The Bank of Industry (BoI) has been recognised as the SME bank of the year in Africa and also for raising the deal of the year through its €1 billion syndicated loan facility from the international capital market.
The Bank was given the award at the African Bankers’ awards ceremony, which was held virtually on the sidelines of the African Development Bank Annual Meeting.
The award event featured financial institutions and projects from all 54 countries in Africa, as well as the international community.
The awards committee said the ‘SME Bank of the Year’ award was for an, “institution that has considerably catalysed funding to the private sector in Africa and promoted enterprise development by facilitating credit and funding for SMEs and providing technical assistance; and supporting institutions for growth of SMEs.”
“They have done this by expanding SME credit and growing SME support with linkage programmes.”
Receiving the award virtually in his office, the bank’s Managing Director and CEO, Mr. Kayode Pitan, was quoted in a statement to have thanked the Award Committee for the recognition and thanked President Muhammadu Buhari for providing the vision the bank is currently running with.
He said, “The award is very important to us because it means we are working in line with the President of Nigeria’s plan to have at least 10 million people employed and also support the SMEs to make that possible.
“So, once again we want to thank Mr. President and also thank the state governors who are partnering with us to make this possible.
“We also want to thank commercial banks for supporting their customers to access the facilities we provide.
“Through our various programmes, we were able to support over 14,000 youths in 2019; and this year, we are working harder to improve on that achievement.”