Africa's best bank for SMEs 2017: Guaranty Trust Bank
Awards for Excellence 2017
Lending to small and medium-sized enterprises is an important part of banking in Africa, and an area of business that requires ever more support from the continent’s banks. Guaranty Trust Bank (GTBank) dominated the sector over the last year and so wins the title of best bank for SMEs.
GTBank defines SMEs as firms with an annual turnover of up to N500 million ($1.6 million). Revenue derived from such firms still makes up a small proportion of GTBank’s overall income, but it grew substantially year on year, from 2.3% in 2015 to 4.5% in 2016. As a percentage of total assets, SME loans grew from 2.5% to 3.5%.
GTBank has devoted substantial resources to SME work: 178 employees work exclusively on SMEs in Abuja, Lagos and the southeast of Nigeria.