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Why Escrow is the Safer Option for Small and Medium Scale Businesses

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Why Escrow is the Safer Option for Small and Medium Scale Businesses

Why Escrow is the Safer Option for Small and Medium Scale Businesses

 

In the business sector, regardless of the size of business or the volume of transaction, ensuring a secure and reliable transactions is paramount. Small and medium-sized businesses (SMEs) often encounter certain difficulties when it comes to carrying out online transactions. This is because they may not have the same amount of resources and infrastructure as larger companies. This is where the role of escrow services becomes increasingly important.

Small and medium-sized businesses face a significant risk of fraudulent transactions, payment disputes, and other financial challenges that can seriously harm their growth and stability. This is mainly due to their limited resources and tight budgets. Fortunately, there is a time-tested solution that offers a protective shield for SMEs known as escrow. In this article, we’ll look into why using escrow is a safer choice for small and medium-sized businesses.

Why Escrow is the Safer Option for Small and Medium Scale Businesses

What is Escrow?

An escrow is a convenient arrangement used by many businesses, in which a trusted third party temporarily holds the assets involved in a transaction. The assets are kept safe in a separate account until both sides fulfill the terms and conditions of the agreement. This setup adds extra protection and security for everyone involved. The main goal of an escrow is to make sure that all parties meet their obligations. It acts as a fair mediator, making sure that the assets are only transferred when all the agreed-upon terms are met.

When it comes to online transactions, it can be challenging to know if you can trust the other person involved. To address this concern, licensed online third-party services offer escrow services to safeguard both buyers and sellers. These services act as intermediaries, ensuring that the transaction proceeds safely without any complications or fraud. Once both parties have fulfilled their obligations as stated in their agreed terms, the online escrow provider completes the transaction by transferring the funds to the seller.

 

Benefits of Escrow for Small & Medium Scale Businesses

Escrow services can provide several benefits for small and medium-scale businesses. Here are some of the key advantages:

1.     Mitigating Financial Risks

For SMEs, every transaction carries a certain level of financial risk. This can be particularly challenging when dealing with new customers or unknown vendors. Escrow services act as a neutral third party, holding funds until both parties fulfill their obligations. By using escrow, SMEs can significantly mitigate the risk of non-payment or non-delivery, ensuring that they receive the agreed-upon payment or goods before releasing the funds. This helps safeguard the financial interests of SMEs and minimizes potential losses.

2.     Protecting Against Online Fraud and Scams

The online marketplace can be a breeding ground for fraud and scams, and this can cause serious damage to small and medium-sized businesses. Fake listings, non-delivery of goods, and unauthorized chargebacks are just a few examples of fraudulent activities that SMBs may encounter. Escrow services provide a crucial layer of protection by verifying transactions and ensuring that funds are securely held until the buyer receives and approves the merchandise. This significantly reduces the risk of falling victim to fraudulent schemes and helps SMEs maintain their financial stability.

  1. Establishing Trust with Customers

Building trust is paramount for SMEs seeking to establish a solid reputation in the market. When customers perceive a business as trustworthy, they are more likely to do business with them again and again. By utilizing escrow services, SMEs demonstrate their commitment to secure transactions and customer satisfaction. Customers feel reassured knowing that their payments are held in escrow until they receive the products or services as promised. This trust-building aspect of escrow services can significantly benefit small and medium-scale businesses.

4.     Streamlining Transactions and Reducing Administrative Burden

Running an SME often means wearing multiple hats and managing various aspects of the business simultaneously. Escrow services can help alleviate some of the administrative burden associated with financial transactions. By providing a structured and standardized process, escrow services simplify the transaction workflow. SMEs can focus on their core operations while relying on the escrow service to handle the intricacies of payment verification, dispute resolution, and fund release. This streamlining of transactions frees up valuable time and resources for SMEs to focus on growth and innovation.

5.     Dispute Resolution

Disputes can arise in any business transaction, and SMEs are not immune to such challenges. Escrow services offer a structured mechanism for resolving disputes, providing a fair and impartial platform for both parties to present their cases. Small and medium-sized enterprises (SMEs) can benefit from using an escrow service to handle disputes more efficiently and affordably. This approach reduces disruptions to business operations and maintains positive relationships with customers and suppliers.

