Best bank: Access Bank
Access Bank made profit before tax of N569 billion ($380 million) in 2023, a big improvement on the previous year’s N163 billion. This was in part due to the devaluation of the naira in 2023, but was also driven by the bank’s aggressive expansion strategy, which has seen its footprint in Africa expand and the establishment of its first branch in France.
Key to the bank’s expansion in the review period was its acquisition of five Standard Chartered subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone in July 2023.
The bank’s domestic focus has been on trade finance, and it has taken on a $60 million loan facility from British International Investment (BII) to support its provision of trade finance to five import-dependant African markets, including DR Congo, Mozambique and Rwanda.
Other positive developments in the review period include it becoming the first bank in Nigeria to issue American Express cards and an endorsement on its sustainable-finance framework from S&P Global Ratings.
Tragedy struck Access Bank with the death of former chief executive Herbert Wigwe in a helicopter crash in February 2024. Wigwe had been CEO and group managing director of Access Bank since 2014 and was deputy managing director from 2002, when he and business partner Aigboje Aig-Imoukhuede acquired the bank. Bolaji Agbede was appointed interim CEO after the accident.
Best investment bank: Chapel Hill Denham
Last year was one of two halves for investment banking in Nigeria. There was limited capital market and advisory activity in the first half in the run up to the country’s elections. After polling, however, deal flow picked up. Lagos-based Chapel Hill Denham was active in the limited volumes of M&A and worked on the dissolution of GSK Nigeria, which included the return of capital to shareholders and a delisting. This was a complex and delicate transaction, given the long history of GSK in Nigeria.
The firm was also financial adviser to the Nigeria Infrastructure Debt Fund (NIDF) on its listing by introduction on the Nigeria Exchange (NGX). Chapel Hill Denham maintained its market leadership in debt markets as lead bookrunner by volume and value of completed transactions. The team led on five of the 10 bond issuances that took place in the country, accounting for 79% of total value of bonds issued during the calendar year.
Best digital bank: Stanbic IBTC Bank
Stanbic IBTC Bank improved key digital infrastructure last year, reporting a significant increase in transactions processed to 331,530,389 from 232,813,259 in 2022.
Upgraded infrastructure improved resilience and helped with stability during the naira devaluation in June.
The bank has launched a core system to facilitate the Pan-African Payment and Settlement System. It was the first Nigerian bank to execute a live transaction on this platform.
Another new product is Easybuy, a digital finance product for smartphone purchases.
The relaunch of its Reward4Savings initiative saw 59,000 new savings accounts opened in four months. The revamped Blue Blossom product for female entrepreneurs also more than doubled its number of accounts in six months.
Best bank for SMEs: Stanbic IBTC Bank
Stanbic IBTC Bank expanded its support for small and medium-sized enterprises in Nigeria in 2023
Its SME Lite, non-collateralized loan offering for micro, small and medium-sized enterprises made $5.8 million of loans to 800 clients during the year. Around $7 million of SME EZ Cash digital loans were also arranged for over 2,000 SME borrowers.
The bank also upgraded its Blue Blossom account for female entrepreneurs. The product was relaunched in May and customer numbers subsequently rose from 1,073 to 2,380 by the year end. Approximately $2.4 million was distributed to 287 women-owned businesses categorized as risky, extending support to high-potential but underfunded businesses.
Stanbic IBTC Bank also sponsored events for businesses and SME groups in Nigeria last year. Partnerships with organizations including WIMBIZ, WISCAR and Today’s Women Day reached about 8,000 women through various empowerment sessions.
Best bank for ESG: First Bank of Nigeria
In 2023, First Bank of Nigeria made tangible progress in sustainability.
Internally, the bank implemented an environmental, social and governance (ESG) management system, ensuring sustainability risks were adequately tracked in transactions. This led to the screening of N4.2 trillion ($2.65 billion) worth of new transactions for ESG risks.
To support Nigeria’s green transition, the bank funded several green projects, including a $10 million facility for a company focusing on solar home energy solutions in Africa and Asia. The funds enabled the company to expand access to off-grid solar solutions through a pay-as-you-go model.
