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How to Get Proof of Funds in Nigeria

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How to Get Proof of Funds in Nigeria

How to Get Proof of Funds in Nigeria 

Securing proof of funds is crucial in various financial and legal processes, whether you’re planning to embark on a significant investment, apply for a visa, or fulfill other financial obligations in Nigeria.

This guide will delve into the essential steps and documentation required to obtain legitimate proof of funds in Nigeria. 

Whether you’re a business owner, an investor, or an individual seeking to demonstrate your financial capacity, this comprehensive exploration will equip you with the knowledge and insights necessary to navigate this critical aspect of financial documentation.

What is Proof of Funds in Nigeria

In Nigeria, “Proof of Funds” refers to documentation or evidence demonstrating an individual or entity’s financial capability or capacity to cover a specific financial obligation or investment. It is commonly required in various situations, including:

  1. Visa Applications: When applying for certain types of visas, particularly for immigration or travel to other countries, immigration authorities often request proof of funds to ensure that applicants can support themselves during their stay.
  2. Investment: Investors may need proof of funds to show they have the necessary capital for investment purposes, such as starting a business, purchasing real estate, or participating in financial markets.
  3. Tenders and Contracts: In business and government contracts, bidders may be required to submit proof of funds to demonstrate they have the financial capacity to complete the project or deliver the goods or services.
  4. Banking and Finance: Financial institutions may request proof of funds as part of their due diligence process when opening accounts, granting loans, or facilitating certain financial transactions.
How to Get Proof of Funds in Nigeria

How to Get Proof of Funds in Nigeria

Proof of funds can take various forms, including bank statements, letters from financial institutions, investment portfolios, or other financial documents confirming funds’ availability. These documents should be genuine, up-to-date, and verifiable to satisfy the requirements of the requesting party or authority.

Why is Proof of Funds Important? 

Proof of funds is essential for several reasons, as it serves various purposes in both personal and business contexts:

  1. Visa and Immigration: Many countries require individuals applying for visas to provide proof of funds to ensure they can financially support themselves during their stay. This helps prevent visa applicants from burdening the host country’s resources.
  2. Investment and Finance: In finance and investment, proof of funds demonstrate the financial capacity to participate in various opportunities, whether buying real estate, investing in stocks or starting a business. It builds trust between parties and reduces the risk of fraudulent transactions.
  3. Contract Bidding: In business and government contracts, proof of funds is often a prerequisite for participation. It assures the contracting party that the bidder has the necessary financial resources to fulfill the contract terms, reducing the non-performance risk.
  4. Banking and Loans: When opening bank accounts or applying for loans, financial institutions may request proof of funds to assess a customer’s creditworthiness and determine eligibility for various financial services. This helps mitigate the risk of defaults.
  5. Legal and Compliance: Proof of funds can be essential in legal matters, such as settling estates, fulfilling court-ordered payments, or complying with financial regulations. It provides transparency and accountability in financial transactions.
  6. Real Estate Transactions: Buyers in real estate transactions often need to demonstrate that they have the funds required to purchase a property. Sellers and their agents may request proof of funds to ensure the seriousness of potential buyers.
  7. Security and Fraud Prevention: Verifying the authenticity of funds helps prevent financial fraud, money laundering, and other illegal activities. It adds a layer of security to financial transactions.
  8. Personal Financial Planning: On a personal level, maintaining proof of funds is valuable for budgeting, financial planning, and setting financial goals. It provides clarity on available resources and helps individuals make informed financial decisions.

In essence, proof of funds is critical for ensuring financial transparency, mitigating risks, and facilitating various financial and legal processes. It helps establish trust and credibility in financial transactions and is often a fundamental requirement in many aspects of personal and business finance.

