Best bank: Ecobank Ghana
Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.
The government agreed an IMF bailout at the beginning of 2023, and, as the largest holders of government debt, the banks have borne the brunt of the situation. They have continued to see heavy losses as the country has defaulted on a series of eurobond coupon payments. Formal negotiations to resolve the issue have yet to take place.
Ecobank, Euromoney’s best bank in Ghana this year, has weathered the storm well, setting aside provisions against the continued volatility. Its anglophone West Africa division generated $223 million profit before tax in 2023, compared with $124 million the year before.
During the review period, Ecobank worked with the African Development Bank to secure approval to use $20 million from the Green Climate Fund to improve access to affordable financing for women-led micro, small and medium-sized agribusinesses and farmer-based associations in the most vulnerable agro-ecological zones in Ghana.
The scheme is designed to empower these MSMEs to participate in low-emission, climate-resilient agricultural practices.
Other initiatives to support SMEs have included the launch of a single market hub for businesses looking to trade across the African Continental Free Trade Area.
It has also partnered with Visa to provide MSMEs with access to Visa’s practical business skills resources. The course includes topics such as financial management, how to promote a business, managing employees, creating a business plan and digitalizing a business.
Best digital bank: Ecobank Ghana
In 2023, Ecobank Ghana succeeded in increasing digital transactions and users, boosting its overall customer base.
It launched Ecobank Single Market Hub, through which small and medium-sized enterprises, and regional, multinational and local corporates can access transaction and investment banking services. MyTradeHub connects exporters and importers across Africa, helping them to expand into new markets.
Ecobank has increased transactions online by 101%, which has contributed to a 7.55% growth in its customer base, from 70,520 in 2022 to 75,848 in 2023. Business on the bank’s mobile app also grew by 78.9%, from $1.1 billion in 2022 to just under $2 billion in 2023.
The bank has partnered with the Pan-African Payment and Settlement System to act as an interbank settlement agent for central banks, enhancing cross-border payments in Africa, potentially saving $5 billion annually in payment transaction costs.
Its annual fintech challenge saw the startup Koree from Cameroon receive a $50,000 prize for its card wallet payment solution in 2023.
Best bank for SMEs: Ecobank Ghana
In 2023, Ecobank Ghana’s small and medium-sized enterprise business grew through innovative new programmes and increased funding for women-led businesses.
Gross loans to commercial and business banking customers increased by 5% to $223 million and net loans rose by 3% to $212 million in 2023. Deposits grew by 15% to $493 million. Ecobank’s number of point-of-sale terminals increased by 18% to 400, with transaction volumes up 93% to $127 million. The implementation of the RapidCollect payment solution led to an 82% increase in collections, reaching $39.3 million.
In 2023, the bank focused on expanding digital services for SME clients. In June, it launched the Ecobank Single Market Hub, including MyTradeHub, an online platform offering trade finance, cash management and investment banking solutions for importers and exporters.
It also secured a $200 million agreement with the African Guarantee Fund, offering SMEs in 27 African markets up to 75% guarantee cover for gender and green financing. A $32.8 million loan from the eco.business and Sanad funds will support sustainable agriculture and micro, small and medium-sized enterprise resilience in sub-Saharan Africa.
Through its Ellevate programme for women-led businesses, the bank has onboarded 8,300 customers, extended $38 million in loans and attracted $106 million in deposits in just under three years.
Best bank for ESG: Access Bank
Access Bank’s environmental and social engagement involved several important initiatives in sustainability, inclusion and education in 2023.
The bank acquired over 11,250 seedlings to support the government’s Green Ghana initiative of planting trees and restoring forest cover across the country. The initiative impacts over 30,000 people living in Begoro, in the eastern region of Ghana, and Osu, in the Greater Accra region.
Combining environmentalism with access to education, the bank partnered with Chiant Afrique in the A Sandal More for a Better Tomorrow initiative. Car tyres are repurposed into durable school sandals for underprivileged pupils. In the project’s first phase, over 1,000 sandals were distributed to school children in 10 schools across five regions in Ghana.
In another partnership, with Soronko Academy and Amalitech, the bank focused on improving girl’s and women’s access to education in science, technology, engineering and mathematics, with 60 young leaders from the League of Young Female Leaders participating in a coding boot camp.
Best bank for diversity and inclusion: Fidelity Bank
Fidelity Bank has promoted diversity and inclusion through its focus on economic empowerment for disabled people, gender equity and opportunities for disadvantaged youth.
The Empower All initiative, provides support for entrepreneurs with disabilities aged between 18 and 45, setting a goal to reach 150 small and medium-sized enterprises in three regions in Ghana by the end of 2024.
The bank’s focus on women’s health and inclusion encompassed several initiatives in 2023, including ultrasound breast cancer screening for women in Makola and supporting biomedical engineering diagnostics.
Through its Girl Child Project, the bank has provided menstrual hygiene, financial literacy and sustainability awareness to girls and young women. It contributed C100,000 ($6,550) to three regions of the country while also supporting the Creativity for a Change Project, focused on empowering girls to pursue careers in male-dominated science, technology, engineering and mathematics fields.
In terms of sponsorships, the bank has supplied 50 reconditioned desktop computers to Andylynn School in Kumasi, donated to the Fidelity House of the Herman SOS Village and supported the provision of desks for underprivileged schools across the 16 regions in Ghana.
