and finance consultants AFC. This partnership has reached close to 1,200 individuals so far.
The bank’s commitment to improving livelihoods is demonstrated by its involvement in the government’s Livelihood Empowerment against Poverty project, which has impacted more than 57,000 people.
Another notable contribution saw the bank support the Green Ghana Initiative through which with 20,000 seedlings were planted.
In sports, the bank has provided assistance to the Ghana Football Association, donating $250,000 to all 48 local leagues.
Best bank for digital solutions: Fidelity Bank Ghana
Fidelity Bank Ghana has undertaken several innovative initiatives over the last year to enhance customer experience and streamline internal operations. It is Euromoney’s best bank for digital solutions in Ghana this year.
One notable accomplishment is the introduction of a digital solution that allows non-resident Ghanaians to open accounts remotely from anywhere in the world. This initiative is projected to bring in $20 million of deposits in its first year, expanding deposit avenues for both local and foreign currencies.
Additionally, the bank’s Web Account Opening portal has been revamped to offer customers greater flexibility in choosing account services such as chequebooks, SMS alerts, email alerts and e-statements.
Fidelity has invested in several system enhancements, one of which is the automation of account tagging, which has reduced staff workloads. This allows sales staff to work on account applications directly through the portal, eliminating the need for branch staff involvement. Communication between back-end teams has been improved with the use of SMS.
Best bank for SMEs: Access Bank
Access Bank differentiates itself through its product and service offering for small and medium-sized enterprises in Ghana.
One of its most popular products is the instant business loan, which supports SMEs that need finance but lack collateral. The product uses inventory as collateral to bridge short- to medium-term financing gaps. Due to demand, the bank increased the loan limit from C100,000 ($8,660) to C200,000 recently.
Access has been working with communications firm Graphic Business to organise SME clinics and fairs, while its free business advisory service offers professional help with areas such as partnerships, taxation and financial management.
Best bank for CSR: Societe Generale
Societe Generale has supported underprivileged communities, women entrepreneurs, and NGOs through a variety of initiatives this year and is the best bank for corporate social responsibility in Côte D’Ivoire this year.
The bank partnered with the NGO Ivoire Développement Durable to grant agricultural equipment to women’s cooperatives, boosting the production of cassava by these organizations.
It also set up local partnerships to provide vaccinations and campaigns to fund participation in education, medication, orphanage care, reading equipment for blind children and HIV treatment.
The bank remains committed to communities that promote female entrepreneurship and works to achieve this through its foundations SGCI and C’est vous l’avenir (The future is you).
It partners with NGOs to provide scholarships to students at schools in Abidjan and surrounding regions, including training in both academics and athletics. It also provided support in 2022 for the training of 2,500 teachers to help children with autism.
The bank provides training and offers internships to students living in orphanages, giving them insight and access to careers in banking.
Best bank for digital solutions: Societe Generale
Societe Generale is the best bank for digital solutions in Côte D’Ivoire thanks to the improvements it has made to its digital offerings.
Automatic cash dispenser claims processing has been enhanced and the bank has simplified the client subscription process.
The introduction of QR code complaints has increased the number of complaint handling channels, which has driven an increase in customer satisfaction. Survey results show customer satisfaction up from 7.04/10 in May 2022 to 8.37/10 by December 2022.
The bank now has a 24.6% digitalization rate, showing a steady increase. Some 77% of transactions are now paperless by volume, and a growing majority of transfers are electronic rather than manual.
Best corporate bank: Bridge Bank
Small and medium-sized enterprises account for more than 80% of Ivoirian companies and employ the largest portion of the population, making them a key economic driver of the economy.
Just 30% of SMEs in the country are served by banks, creating a wide financing gap. Founded in 2006, Bridge Bank has successfully targeted this market segment, and is the best corporate bank in Côte D’Ivoire this year.
As at the end of 2022, Bridge Bank had built a portfolio of 14,000 clients, of which 35% are women, achieving 14% growth year on year.
The bank has embarked on a five-year plan to streamline and automate all processes to reduce costs, offer digital solutions and increase operational efficiency.
It is among the top 10 banks in the country, with total assets of CFEFr800 billion ($1.3 billion) and a 4% market share in both loans and deposits.