Documents Needed for Proof of Funds Bank Statements

  • Investment Account Statements
  • Balance Certificates from Financial Institutions
  • Letters from Financial Institutions confirming fund availability

Cost of Proof of Funds in Nigeria

The cost for proof of funds varies depending on the specific purpose and destination country. For Canadian immigration, it’s often around 2.9%, while for the

UK and other countries, it may be approximately 3%. 

Please note that prices can vary, and it’s advisable to check with the relevant authorities or service providers for the most accurate and up-to-date information regarding fees.

How to Get Proof of Funds in Nigeria

Obtaining proof of funds in Nigeria involves several steps:

  1. Find a Proof of Funds Provider:

Start by identifying a trusted proof of funds provider. Look for reputable companies or services that offer this documentation.

  1. Open a New Bank Account:

Depending on the provider’s requirements, you may need to open a new bank account. Ensure the version is in your name or the name of your business.

  1. Pay an Interest Fee:

Providers may charge an interest fee, usually a percentage of the total amount you intend to use as proof of funds.

  1. Fund Your Account:

Deposit the required funds into the newly opened bank account. These funds will serve as the basis for your proof of funds document.

  1. Use Your Account:

Begin using the bank account immediately. This can involve depositing your income, having friends or family deposit money, or conducting financial transactions.

  1. Print Your Bank Statement:

Print a bank statement that shows your account balance and transaction history for the relevant period, confirming the availability of the funds. Ensure the report includes a signature and an official bank stamp. Printing a complete 30-day bank statement starting from the date the account received its funds is crucial.

How Long Does It Take to Get Proof of Funds (POF)?

The processing time for obtaining proof of funds can vary depending on the bank or provider. However, most authorized providers in Nigeria typically process requests and disburse funds within 24 to 48 hours. Ensure that your contact information on the proof of funds letter is up-to-date to avoid delays.

Proof of Funds Providers in Nigeria

Several reliable proofs of funds providers in Nigeria include:

Fundrepublic. co

This financial services company specializes in providing proof of funds to assist individuals in achieving their migration goals or for international business purposes.

Prooffund. ng

Prooffund. ng offers a seamless process for obtaining proof of funds disbursing over 50 million Naira into your account for visa application or international business needs.

LoanSpot

LoanSpot connects individuals with trusted proof of funds providers, making the process straightforward and hassle-free. While LoanSpot does not directly provide proof of funds, it facilitates connections with reputable providers.

EdFin Microfinance Bank

EdFin Microfinance Bank offers proof of funds with a maximum loan of 20 million Naira, making the application process fast and convenient.

These providers offer various options for obtaining proof of funds in Nigeria, depending on your specific needs and goals.

Canada Proof of Funds in Naira for International Students

International students applying to Canada should have a minimum of N10,500,000 or more as proof of funds in Naira. These funds should be consistently available in your account throughout your application process and for a brief period after your relocation. This financial requirement is in place to demonstrate that you possess sufficient funds to cover your living expenses for at least six months following your arrival in Canada.

Alternatives to Proof of Funds

While proof of funds is a common requirement for various purposes, there are alternative options that can be used to demonstrate financial capability:

 

  1. Scholarship Letter:

Fully funded scholarships often cover living expenses. Applicants can provide an official scholarship letter detailing the award amount and terms. Applicants may need to show additional funds for partially funded scholarships to cover the remaining expenses.

 

  1. Sponsors’ Account:

Applicants can use a sponsor’s account instead of relying solely on their accounts. Sponsors, typically close relatives like parents or siblings, can provide a letter explaining their willingness to financially support the applicant’s education and demonstrate their financial capacity.

 

  1. Study Loan Letter:

Students who secure loans from organizations specializing in lending to international students can present a study loan letter as an alternative to proof of funds. It’s essential to understand the loan terms and ensure compliance, such as having a creditworthy cosigner or meeting enrollment criteria.

 

  1. Gift Deed:

A gift deed serves as documentary proof of a financial gift. If a family member or friend transfers funds or assets, a gift deed can explain the purpose of the present. This option is handy when a lump sum is received before obtaining a bank statement.