6.     Facilitating Business Expansion

Escrow services play a crucial role in facilitating the growth and expansion of SMEs. As businesses expand their customer base and engage in larger transactions, the potential risks also increase. Escrow acts as a safeguard, allowing SMEs to enter into bigger deals with confidence. This financial security encourages SMEs to take calculated risks, explore new opportunities, and expand their operations.

7.     International Trade Facilitation

For businesses engaged in international trade, escrow services can be particularly advantageous. They can assist in reducing risks that come with international transactions, like dealing with different currencies, following regulations, and managing shipping processes. Escrow services can provide a secure and efficient mechanism for conducting international business, fostering confidence and reducing uncertainties.

8.     Financing Assistance

Escrow services can also support businesses in securing financing or loans. By holding assets or collateral in escrow, businesses can demonstrate their commitment to fulfilling financial obligations, increasing their credibility and improving their chances of obtaining favorable financing terms.

 

How to Select the Best Escrow Service for your Business

Choosing the right escrow service for your business is crucial to ensure your financial transactions are secure and go smoothly. With numerous options available, it’s important to consider several factors before making your decision. Here are some key factors to consider when selecting an escrow service for your business:

1.     Accreditation, Reliability, and Insurance

First and foremost, make sure that the escrow service you choose is properly licensed and accredited. Take some time to carefully look into the information provided and confirm the legitimacy of the company you’ll be dealing with. Additionally, consider the location and licensing of the company. Some countries have stringent standards for granting business licenses, which adds credibility to the service.

2.     User-Friendliness

The usability of the escrow service is crucial. If the web interface is confusing and you find yourself unsure of which stage you are at, it becomes difficult to utilize the service effectively. It is essential to understand how the system operates. Opting for a digital escrow service offers the added advantage of conducting all transactions online, eliminating the need to physically submit documents to a bank. This convenience is particularly valuable during the ongoing Covid-19 pandemic, where movement restrictions are prevalent in many regions.

3.     Flexibility

Flexibility plays a vital role, especially when engaging in international transactions. Quick and flexible payment options are key to expediting deals. The ability to make payments in your local currency and and foreign currencies will offer significant advantages to your business and broaden your customer base.

4.     Niche Expertise

Different industries require specialized escrow services tailored to their unique needs. Whether it’s real estate, website transactions, cross-border import/export, or general purposes, it’s important to select an escrow service aligned with your industry. Niche expertise is valuable because it indicates that the escrow provider understands the specific challenges of your industry and can address them effectively. For example, if you operate in e-commerce trade, Kusnap or Peppa should be your preferred escrow service. Dealing with generalists may prove more challenging as they might not have a comprehensive understanding of your business requirements.

5.     Communication

Effective communication is vital when choosing any business partner or service, and escrow is no exception. Before encountering a crisis situation, test the responsiveness and relevance of the service’s customer support. Prompt and competent communication from the escrow service representative enhances the overall value of the service.

6.     Reviews and Reputation

Choosing the right escrow service for your business is really important, and their reputation matters a lot. It’s crucial to ensure that the escrow service you choose operates with integrity and has a solid reputation. Take the time to research and read customer reviews about the company to gauge the satisfaction levels of previous clients. Opt for an escrow service that is known for its professionalism, attention to detail, ethical practices, and strong reputation. This way, you can be confident that you’ll get the high-quality service you deserve.

Conclusion

Escrow services are a great choice for small and medium-scale businesses as they provide a safer and more reliable way to handle transactions. By mitigating financial risks, protecting against fraud and scams, building trust with customers and suppliers, streamlining transactions, and facilitating dispute resolution, escrow services empower SMEs to navigate the complexities of the business world with confidence. Embracing escrow as a preferred method for financial transactions can help SMEs safeguard their interests, foster growth, and establish a reputation for trustworthiness in the marketplace.

 

 

 

 

 

 

 

 

 

 

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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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