It is also growing its client base among larger corporates and extended loan facilities to several such firms during the awards period, including a CFEFr85 billion loan to telecoms operator MTN, a CFEFr60 billion loan to Petroci and a CFEFr150 billion loan to FER.
The bank has also invested in cash management, trade finance and treasury management, commissions from which now account for 34% of revenue.
At the beginning of 2023, the bank raised a €10 million subordinated facility from Dutch impact investors Triodos Investment Management and Oikocredit.
Best bank for CSR: Equity Bank
Equity Bank is Kenya’s best bank for corporate social responsibility this year in recognition of its work on sustainable initiatives to empower those in need.
The bank committed $605 million to CSR initiatives over the last financial year, and has an annual contribution target of 2% revenue.
It placed a strong emphasis on assisting the agriculture industry. This involved collaborating with rural SME farmers to enhance their financial literacy, agribusiness and technical financial skills.
The bank has also supported micro-SMEs in the agriculture sector by providing them with enterprise management training. Close to 3.98 million farmers and 7,908 MSME agriculture enterprises have benefited from the programmes so far. Of these, nearly 51,000 farmers went through financial training, 46,016 were connected to various market channels and around 45,000 were provided with access to financial services.
The bank’s Wings to Fly and Elimu scholarship programmes continued to deliver opportunities to students. The bank’s support enabled a total of 10,000 students in its 2022 cohort to access secondary education through comprehensive scholarships, along with mentorship and psycho-social support. Students on Wings to Fly achieved a completion rate of 97%.
Elsewhere, though its Equity Group Foundation, the bank has made a contribution to Kenya’s healthcare sector. It has established a network of 77 Equity Afia health clinics across 26 counties. These clinics provided close to 1.3 million out-patient visits for more than 408,000 individuals.
Best bank for digital solutions: Equity Bank
Having introduced new technology that has had a clear impact on engagement with its digital offering, Equity Bank is named Kenya’s best bank for digital solutions this year.
It has worked to integrate artificial intelligence, machine learning and robotic process automation into its mobile, internet and third-party channels. This has resulted in usage growth of 97.1% in the first quarter of 2022, compared with 2.9% growth recorded over the same period in 2021.
The bank has developed a machine learning-based credit-scoring model that has improved credit quality, achieving a default rate of less than 2%. There has also been an improvement in turnaround time on loan decisions, which can now be made in under a minute.
The service is available on all the bank’s channels and includes loans to underserved and financially excluded individuals.
The bank has also launched an Equity virtual assistant to interact with customers for purchasing airtime, transferring funds, settling bills, checking account balances and obtaining statements.
Best bank for SMEs: Equity Bank
Equity Bank’s approach to supporting small and medium-sized enterprises goes beyond financial assistance to providing resources and networking opportunities for businesses to grow. It is for this that it is Kenya’s best bank for SME banking this year.
The bank has implemented a five-year programme called Young Africa Works Kenya in collaboration with the MasterCard Foundation. The aim of the initiative is to create 810,000 job opportunities by assisting 150,000 micro and SMEs in accessing fundings and enhancing their business models.
By the end of 2022, loans totalling KSh223.1 billion ($1.5 billion) had been disbursed to 246,701 MSMEs. Around 67,000 SMEs received mentoring and coaching in entrepreneurship and digital literacy, with a total of 116,807 benefitting from the programme.
Data security for SMEs is an important component of the bank’s digital strategy. It is the first Kenyan bank and one of the first banks in East Africa to receive Payment Card Industry Data Security Standard 3.1 certification. This affirms the security and compliance of transactions, ensuring that they adhere to the stringent security criteria set by card firms including Visa, Mastercard and American Express.
Best bank for CSR: Standard Bank
Given widespread poverty in Malawi, corporate social responsibility initiatives are a priority for the country’s banks. Standard Bank has demonstrated continued commitment to supporting education, health, agriculture and women, as well as youth empowerment in the country.
In education, the bank has extended MK112 million ($104,000) for the construction and furnishing of a 120-capacity, disability-friendly girls’ hostel at a national secondary school. It also donated teaching and learning materials worth MK10 million to support over 3,000 students from two government secondary schools and a prison reformatory school.
In another education-focused initiative, the bank donated MK30 million worth of computer equipment to a technical training college and sponsored training for 30 young females to pursue a tailoring course there.