 

  1. Defer Admission:

As a last resort, applicants can consider deferring Admission to the next academic year or term. This allows time to accumulate the required funds. However, deferring Admission should be considered only if other alternatives are not feasible.

 

These alternatives provide flexibility for applicants who may have less than the total required amount in their accounts but have access to other financial resources or support. It’s essential to check the specific requirements of the institution or authority requesting proof of funds to ensure that the chosen alternative is acceptable for your situation.

FAQs 

What happens if you need proof of funds for Canada?

Suppose you are not required to provide proof of funds for your Canadian immigration application. In that case, you should provide a letter explaining that you have been invited to apply under the Canadian Experience Class or have a valid job offer. Proof of funds is typically required for various immigration programs to demonstrate your financial capacity.

How many months is proof of funds?

Providing at least six months’ worth of bank statements is advisable for proof of funds. These statements should show consistent income deposits and the gradual growth of funds in your bank account. If you have multiple savings accounts, you should provide six months’ statements for each of them.

Who issues proof of funds?

Reputable financial institutions, including banks and trade finance companies, can issue proof of funds (POF). These documents indicate that an individual or entity has the financial capability to perform a transaction or meet specific financial requirements.

What can be used as proof of funds?

Standard documents that can be used as proof of funds include:

  • Bank statements.
  • Investment account statements.
  • Balance certificates issued by financial institutions.
  • Letters from financial institutions confirm fund availability.

The specific document required may vary depending on the context and purpose.

Do banks provide proof of funds?

Banks can provide proof of funds (POF) through bank security or custody statements. These statements can be obtained from your bank or the financial institution where your funds are held. Bank statements are often the most commonly used document for POF.

What is accepted as proof of funds for Canada?

For Canadian immigration, federal skilled workers can typically submit bank statements or letters from financial institutions as proof of funds. 

 

These documents should also include the current balance in joint accounts. It’s important to consider any outstanding payments on loans and credit card debts when calculating your proof of funds.

Can I immigrate to Canada without proof of funds?

If you are moving to Canada as a new permanent resident, providing proof of settlement funds is usually an essential immigration requirement. These funds demonstrate your ability to support yourself and your family during your initial settlement in Canada. It’s a vital part of the immigration process.

How do you get proof of funds for Canadian immigration in Nigeria?

 

To obtain proof of funds for Canada immigration, you should acquire official letters from reputable commercial banks or financial institutions where you hold accounts. These letters should confirm your financial capacity and meet the requirements outlined by the Canadian embassy or immigration authorities.

Final Wrap Up 

Obtaining proof of funds in Nigeria is crucial for various financial and immigration-related endeavors. Whether you’re applying for a visa, pursuing investment opportunities, or fulfilling financial requirements, the documentation serves as a tangible demonstration of your financial capacity. 

 

This comprehensive guide has shed light on the importance of proof of funds, the types of documents accepted, and the necessary steps to obtain them. By following the guidelines provided, individuals and businesses in Nigeria can confidently navigate the process, ensuring compliance with regulations and facilitating smoother financial transactions, investments, and immigration endeavors.”

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ENVIRONMENT

Nigerian Company MMNL to invest $50 Million to scale up its Tubular Batteries Production to 100,000 with backward integration in Next 5 years

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Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

To cater to the rapidly growing demand of Nigeria’s energy sector; Metal Manufacturing Nigeria Limited (MMNL), Nigeria’s largest tubular battery company is aiming to double its expansion capacity to 60,000 pcs per Month in the next financial year. The company is planning to invest around $50 million in capacity expansion, new greenfield projects in the energy backup segment, R&D, Mining & Beneficiation, Plastic container and carton manufacturing units along with brand building and channel partner engagement to accelerate its ambitious growth target. 

