Ecobank, the leading Pan-African Banking Group, has been named ‘Best Trade Finance Bank in West Africa’ at the prestigious Global Trade Review’s Leaders in Trade awards.
The award comes as recognition of Ecobank’s solutions for domestic and regional supply chain financing across key trade corridors as well as the bank’s arranger roles and participation in key soft commodities campaign financing across West Africa, notably covering cotton, cacao, soya beans and cashew nuts.
Ecobank’s offerings are supplemented by its state-of-the-art E-trade module under the Omni Plus platform.
“Our products are positioned to support both our Corporate and Investment Banking and SME customers in leveraging on the African Continental Free Trade Area’s opportunities and growing intra-African trade,” the bank said in a statement.
The judges also recognized Ecobank’s Trade Services solutions, which led the bank to commend significant market share on Letters of Credit across the continent, leveraging on its Paris-based affiliate, Ecobank International, for confirmations, payments, and discounts.
Group Head, Trade Finance at Ecobank, Souleymane Diagne, said: “As a Pan-African bank with the largest footprint across the continent, a major ambition of Ecobank is to be the preferred trade bank for SMEs and corporates across Africa. We are committed to enabling them to take advantage of the immense growth opportunities fostered by the game-changing African Continental Free Trade Area. This accolade from Global Trade Review provides welcome recognition of the impact we are making through our suite of trade products and solutions, which include Structured Trade and Commodity Finance, Trade Services and Supply Chain Finance. For our customers and partners in West Africa and throughout sub-Saharan Africa, we are resolved to continue delivering value through our trade and multi-currency payments solutions, leveraging on our African expertise and our network’s advantage.”
Ecobank works closely with clients and leverages on partners within and outside Africa in reviewing key aspects of transactions dynamics, including settlement, financing, risk mitigation, credit enhancement, syndications and applicable regulations.
In their decision to declare Ecobank as Best Trade Finance Bank in West Africa, Global Trade Review’s judges took account of Ecobank’s full suite of trade products, services, impact and performance across Structured Trade and Commodities Finance, Supply Chain Financing and digital trade channels, in each of the 15 West African countries in which Ecobank operates.
The award announcement was made at Global Trade Review’s annual awards ceremony held in London last month.