Given the negative impact that frequent climate events have on the population, the bank’s work to support communities following the impact of such disasters in Malawi has been important. In one notable example, following cyclone Ana, it provided MK19.3 million-worth of food and other support to one of the country’s flood-prone areas, in addition to providing housing to 1,200 displaced residents.
The bank’s support for the struggling healthcare sector in Malawi has been equally important. It supported the Malawi non-profit Operation Smile with MK5.2 million, providing patients access to free surgery, and donated MK8 million towards purchasing hospital equipment for the maternity ward of one of the country’s district hospitals.
Standard Bank was also active in supporting Malawi’s structurally important agriculture sector. In partnership with the Centre for Agricultural Transformation, the bank initiated a project focusing on providing young people with incentives for agricultural innovation.
The bank also partnered with Opportunity International and the Clinton-Hunter Development Initiative on a programme to provide women in agriculture with financial assistance.
Best bank for digital solutions: Standard Bank
Standard Bank is the best bank for digital solutions in Malawi this year due to the progress it has made to digitalize and innovate its offering. The bank has achieved several milestones in this regard.
Its digital platform recorded over a million transactions during the awards period and has onboarded 179,869 new clients and over 18,000 merchants.
In another enhancement, the bank introduced digital lending in the consumer and high net-worth client segments. It offered credit facilities to customers based on deposits held or the level of transaction activity on their accounts. Over 50% of all personal loans have been disbursed digitally since launch.
For business and commercial clients, the bank has piloted digital lending for small and medium-sized enterprise clients. This service has registered 47 disbursements, with a value of MK240 million ($223,000) so far.
The bank is also developing an e-wallet based on Malawi’s National Switch platform, a WhatsApp banking solution and a prepaid water payments service.
Best bank for CSR: AfrAsia Bank
AfrAsia Bank executes its corporate social responsibility strategy in Mauritius through the AfrAsia Foundation, which was established in 2016. Sport, youth and health were all key areas of focus for the foundation during the research period, and it has undertaken impactful work in each.
AfrAsia Foundation has donated over MauR570,000 ($12,840) worth of basic food and non-food baskets to 154 families over the last year.
In health, it has launched the Life After a Mastectomy initiative. As part of this programme, which offers both material and psychological support to cancer survivors, it donated 150 breast prothesis, worth MauR547,500.
In another healthcare contribution, the foundation sponsored the Mauritian NGO PILS to launch an awareness campaign project that educated 2,000 women on HIV.
As part of the AfrAsia School programme, the bank provided 41 children from underprivileged families with learning opportunities, support and guidance.
Its temporary emergency aid support programme, launched during the 2020 lockdown, was reorganized into a permanent food bank with the aim of supporting participants in AfrAsia School beyond only educational activities.
The bank also sponsored the sixth edition of the AfrAsia Bank Mauritius Open, following a two-year hiatus. The golf tournament was the largest sporting event in the country, reaching an audience of more than 300 million households globally.
As part of its sponsorship of the tournament, the bank supported a development clinic that enabled 40 young people (aged five to 18) to learn golf from professionals.
Best bank for digital solutions: Mauritius Commercial Bank
Following a period defined by technological advancement across its retail, small and medium-sized enterprise and payments services, Mauritius Commercial Bank (MCB) takes the title of best bank for digital solutions in Mauritius this year.
The bank’s flagship retail application, MCB Juice, was strengthened with a series of new features, including enhanced mortgage and personal lending solutions, QR functionality, personal notifications and new self-service capabilities.
The changes contributed to 25% year-on-year growth on the app and an improvement in user satisfaction from 80% to 85%.
MCB JuicePro, the bank’s app for entrepreneurs, also saw high user growth (over 30%) following the introduction of new features. These include a full suite of pay and transfer options, card management, security enhancements, centralized access to statements and a simplified process for users to access merchant-banking capabilities.
Additionally, the bank undertook an overhaul of its payments operations by setting up a strategic business unit tasked with handling payments centrally. This has facilitated 50% growth in digital payments over the period, accompanied by a 20% increase in merchants accepting digital payments and a 10% improvement in customer satisfaction with digital payments.
Standout internal initiatives include migrating all MCB Bank’s card operations to an upgraded version of its card-management system, together with the launch of a new best-offer analytics tool.
Both features helped boost efficiency, with the latter allowing the bank’s commercial teams to effectively cross-sell based on customer profiles.