 

Being the First Company to produce the Tubular Batteries in Nigeria; MMNL have had its fair share of challenges & hurdles. Over the past 5 years, MMNL has conquered several obstacles including a lack of skilled manpower, a duopoly of supply chain vendors, hurdle of sourcing raw materials, unstable power supply, exorbitant hike in electricity tariff & gasoline price and machinery and scarcity of spare parts in the region. Despite of providing thousands of employments of opportunity; battery manufacturing sector is struggling for survival and desperately in need of government policy support such as raising import duty of foreign importers and export duty for raw materials.

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward

These problems would often demoralize and demotivate any company in tubular battery manufacturing sector and make it unviable for any business to operate in such a situation. Despite their 14 years of manufacturing experience in Nigeria, it found itself in a despondent situation which has led the company to explore other verticals to optimize the supply chain cycle. MMNL has taken several initiatives to address the stated challenges. For example, to address the issue of lack of skilled manpower, the company has conducted hundreds of technical training sessions to locals to enhance & upgrade their skill set and it is continuing to invest in manpower training. Similarly to ensure a steady supply of raw materials, the company has ventured into the mining business, beneficiation plant and other business verticals like plastic container & carton manufacturing. The company has also launched its dedicated service centre to resolve customer issues.

 

“Despite several challenges; the company has achieved stable production of 30,000 units per Month by 2024. MMNL is proud of the fact that it is the first & only Made-in-Nigeria inverter battery company which dominates over 35% to 40% of market share. It means every 5 batteries sold in Nigeria; 2 batteries are from MMNL”, said Mr. Amit Kumar, CEO of Metal Manufacturing Nigeria Limited. “As an Industry leader; company is continuously striving to delight the customer with quality and innovation in the product and making significant contributions in local employment opportunity as well as saving foreign exchange” 

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

MMNL is bound to focus on completing its end-to-end supply chain cycle with a backward and forward integration expansion to proliferate its growth plan and to survive in the highly volatile environment. MMNL has already invested $25 million in Battery production, lead & Oxide manufacturing plant in Shagamu, Ogun state. MMNL’s current production capacity is 30,000 units of inverter batteries. Company is all set to boost its battery production capacity to 60,000 at the start of the new financial year and over 100,000 production capacity by opening a new battery greenfield production plant by 2027-2028 along with backward integration including lead-zinc ore mining and beneficiation. 

 

To make the brand available and accessible for the end customers across Nigeria, MMNL is also expanding geographically across the country, forging multi-channel partnerships, executing its retail strategy and to make use of eCommerce & digital channels.

 

Being an Industry leader with 14 years of manufacturing experience in Nigeria; MMNL has certainly created a high entry barrier for both existing and new players which are considering to start their tubular battery manufacturing operation. Metal Manufacturing Nigeria Limited is a shining example of how a true leader can sail through turbulence of political, economical, social & technological hurdles.

 

About Metal Manufacturing Nigeria Limited (MMNL)

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company.  MMNL is the most trusted and ‘Proudly Made in Nigeria’ brand with over 14 years of industry experience. Recently; MMNL won 3 awards in a row 1) ECOWAS Inverter Battery Company of the Year 2) ECOWAS Inverter Battery Manufacturing Company of the year and 3) ECOWAS Renewable Company of the year. MMNL provides over 1000 direct and indirect local employment opportunities.

The Company also got pioneer status accreditation from Nigerian Investment Promotion Commission (NIPC). Currently MMNL is present across 6 major locations along with a strong network of channel partners consisting 3000+ Installers, 1000+ Dealers and 100+ Distributors and over a half million of satisfied & happy customers.

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BANKING

The Impact of Supply Chain Disruption on Business Operations and Financial Performance 

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The Impact of Supply Chain Disruption on Business Operations and Financial Performance

Supply chain disruptions are very commonplace in today’s interconnected global economy, affecting organizations in a variety of industries. These interruptions may have far-reaching effects on a company’s financial performance in addition to its commercial operations. In addition to offering techniques to reduce the risks involved, this article seeks to give readers a thorough grasp of how supply chain interruptions affect corporate operations and financial performance.

