Co-op Bank Recognized as Top SME Lender in Africa

At the Global SME Finance Awards 2023, The Co-operative Bank of Kenya was voted the top financier of small and medium-sized businesses (SME) in Africa.

The lender won the SME Financier Of The Year In Africa Gold Award ahead of Tanzania’s NMB, which received the Silver Award, and Kenya’s Equity Bank, which placed third and received the Platinum Award.

The prizes were presented on Thursday night at the Grand Hyatt Hotel in Mumbai, India, where the Global SME Finance Forum is ongoing.

“In collaboration with IFC and other partners, we have taken time to listen, study and build a most competitive value proposition for SMEs intended to support them realize the goals they have set for themselves,” said Co-op Bank CEO Gideon Muriuki.

“And we are very encouraged by the successful outcomes we continue to see in the marketplace. This award is for Kenyan SMEs too,” added Mr Muriuki.

The Global SME Finance Awards 2023, organized by IFC, a member of the World Bank Group, honor financial institutions and fintech firms for their remarkable accomplishments in providing top-notch goods and services to their SME clients.

Due to its close ties to the agriculture industry, Co-op Bank, which is majority owned by cooperative societies, is a significant lender to SMEs.

The bank, which is listed on the Nairobi Securities Exchange, recently disclosed that it has taken long-term loans totaling Sh12.6 billion from institutional investors to boost its capital and support increasing lending to small businesses.

The European Investment Bank (EIB) gave the Co-op Bank a loan for 40 million euros (Sh6.3 billion) at the height of the Covid-19 outbreak to help the firm deliver operating capital and long-term loans in local currencies to affected SMEs.