Best bank for ESG: AfrAsia Bank
AfrAsia Bank has made some big advances in its sustainable transformation recently, and it has been named the best bank for environmental, social and governance in Mauritius this year. Robust growth in sustainable lending has come alongside enhancements to its green product offering.
The bank’s sustainable loan portfolio reached MauR4.5 billion ($101 million) in 2022, which represents an 18% increase on the year before. With sustainable finance now representing 11.8% of the bank’s total loan portfolio, it is well on track to achieve its 15% target by 2025.
In the second quarter of 2022, the bank launched its new green loan product – a lending facility that enables customers to make environmentally friendly choices.
After disbursing €125,000 already, it is in the process of securing an approval from the French Development Agency for a further disbursement of €3 million for green projects.
The SOS Mangrove Programme is an initiative run by the bank alongside the Mauritian NGO Reef Conservation to restore Mauritian mangrove forests. Lat year, it set up 24 plots at three separate baseline sites, conducted 12 mangrove surveys at 15 sites and engaged more than 1,000 community members.
In a drive to encourage its employees to help the environment, the bank also organised a clean-up day. This initiative saw employees collect 103 bags – 2 tonnes – of waste.
Best bank for SMEs: SBM Bank
SBM Bank has undertaken several structural and strategic initiatives to enhance its offering for small and medium-sized enterprises over the last year and is Mauritius’s best bank for SMEs as a result.
The bank has centralised its SME functions, establishing 10 dedicated SME hubs. Key credit processes have also been streamlined, and several senior-level appointments have been made to the bank’s SME team.
Besides improving proximity to SME businesses and facilitating a sustainable business pipeline, these changes have helped SBM achieve greater strategic alignment across its operations.
A key component of the bank’s SME banking strategy in the second half of 2022 was to create awareness and visibility on the market through digital and other channels.
Campaigns on TV, radio, newspaper and Metro Express were conducted nationwide.
The bank also organised three open days and opened key regional branches on selected Saturdays to the public. These efforts helped the bank generate more than 400 new SME customer leads.
The lender’s initiatives correlated with a strong CSI (Customer Satisfaction Index) score of 80.99 at the end of the first quarter of 2023.
Best corporate bank: Mauritius Commercial Bank
Mauritius Commercial Bank (MCB) has solidified its position as the largest corporate bank in Mauritius by delivering strong numbers and participating in large regional deals. It is also a key player in the regional trade-finance market.
The bank has an impregnable market share in loans and advances to Mauritian corporates of 45%. Its net interest income grew by 14.3%, driven largely by higher revenues from trade financing and payment activities.
Other income increased by 52.5%, fuelled by a strong performance in trading and FX.
The bank has leveraged its growing network of Africa-focused energy traders to expand its involvement in financing the supply of oil and gas to various countries across the continent. In its largest deal in this space, the bank financed the supply of six million metric tons of gasoline to Nigeria.
On the renewables side, the bank acted as joint mandated lead arranger on a senior loan facility for Africa-focused renewable energy specialist Infinity Power to finance its $1.9 billion acquisition of Lekela Power, Africa’s largest renewable energy platform.
Key trade finance business during the awards period involved setting up over $300 million worth of trade finance facilities for two clients – an oil major and an established international trader – for their Africa-focused business.
Best bank for CSR: Attijariwafa Bank
Attijariwafa Bank is Morocco’s best bank for corporate social responsibility this year, after demonstrating dedication to empowering communities in the country.
The bank’s entrepreneurs programme provides support to micro-, small and medium-sized enterprises and entrepreneurs through a network of dedicated centres and a web platform that offers free access to daily training sessions and customised specialist advice.
Its arts academy programme targeted 150 middle- and high-school students over the review period, providing them with access to the arts. Over 1,700 students have benefitted from this two-year programme since its launch.
Perhaps the most notable achievement in the area of education was the Grandes Écoles por tous programme, run in partnership with the ministry of education.
Funded by the Attijariwafa bank Foundation, it offers a week of study for students enrolled in business and scientific preparatory classes, organised to prepare them for competitive entrance exams for business and engineering schools. In 2022, 119 students benefitted from this programme.
The bank has a strong internal CSR structure in place. Its initiatives include a charter that encourages procurers to select female-owned businesses as suppliers whenever possible. There is also an anti-corruption management system, which covers procedures to combat money laundering and the financing of terrorism.