MEANING OF SUPPLY CHAIN DISRUPTIONS 

Any incident or event that prevents information, services, or items from smoothly flowing through the supply chain network is referred to as a supply chain disruption.

It describes any situation or incident that stops the movement of products, services, or data inside a network of supply chains. These interruptions may happen at any time during the supply chain, from suppliers of raw materials to final consumers, and can lead to disruptions, shortages, higher expenses, and eventually affect the chain’s overall effectiveness and performance.

Disruptions to the supply chain can be divided into two categories: internal disruptions that occur within the company and external interruptions that occur outside the company.

TYPES OF SUPPLY CHAIN DISRUPTION

Disruptions to the supply chain can come from a variety of sources and take many different shapes. Typical forms of supply chain disruptions include the following:

  1. Natural Disasters: Incidents like hurricanes, floods, tsunamis, and wildfires can cause damage to transportation networks, destroy infrastructure, and force the closure of manufacturing and distribution facilities.
  2. Geopolitical Events: The movement may be impacted by trade disputes, tariffs, sanctions, war, terrorism, political instability, and changes in governmental policy. moving commodities across international borders, sour commercial ties, and cause bottlenecks in the supply chain.
  3. Supplier Issues: Delays in the delivery of components or raw materials might result from issues with suppliers, such as bankruptcy or sudden changes in production capacity.
  4. Transportation Disruptions: The supply chain as a whole may be impacted by delays in the delivery of goods caused by strikes, fuel shortages, accidents, port congestion, and other transportation-related problems.
  5. Demand Surges or Drops: Unexpected fluctuations in customer demand, such as sudden increases in orders or decreases in sales, can result in mismatches between supply and demand, which can cause delays in manufacturing and delivery.
  6. Cybersecurity Breach: Information technology system malfunctions, cyberattacks, or data breaches can impair critical data, interrupt the flow of products and services, and offerings.
  7. Quality Control Issues: Recalls, manufacturing halts, and supply chain interruptions may result from issues with product quality, safety, or compliance.
  8. Pandemics and Health Crises: Situations like the COVID-19 pandemic can result in worker shortages, manufacturing closures, travel restrictions, and interruptions to international supply chains.

IMPACT ON BUSINESS OPERATIONS

Disruptions to the supply chain can have a big effect on how businesses operate, impacting many different parts of what they do. Among these effects are the following:

  1. Production Delays: Supply chain disruptions may cause delays in the delivery of components, finished goods, or raw materials, which may cause production to halt or slow down. This may affect a business’s capacity to reach production goals and promptly complete orders from customers.
  2. Increased Costs: Expenses associated with carrying excess inventory, accelerating shipments, finding alternate suppliers, and putting emergency plans in place can all rise as a result of supply chain interruptions. These extra costs have the potential to weaken profit margins and lower overall financial performance.
  1. Customer Dissatisfaction: Customers may become dissatisfied and lose faith in the business as a result of delays in the delivery of goods or services. Customer loyalty and the company’s reputation may suffer as a result.
  2. Inventory Management Problems: Disruptions in the supply chain may result in inventory levels that are out of balance, with an abundance of certain commodities and a deficiency of others. This may result in ineffective inventory management, a lockup in working capital, and higher carrying costs.
  3. Operational Disruptions: When important vendors or partners in logistics are unable to deliver merchandise services as anticipated, it may cause daily operations of a business to be disrupted, affecting departmental productivity and efficiency.
  4. Risk of Loss of Market Share: Prolonged supply chain interruptions increase the likelihood that a company may miss out on sales opportunities, lose market share, and experience other negative effects. Those with more dependable supply chains could have an advantage over rivals.
  5. Legal and Regulatory Issues: When a supply chain is disrupted, there may be legal repercussions, including breaking contracts, missing deadlines, and breaking rules. Legal issues, fines, and reputational harm to a business may arise from this.
  6. Long-term Business Impact: A company’s financial performance, competitive position, and general viability may all be negatively impacted by protracted or severe supply chain disruptions. It might impair the business’s capacity to sustain connections with clients, vendors, and other business associates.
  7. Communication and Collaboration Challenges: Interruptions can make it difficult for supply chain participants to coordinate, make decisions, and solve problems. Both efficient crisis management and general operational efficacy may be hampered by this.

