Ecobank Wins Nigeria Banks and Other Financial Institutions Award
â¦ Wins two key awards
Ecobank Nigeria was the center of attention at the prestigious 2021 Banks and Other Financial Institutions (BAFI) Awards held in Lagos over the weekend. In these hotly contested awards, Ecobank Nigeria won the âMarket Confidence and Capital Structure Transaction of the Yearâ award. This was done through its $ 300 million unsecured bond, a five-year US dollar-denominated fixed rate bond launched earlier this year. There was also the âFemale Economic Promotion Bank of the Yearâ for the bank’s sustained support to women entrepreneurs and the development of savings and credit products specifically aimed at women through its Ellevate program.
The BAFI Awards, supported by the BusinessDay Research and Intelligence Unit (BRIU), noted that the impressive strength and depth of the book on Ecobank’s $ 300 million bond transaction was a testament to the strong confidence of global investors in the financial institution at a time when Nigeria was rocked by a perfect storm: a COVID-19 pandemic, a 4th quarter economic recession and a year of falling oil prices. He reiterated that further evidence of market confidence and demand was seen when the bonds were listed on the London Stock Exchange.
âThe success also marked market confidence in Ecobank Nigeria’s prospects as this was the second major bond sale by Ecobank Nigeria in two years; the first being a level 2 issue oversubscribed by 50 billion naira in December 2020 â. They declared.
Regarding Ecobank Ellevate’s proposal, BRIU said: âEllevateprogram, which is designed for women-owned, female-managed businesses that have a high percentage of female board members or employees and managers. companies manufacturing products for women, received special attention from the BAFI Awards. Review committee for its completeness.
A fully 360Âº solution, it covers cash management and collections, liability and loans, as well as support and development. As an ‘inside-out’ award that adheres to the ‘charity begins at home’ principle, Ecobank, as the recipient of the Bank’s Award for Women’s Economic Advancement of the Year, has demonstrated its commitment to creating a work environment that allows its employees to flourish. their full potential within the bank.
Ecobank was chosen based on the diversity and reach of Elevate, which is specifically developed for women; be a strong banking proposition for SMEs since many women owned and run businesses fall into this category; a clear and articulated vision to become a âbank of choiceâ for women through the training of product development specialists, marketers and customer service agents on the needs of women; and customer service beyond lending, because advice and support are essential to the success of a business anywhere in the world â.
In his commentary, Ecobank Nigeria Managing Director Patrick Akinwuntan said: âThe high demand for our bond shows the international appetite for Ecobank franchise in Nigeria, its unique positioning to facilitate Pan-African trade and the attractive opportunity to the many investors who are looking to support world class Nigerian companies. He also noted that âwith the Elevate program, Ecobank aims to empower 40 million women, being a gender-based proposal designed to empower women-owned and managed businesses in Nigeria, as well as in the 33 African countries and beyond where Ecobank is present. .
Earlier, BusinessDay editor Frank Aigbogun said the BAFI Awards are supported by the BusinessDay Research and Intelligence Unit (BRIU), noting that nominations for the BAFI Awards are the culmination of a review process rigorous. He said that BRIU and a panel of independent judges assess more than two hundred and fifty institutions and benchmark them against their global peers using multiple indices as part of a thorough evaluation process and that nominees are evaluated for their vision, their execution and their market-leading proposals. He added that they also took into account factors such as company values, integrity, workplace culture, gender balance and other human issues.
BAFI award categories cover banking, insurance, capital markets, investment, pension funds, trustees, registrars, stock exchange and private equity