Best bank for ESG: Bank of Africa
Bank of Africa has committed to ethical and responsible business practices and is Morocco’s best bank for environmental, social and governance this year.
The bank has signed a cooperation agreement with the European Bank for Reconstruction and Development to create a sustainable finance framework for issuing green, social and sustainable bonds.
A funding facility of €13 million was obtained from the EBRD in collaboration with Green Climate Fund and the European Union to incentivise Moroccan companies to shift towards a sustainable economy and help small and medium-sized enterprises adopt clean technologies.
The bank has also launched social initiatives in 2022, including a women-in-business programme to support female entrepreneurship. It built 16 pre-school classrooms with the Ministry of National Education ahead of the 2022/23 academic year, along with five newly renovated Medersat.com schools.
The bank has worked to enhance cultural interaction between the Kingdom of Morocco and the People’s Republic of China by establishing a Sino-Moroccan cultural cooperation partnership with Fondation BMCE Bank, Rabat’s Mohammed V University and the Confucius Institute.
The bank advanced its already robust internal ESG structure over the year. An environmental and social sustainability committee was established to ensure the implementation of its action plan, and a responsible-purchasing charter has been integrated into the bank’s anti-bribery and prevention policy.
Best bank for SMEs: Bank of Africa
Bank of Africa has supported small and medium-sized enterprises in Morocco through technology-driven solutions and advisory this year and is named the best bank for SMEs in the country as a result.
In early 2023, it formed a €25 million strategic collaboration with the Sanad Fund to enhance financial accessibility for SMEs in Morocco. The fund is supported through Sanad’s Technical Assistance Facility.
Several products and initiatives targeting SMEs were also introduced in 2022. One was DabaPay Pro, through which merchants can collect customer fees iinstantly and securely. The Agence Directe platform was also introduced, which allows customers to open accounts remotely.
A key initiative in its trade-finance operations saw the bank introduce BK TradeChain for processing over-the-counter transactions on blockchain. It also adopted NetGuardians’ fraud-prevention technology for trade-finance operations.
The bank has also launched an entrepreneurship club targeting all 12 regions of Morocco. It offers 10 modules and partners with 25 organizations to support more than 4,000 small businesses and self-employed entrepreneurs, helping generate 500 job opportunities.
Best bank for CSR: Absa Bank
Absa Bank wins the best bank award for corporate social responsibility in Mozambique this year in recognition of its work for vulnerable communities.
In April 2022, the bank supported the Xiquitsi project, which provides classical music education to more than 200 children and adolescents facing challenging circumstances.
It has also forged a strategic partnership with the Gorongosa National Wildlife Conservation Park to create integrated human development opportunities for more than 200,000 individuals residing in the park’s buffer zone.
In July 2022, the bank showcased its commitment to health initiatives by organising the I am Life and I give Life campaign. This effort led to the collection of 389 blood donations. According to health authorities, these have the potential to save up to 1,556 lives.
Best bank for digital solutions: Nedbank Mozambique
Nedbank Mozambique has launched a series of new digital products over the last year and is named the best bank for digital solutions in Mozambique as a result.
The most notable launch was NedMonitor, a tool designed to test the bank’s digital products to catch bugs and code issues and perform updates before they affect users.
The bank has also added what it calls InfoTablet at branches. These self-service platforms remove the need for human intervention and enable users to familiarise themselves with the bank’s digital platforms.
The lender has also established several new automated processes. A new chatbot – the MyUey chatbot – manages simple queries, while the bank has now made it possible to submit requests for the issuance of bank guarantees and letters of credit through the Nedbank platform.
Best bank for SMEs: Banco Comercial e de Investimentos (BCI)
Banco Comercial e de Investimentos’s (BCI) focus on the small and medium-sized enterprise segment has borne fruit over the awards period. Its share of this market is now 24.25% for credit, 25.41% for deposits and 23.68% for assets.
The lender serviced 52,613 SME clients in 2022 and its loan portfolio to the segment stands at Mt8.4 billion ($133 million).
It has been working with agribusiness promotion and development platform Mozgrow to offer a credit line for SMEs looking to acquire renewable energy equipment for use in the agribusiness industry.