The bank also committed N16 billion to develop four modular independent power plants for a major beer manufacturer, enabling it to shift from diesel generators to more sustainable energy sources and significantly reducing production costs.
The bank also started a tree planting campaign in partnership with the Nigerian Conservation Foundation. The campaign, which aims to plant over 50,000 trees in the next three years, was kickstarted with the planting of 1,000 trees (equivalent to the removal of 24 tonnes of CO₂ from the atmosphere) at the Lekki Conservation Centre, Lagos.
Best bank for corporate responsibility: Guaranty Trust Bank
Guaranty Trust Bank undertook 22 philanthropic projects last year, impacting approximately 135,000 people.
Its GTCO Food and Drink Festival attracted over 250,000 attendees and saw the number of vendor stalls increase from 142 to 204, fostering entrepreneurship and networking.
It also hosted the GTCO Autism Conference, which was aimed at promoting inclusivity and self-advocacy for individuals on the autism spectrum. Around 1,500 individuals attended the event.
The bank also focused on event sponsorships. It supported the Lagos State World Food Day Celebration and the Annual Experience Concert, which attracted around 100,000 attendees.
Best bank for diversity and inclusion: Fidelity Bank
Fidelity Bank assisted over 5,000 female entrepreneurs across all 36 states in Nigeria last year through a collaboration with the Nigerian non-profit organization, ImpactHer. It ran four-week programmes for several cohorts, covering topics including digital marketing, brand development and online sales.
The bank also partnered with fashion industry centres to support female fashion entrepreneurs. Under this programme, women in the states of Kano, Imo and Adamawa received startup kits and specialized training in fashion and design.
The bank also met 50% of the training cost for women participating in the various streams of its export management programme. This initiative, organized in collaboration with the Lagos Business School and Nigerian Export Promotion Council, provides financial and advisory support to entrepreneurs.
Fidelity Bank collaborated with Women’s World Banking to encourage women, especially in rural areas, to save. Delivered through the bank’s network of agent outlets, the scheme expanded its scope in remote locations across Nigeria.
Best bank for corporates: First Bank of Nigeria
First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.
The investment was mainly targeted in its corporate transaction banking platform and its digital transformation initiative, and as a result, key banking services were upgraded.
The investment in its transaction banking platform – which provides wholesale banking clients with an end-to-end portal for trade, supply-chain and cash-management services – delivered a simplified solution, an API toolkit (enabling clients integrate the platform into their organization’s enterprise resource planning system) and enabled an extensive range of banking capabilities to be executed via its mobile app.
This investment helped boost client engagement and activity; some 4,200 clients were onboarded last year, and over 4.2 million transactions valued at a total of N5 trillion ($3.5 billion) were processed on the platform.
In addition, FirstBank reaped the benefits of investing in its own operations. Under its transformation programme, Primus 2.0, the bank has implemented advanced technology solutions, such as robotic process automation and artificial intelligence, to automate manual processes and improve operational efficiency.
As a result, the bank has achieved cost savings, accelerated project turnaround times and enhanced the digital experience of its customers.
Supporting the sustainability drive of Nigeria’s corporate sector has been another key focus, and last year it was involved in some notable sustainable finance transactions.
A standout was providing a N16 billion loan to fund the development of four modular independent power plants, facilitating an eco-friendly energy transition for a large beer manufacturer.
Overall, FirstBank’s corporate banking business had a strong year, generating a profit before tax of N172 billion – up 50% on 2022 – from revenues of N310 billion, partly driven by an 80% rise in corporate loans to N3.6 trillion.
Rising star: Kuda Bank
Nigerian fintech Kuda Bank saw nearly 17% growth in customer numbers to more than seven million by the end of 2023. This followed the onboarding of 100,000 small and medium-sized enterprises following the launch of the lender’s dedicated service for business customers at the end of 2022.
The bank introduced tailored salary loans last year for individuals with regular income and launched the Kuda POS terminal following successful pilots at various trade fairs in Lagos.
During the awards period it also introduced the Kuda Overdraft, which provides instant access to funds when needed.
