Pan-African banking group, Ecobank Transnational Inc. has been awarded the “World’s Best Frontier Markets Bank” for 2013, by Global Finance International magazine.
The event which was held in Washington DC, and timed to coincide with the annual meetings of the World Bank and IMF, also awarded the group the top prize for the ‘Best Bank in Africa’ – for the 2nd consecutive year. According to explained Global Finance Magazine – organizers of the award, this was based on its “performance over the past year, as well as other subjective criteria, including reputation and management excellence.”
“In light of the uncertainty facing developed markets, and with emerging markets struggling to maintain their growth rates, the corporate world is beginning to take notice of frontier markets…,” added Global Finance’s publisher, Joseph D.
According to the magazine, the lender has “demonstrated vision and confidence in Africa’s long-term growth potential; bringing mobile banking services to previously unbanked frontier market.”
Global Finance which also named five Ecobank affiliates including Burkina Faso, Côte d’Ivoire, Ghana, Guinea (Conakry), and Togo as “the Best Emerging Market Banks in Africa”, revealed that the criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.
Commenting on the awards, Group CEO of Ecobank, Thierry Tanoh, said: “These awards are testament to the success of our pan-African vision and we continue to invest for the long-term, with a focus on customer service innovation which, we believe, will shape the future of banking in Africa.”
Ecobank is considered the leading independent regional banking group in West and Central Africa, with banking operations in 33 African countries, serving wholesale and retail customers, and maintaining subsidiaries in Eastern and Southern Africa.