In the digital space, it has added services for e-banking, a call centre, mobile applications and WhatsApp Banking to ensure greater accessibility for customers. It has also invested in its point-of-sale terminals business, where it held 39% of the overall market in Mozambique in 2022.
Best bank for CSR: Guaranty Trust Bank
Guaranty Trust Bank has been named the best bank for corporate social responsibility in Nigeria this year. It has demonstrated a strong commitment to supporting the country by encouraging healthy living and nutrition and supporting the fashion industry.
Its CSR work encompasses other regions outside its home country. As part of its commitment to supporting humanitarian causes globally, the bank sponsored the Swiss Red Cross’s annual ball in Geneva, raising approximately SFr1 million ($1.01 billion). The funds went to projects in Lebanon, Bangladesh and Sudan, as well as to support Ukrainian refugees and Geneva’s migrant population.
The lender also supported the 26th edition of the Nigerian University Games in Lagos, which was attended by more than 5,000 athletes from 75 universities across 16 events.
Other sports-related initiatives took place in 2022 in the aftermath of Covid. The bank has again sponsored the Lagos International Polo Tournament – the largest competition of its type in Africa. The event saw 30 teams compete in four cup categories.
In fashion, the bank’s annual fashion weekend brought together renowned fashion icons and style personalities to interact with young Africans passionate about the industry. Last year’s event combined elements of global fashion trends, the nuances of African streetwear styles and creative enterprise.
The bank also sponsors an annual food and drink festival, which returned for its fifth edition in 2022. The three-day festival provides more than 120 free retail stalls to local vendors to enable them to market their produce. It also featured 14 masterclass sessions with chefs from around the world.
Best bank for D&I: Union Bank of Nigeria
Union Bank of Nigeria is the best bank for diversity and inclusion in Nigeria in recognition of its support for disadvantaged groups in the country. Reducing gender and social inequality and promoting education and literacy are areas where the bank has made a noticeable contribution.
Gender equality in Nigeria is a particular focus for the bank. It disbursed 19,956 loans to women and women-led businesses during the awards period, worth more than N17 billion ($21.9 million).
The bank also signed impactful partnerships with Nigerian non-profits to support women. Its partnership with Junior Achievement Nigeria, for example, provided more than 300 girls with leadership and development sessions, while its partnership with Sharing Life Africa supplied 200 girls with sanitary health products to fight period poverty in the cities of Enugu and Abuja.
In another initiative it entered into a partnership with the Nigerian non-profit Give Girls a Chance to provide scholarships to 20 girls in Abuja, covering the cost of books and uniforms. In a drive to improve financial literacy, the bank has also organised money-related lessons for over 1,000 students.
In a broader campaign to reduce inequality in Nigeria, the bank has introduced a non-discriminatory vendor-management process and several financial inclusion initiatives, including an agency banking platform and market and financial literacy outreaches.
It also notably partnered with rice-processing company Wacot Rice to launch a financial inclusion drive for more 1,000 small-holder farmers in Kebbi state.
Best bank for digital solutions: Zenith Bank
Zenith Bank wins best bank for digital solutions in Nigeria following a period of robust growth across its digital channels.
Customer acquisition performed strongly, with digitally active customers reaching 13.5 million, up by nearly 28% year on year. Electronic transaction volumes grew by 14% to 1,953 million, with a corresponding improvement in fees on electronic income of 22%. Treasury management represents the fastest-growing area on the business banking side, while trading income grew by 27%.
The bank has made successful changes to its retail digital offering. Its mobile banking app underwent improvements aimed at driving customer adoption and experience. It has released a pilot version of its latest mobile banking upgrade, with new services such as cardless withdrawal, wearables, campaigns and loyalty features all receiving positive feedback.
The bank also launched ATM biometric transfer functionality to access accounts.
In payments, the lender introduced Z-Mandate, which enables direct-debit mandates to be passed to customer accounts by merchants. Its Globalpay app – a mobile version of its payment gateway – was released for testing.
Best bank for SMEs: Fidelity Bank
Fidelity Bank has maintained its frontline position in Nigeria’s small and medium-sized enterprise banking market this year. It has undertaken initiatives to support smaller businesses, either in partnerships or stand alone, and has launched several new SME banking products.
