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Online Escrow Explained: How it Works and How to Use it

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Online Escrow Explained: How it Works and How to Use it

 

In today’s business world, online transactions have become an essential tool for sellers and buyers to conduct business transactions more conveniently. Whether it’s buying goods, hiring services, or engaging in other types of transactions, the convenience of the internet has opened up a world of possibilities for both buyers and sellers. However, amidst the vast opportunities offered by the internet, several concerns about security and trustworthiness often arise. So, how can we ensure that our hard-earned money is safe when conducting business with someone we’ve never met?

The only proven answer to that question is the use escrow services. Online escrow is the powerful solution that offers peace of mind to both buyers and sellers in the virtual marketplace. Acting as a reliable intermediary, online escrow services provide a secure environment for transactions, reducing the risks associated with online dealings. This article will help you understand escrow services, how they function, and how you can utilize them for online business transactions.

 

What is Online Escrow?

Online escrow refers to the convenient solution for online transactions that helps to facilitate secure transactions for buyers and sellers. The online escrow service acts as a reliable third party ensuring the smooth exchange of goods and payments between buyers and sellers.

Let’s say a buyer and a seller are involved in a transaction. Instead of sending the payment directly to the seller, the buyer sends it to an online escrow service. This step ensures that the buyer’s funds are safeguarded until the product is successfully received and verified. By holding the payment in escrow, the service provides a layer of protection against potential fraud or non-delivery.

Once the buyer receives the product and confirms its satisfactory condition, the online escrow service proceeds to release the funds to the seller. This step ensures that sellers receive their rightful payment only after fulfilling their end of the transaction.

 

Types of Escrow Accounts

Escrow accounts serve various purposes in a wide range of dealings and transactions. Here are the different types of escrow accounts:

1.     Online Escrow

Trust levels are usually very low during online transactions. Buyers are often unsure if the product will be delivered as promised and meet their desired standards. To establish trust, buyers make their payment to an escrow account. The escrow account keeps the money safe until the product is delivered and checked. Once everything is confirmed, the payment is then given to the seller.

2.     Real Estate Escrow

When purchasing a property, one common concern is whether the buyer will make the full payment but not receive possession on time. To deal with this risk, you can open an escrow account where the buyer puts the money. The funds are only transferred to the builder once the buyer is assigned possession of the property.

3.     Mergers & Acquisition Escrow

Escrow accounts play a significant role in business ventures. For example, in mergers and acquisitions, when one company buys another, they can put the agreed-upon amount of money into a special account called an escrow account. Once they gain full possession of the target firm, the escrow account releases the funds to the target firm. Escrow accounts are also utilized for credit sales of goods and services.

4.     Project Financing Escrow

In project financing, banks often worry that the loaned amount may be diverted to other projects by the borrowing company. To address this concern, banks and companies agree to transfer the loan amount to an escrow account. The escrow account then disburses the funds to the project at different stages of completion, making partial payments accordingly.

5.     Tax and Insurance Escrow

Escrow accounts are also commonly used by homeowners, including home loan providers and mortgage firms. These escrow accounts facilitate the monthly payment of insurance premiums and taxes, ensuring that these financial obligations are met consistently.

 

How Does Online Escrow Work?

Online escrow services follow a straightforward process which can be broken down into 5 simple steps. Here’s how it works:

Step 1: The parties (Buyer & Seller) involved in the transaction must agree on the terms and conditions and proceed to sign the escrow agreement.

Step 2: Both parties are required to complete their e-KYC (electronic Know Your Customer) process for account validation.

Step 3: The depositor’s funds are securely deposited into the escrow account.

Step 4: Once all the agreed-upon conditions have been fulfilled, the deposited amount is released to the receiver.

Step 5: If the conditions we agreed upon are not fulfilled, the money will be refunded to your account.

Keep in mind that you may be required to create an account with the escrow service before making the transactions.