IMPACT ON FINANCE PERFORMANCE

A company’s financial performance can be significantly impacted by supply chain disruption in a number of ways, including:

  1. Increased Expenses: Supply chain interruptions frequently result in greater expenses for items like faster shipment, purchasing from more expensive alternative suppliers, keeping extra inventory on hand, or putting emergency preparations in place. The company’s profitability may be directly impacted by these added expenses.
  2. Revenue Loss: Supply chain disruptions may cause delays in completing client orders, which may result in a potential loss of revenue because lost chances to close deals. If there are delays or product shortages, customers can also look for other suppliers, which would mean fewer sales for the business.
  3. Inventory Write-offs: When there are disruptions in the supply chain, inventory levels might become unbalanced, with certain items having excess stock and others lacking. As unsold or outdated inventory builds up and negatively affects the company’s financial condition, this may lead to inventory write-offs.
  4. Contractual Penalties and Legal Expenses: If supply chain disruptions cause a party to miss contractual obligations, there may be penalties and legal expenses. Conflicts involving partners, suppliers, or customers may lead to legal action and more expenses.
  5. Long-Term Financial Impact: Extended or severe disruptions to the supply chain may have a long-term effect on the financial performance of the business, limiting its capacity to produce revenue and sustain long-term profitability. Stock performance and investor confidence may potentially be impacted by this.
  6. Working Capital Restraints: In order to minimize disruptions caused by supply chain disruptions, the business may need to store excess inventory or pay in advance for faster transportation. Money that may have been spent for other company endeavors is diverted by this.
  7. Business Continuity Costs: In order to avoid or lessen supply chain interruptions, businesses may need to make investments in business continuity and risk management techniques. These costs can have an adverse effect on their bottom line.
  8. Stock Market Reaction: When businesses see significant interruptions in their supply chains, investors may react negatively, which could lead to a drop in stock prices. The market capitalization of the company could be impacted if investors lose faith in its capacity to handle risks.
  9. Legal and Regulatory Repercussions: Disruptions to the supply chain may result in legal and regulatory repercussions, such as breaking contracts or neglecting to fulfill duties to customers. A company’s reputation and financial performance can be severely impacted by lawsuits, fines, penalties, and compliance expenses.

STRATEGIES FOR MITIGATION

Businesses can handle supply chain disruption and reduce its impact on operations and financial performance by implementing a number of mitigation techniques, such as:

  1. Diversify Your Supplier Base: Dependence on only one source might make disruptions more likely. Increasing the variety of suppliers helps lessen the effect of interruptions from a particular source.
  2. Supply Chain Insight: Put in place systems and technology that offer real-time insight into every aspect of the supply chain, including transportation, production status, and inventory levels. This visibility aids in identifying anticipate possible problems and make proactive mitigation strategies possible.
  3. Risk Assessment and Management: Perform thorough risk analyses of the supply chain to find possible weak points and put risk management plans in place to lessen their effects.
  4. Contingency Planning: To handle and minimize supply chain interruptions, create and update backup suppliers, logistics routes, and alternate sourcing choices.
  5. Cooperation and Communication: Create effective channels for cooperation and communication with consumers, logistical partners, and suppliers. Having solid connections and open channels of communication will make it easier to deal with interruptions in a cooperative and efficient manner.
  6. Inventory Management: Use agile inventory management techniques to balance supply and demand, keep ideal inventory levels, and lessen the effects of shortages and surpluses brought on by disruptions.
  7. Adoption of Technology: Invest in Supply chain resilience and agility can be improved by utilizing technology like blockchain, supply chain management systems, and predictive analytics.
  8. Financial Risk Management: To lessen any financial effects, assess your exposure to financial risk as it relates to supply chain interruptions and take into account risk transfer strategies such supply chain insurance.
  9. Technology Adoption: Supply chain visibility, traceability, and control can be improved by utilizing cutting-edge technologies like blockchain, data analytics, automation, artificial intelligence, and the Internet of Things (IoT). By facilitating real-time monitoring, predictive analytics, and prompt decision-making, these technologies improve resilience and lessen the effects of disruptions.
  10. Scenario Planning: Create and maintain scenario plans that take into account a range of possible interruptions and how they can affect financial performance and business operations.