Recent enhancements to the SME product suite include an overdraft facility that provides up to N50 million ($64,300) in working capital for eligible SMEs. Fidelity’s partnership with the Nigerian Small and Medium Enterprises Development Agency (Smedan) also helped SMEs access vital funding and capacity development opportunities.
The bank has worked hard to support female entrepreneurs. Its collaboration with the Nigerian non-profit ImpactHER saw it assist 1,052 female business owners across all 36 states of Nigeria. Training sessions on digital skills were provided, alongside direct business support, resulting in an up to 40% boost in sales recorded by participating businesses.
In another successful drive to support female-led businesses, the bank launched its Her Fidelity apprenticeship programme, which supported many female entrepreneurs in learning new skills.
Best corporate bank: First Bank of Nigeria
First Bank of Nigeria is the country’s third-largest bank, accounting for 10.4% of banking system assets at the end of 2022. Despite tackling a sizeable legacy book of impaired lending, it has built a decent corporate banking business that, by the end of 2022, had an annual turnover of more than N5 billion ($6.4 million).
Its lending activities are concentrated in the energy and mining sectors – oil and gas exposure accounted for 31% of net loans at the end of 2022.
Recent transactions have included a $120 million funding for the development of offshore hydrocarbon reserves by a western African sovereign, funding for a group of large steel and aluminium manufacturers through $100 million and $107 million loan facilities for factory expansion and leading the $116 million financing for the development of a deep-sea port by an infrastructure sector player in Nigeria.
The largely US dollar-denominated nature of its lending to the oil and gas sectors means that it has, however, been heavily impacted by the naira devaluation.
The bank has invested in its cash, trade and supply-chain systems, with two million transactions now recorded on the platform. It has also set up an export desk to provide corporate clients with guidance on documentation and risk mitigation tools.
Best bank for CSR: NMB Bank
NMB Bank’s dedication to corporate social responsibility has been in evidence during the awards period through a range of projects and initiatives.
Its commitment to social-impact investment programmes is of particular note. It has set aside a record TSh6.2 billion ($2,481,000) for such initiatives, a substantial increase from the previous year’s allocation of TSh2.9 billion.
The lender is the first financial institution in Africa to attain the Edge Certification for gender equality.
Another focus is health care, where its CSR initiatives have included providing hospital equipment to support maternal health services. This investment has helped over 210,000 people across 42 health facilities.
In education, NMB has distributed 68,850 desks to 459 schools, providing support for more than 206,500 students. It also provided 18 schools with 720 bunk beds to support boarding students. Some 74 students from lower economic backgrounds have also been supported in pursuing higher education through its Nuru Yangu scholarship programme.
Financial inclusion is central to all NMB’s operations. The introduction of digital solutions and expansion of partnerships with mobile network operators and various payment services have meant that the bank has been able to extend affordable banking services to more than six million customers in Tanzania.
Best bank for digital solutions: NMB Bank
NMB Bank has achieved substantial growth in the uptake of its digital products this year, and it has been named as the best bank for digital solutions in Tanzania in acknowledgement of this.
Some 85% of new accounts are now opened through digital channels, which has helped to expand the bank’s customer base to more than six million. This has solidified NMB’s position as the country’s largest bank by customer numbers.
It has launched several innovative solutions during the year, including a suite of investment options, such as e-wallet Spend to Save, the Wekeza account and NMB Pesa Wakala. It has also launched Mshiko Fasta, a micro digital lending proposition that allows customers to instantly apply for digital loans of up to $200 via their mobile phones.
The bank has also established an innovation lab to foster collaboration with fintech firms. This initiative has led to partnerships with five fintechs offering solutions such as mobile wallets and group finance management.
The bank is the first in Tanzania to introduce a self-service foreign exchange ATM at three international airports.
Best bank for SMEs: CRDB Bank
CRDB Bank has been named the best bank for small and medium-sized enterprises in Tanzania after achieving impressive year-on-year growth in this segment. SME loan balances reached $358 million by the end of 2022, representing around 13% of the bank’s total loan portfolio.
The bank has partnered with Silent Ocean, a prominent clearing and forwarding company in Tanzania, to expand SME business and finance import expenses collateral-free to a limit of $63,000.
It has also secured a €150 million loan from the European Investment Bank to enhance access to finance for microSMEs across Tanzania. It will use this credit line to support business growth, promote gender equality, empower women and support blue economy companies.
