Co-op Bank bags best SME lender in Africa award
Friday September 15 2023
Co-operative Bank of Kenya Chief Executive Gideon Muriuki. PHOTO | NMG
The Co-operative Bank of Kenya has been named the best financier of small and medium enterprises (SME) in Africa at Global SME Finance Awards 2023.
The lender bagged the Gold Award for the SME Financier of the Year in Africa ahead of NMB of Tanzania which got the Silver Award and Kenya’s Equity Bank which came third with a Platinum Award.
The awards were announced on Thursday evening at the Global SME Finance Forum currently underway at the Grand Hyatt Hotel in Mumbai, India.
“In collaboration with IFC and other partners, we have taken time to listen, study and build a most competitive value proposition for SMEs intended to support them realise the goals they have set for themselves,” said Co-op Bank CEO Gideon Muriuki.
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“And we are very encouraged by the successful outcomes we continue to see in the marketplace. This award is for Kenyan SMEs too,” added Mr Muriuki.
Organised by IFC, a member of the World Bank Group, the Global SME Finance Awards 2023 recognise financial institutions and fintech companies for their outstanding achievements in delivering exceptional products and services to their SME clients.
Co-op Bank, which is majority-owned by the co-operative societies, is a big lender to SMEs owing to its strong ties to the agricultural sector.
The bank, listed at the Nairobi Securities Exchange, recently announced it took Ksh12.6 billion ($85.9 million) worth of long-term loans from institutional investors to bolster its capital as well as support increased lending of small firms.
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At the height of the Covid-19 pandemic, which saw a lot of SMEs take hit from the stringent, European Investment Bank (EIB) extended $42.9 million (Ksh6.3 billion) to the Co-op Bank to provide working capital and long-term local currency loans to such businesses.