CONCLUSION

Disruptions in the supply chain significantly affect financial results and commercial operations. Companies need to proactively identify risks, improve teamwork, use technology, and create strong contingency plans in order to successfully traverse these issues. Businesses may reduce the effects of disruptions, enhance financial performance, and preserve a competitive edge in the complex and unpredictable business world of today by putting these mitigation techniques into practice.

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BANKING

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

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Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Ecobank (www.Ecobank.com), the leading pan-African Banking Group, is proud to announce that Ecobank Zimbabwe has won the ‘Global Award for Financial Inclusion’ in The Banker’s Awards 2023. In addition, Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) and Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo (2nd left) with The Banker’s Bank of The Year Award trophies for Benin, Guinea, Liberia, Mali and Togo. The five affiliates defied stiff competition to emerge the best in their respective markets. They were flanked by officials from The Banker Awards team.

Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “These awards reflect the hard work of all Ecobankers across our Group and could not have been won without the support of our customers and partners. Ecobank Zimbabwe’s Global Award for Financial Inclusion 2023 also reflects the runaway success of its partnership with CARE Zimbabwe and UN Women. It is delivering financial inclusion to over 50,000 rural Zimbabwean women by enabling them to create commercially viable formal enterprises that are boosting local economies. I am also immensely proud of our affiliates in Benin, Guinea, Liberia, Mali and Togo for winning Bank of the Year 2023 awards. I am confident that they, along with all our other affiliates, will continue to deliver excellent banking experiences to all our customers.”

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023 .

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) displays the first ever ‘Global Award for Financial Inclusion 2023’ trophy won by Ecobank Zimbabwe. Mr. Kurenjekwa was accompanied by Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo

Ecobank Zimbabwe’s programme provides financial inclusion and revolving loans to Zimbabwean women’s village associations engaged in grower’s schemes, grocery shops, horticulture and more. The sustainability of the initiative is guaranteed as it revolves funds repaid through its programme of flexible lending/credit terms and low interest rates. The runaway success of the scheme enabled it to expand its women entrepreneur beneficiaries from 7,500 to 52,500 during the first six months of 2023. The bank has created a financial ecosystem, with producers, buyers and suppliers using Ecobank’s digital channels for their transactions. In addition, it has created single market trade hubs at local levels, which will eventually be transformed into a regional market trade hub once the businesses grow to export level.

The judges of The Banker’s awards took account of numerous factors in their decision-making.

  • For the Financial Inclusion Award, they assessed banks globally – across both industrialised and developing economies – on how they address the challenge of including the poorest members of society in the financial system. They also took account of how the banks serving this segment perform a social function and their ability to potentially transform these customers into the high-margin customers of the future.
  • The Bank of the Year Awards focused on rewarding and promoting excellence in the banking community and the criteria assessed also included banks’ abilities to deliver returns, gain strategic advantage and serve their markets.

Ecobank’s awards were presented at The Banker’s 2023 Awards Ceremony, which was held on 30 November 2023 at the Sheraton Grand Hotel, London, UK.

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