 

Advantages of Online Escrow

Online escrow offers numerous advantages that make it a preferred choice for secure transactions. Here are some of the benefits of utilizing an escrow service:

1.     Enhanced Security

Escrow offers a significant benefit when it comes to security. By acting as a neutral intermediary, it significantly reduces the risk of fraud or non-performance. Both the buyer and seller can feel assured that their money or belongings will be safely held until all responsibilities are met.

2.     Trust and Confidence

Escrow instills trust and confidence in both parties involved in the transaction. Buyers can rest assured that their money won’t be released until the seller fulfills their end of the deal. On the other hand, sellers can be confident that the buyer has the required funds ready. This mutual trust facilitates smoother transactions and builds stronger relationships.

3.     Dispute Resolution

Escrow services often include mechanisms for resolving disputes. If there are any disagreements, the escrow agent can intervene and help find a fair solution that works for everyone involved. This helps to avoid lengthy legal battles and provides a reliable means to settle conflicts in a timely manner.

4.     Payment Protection

Escrow is particularly valuable for large transactions and online marketplaces. It safeguards buyers by holding funds until the seller fulfills their obligations. This protection shields buyers from potential scams or misrepresentation, offering an additional layer of security and peace of mind.

5.     Simplicity and Efficiency

Escrow services simplify complex transactions by managing funds or assets, handling documentation, and ensuring compliance with legal requirements. This streamlines the process for both parties involved, minimizing the chances of errors or oversights that could lead to complications or delays.

6.     International Transactions

Escrow services are especially beneficial for international transactions. They navigate the intricacies of different legal systems, currencies, and banking regulations. Escrow providers handle tasks such as currency conversions, ensuring compliance with local laws, and facilitating the seamless transfer of funds across borders, making international transactions more convenient and secure.

 

How to Use Escrow for E-commerce

Using escrow for e-commerce transactions adds an extra level of security and trust for both buyers and sellers. If you’re interested in using escrow for your e-commerce transactions, here’s how to do it:

1.     Find a Reliable Escrow Service

Begin by searching for trustworthy escrow service providers that focus on e-commerce transactions. Some popular options include Kusnap.com, Peppa.io, Upwork, Payoneer, etc. Make sure you take some time to research and compare the fees, services, and customer reviews of different options. This will help you make a well-informed decision.

2.     Initiate the Transaction

Once you’ve chosen an escrow service, both the buyer and seller must agree to use escrow for the transaction. The buyer takes the lead by creating an escrow account with the chosen provider and depositing the funds.

3.     Provide Transaction Details

It’s crucial for the buyer and seller to agree on the terms and conditions of the transaction. This includes specifying the item description, price, shipping details, and any other relevant information. Please ensure that you provide these details to the escrow service so that everyone is clear and in agreement.

4.     Verify the Goods or Services

Before releasing the funds, the buyer should have the opportunity to inspect the received goods or services. Checking the items you wish to buy is crucial, especially in e-commerce. The buyer should make sure that the items match the description and are in good condition.

5.     Confirm Buyer’s Satisfaction

After the buyer has expressed their satisfaction with the goods or services, they can inform the escrow service to proceed with releasing the funds to the seller. In case any problems or conflicts arise, it is important for the buyer to promptly communicate these concerns to the escrow service for appropriate resolution.

6.     Dispute Resolution

If there are any disagreements or disputes during the transaction, the escrow service will step in as a mediator. They will carefully review the transaction details, communication records, and any supporting evidence provided by both parties in order to reach a fair resolution.

7.     Escrow Release

Once all parties have reached a mutual agreement and any conflicts have been effectively resolved, the escrow service will proceed to release the funds to the seller. At this point, the transaction is deemed fully finalized and concluded.

Conclusion

Online escrow is a trustworthy and safe way to handle transactions in the current digital era. It acts as a neutral third party, giving buyers and sellers peace of mind by protecting their funds and goods during the entire transaction. The transparent and efficient system of online escrow makes complex transactions simpler and reduces the risks linked to online commerce. By understanding how it works and using it effectively, individuals and businesses can engage in secure online transactions with confidence.

 

 

 

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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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