Co-operative Bank of Kenya Plc (COOP) was honoured with the prestigious Best Financier of SMEs in Africa Golden Award at the 2023 Global SME Finance Awards. The award recognizes the bank’s exceptional financial products and services tailored to SME clients, positioning it ahead of competitors in Kenya’s SME financing sector.
Global SME Finance Awards 2023: A Platform for Excellence
The Global SME Finance Awards, an annual event organized by the SME Finance Forum and supported by the G20’s Global Partnership for Financial Inclusion (GPFI), celebrated its sixth year in 2023. This platform showcases and shares the best practices and knowledge of financial institutions committed to serving SMEs and fostering economic growth.
Four Award Categories Recognizing Excellence
In the 2023 edition of the Global SME Finance Awards, there were four distinct award categories:
- SME Financier of the Year: This category recognized outstanding SME financiers, with subcategories based on regions.
- Product Innovation of the Year: Institutions were acknowledged for innovative financial products and services designed to benefit SMEs.
- Best Financier for Women Entrepreneurs: Highlighting the importance of empowering women in entrepreneurship, this category honored institutions supporting female business owners.
- Sustainable Bond of the Year: Recognizing the critical role of Green, Social, and Sustainability Bonds in addressing the climate crisis and achieving Sustainable Development Goals.
Sponsorship by the State Bank of India
The award ceremony for the Global SME Finance Awards 2023 was sponsored by the State Bank of India, further underscoring the international collaboration and recognition of excellence in SME financing.
Co-operative Bank’s Impressive Market Capitalization
Co-operative Bank of Kenya demonstrated its financial strength with a market capitalization of US$ 490.7 million, securing the top position in this regard. This achievement placed it ahead of NMB of Tanzania and Equity Group, which received the Silver and Platinum Awards, respectively.
Gideon Muriuki’s Confidence and Commitment
Gideon Muriuki, the CEO of Co-operative Bank Kenya, expressed his satisfaction with the award’s outcome. He emphasized the bank’s dedication to understanding and meeting the unique needs of SMEs. Additionally, Mr. Muriuki recently increased his shareholding in the bank, highlighting his confidence in its performance and potential for growth.
In conclusion, Co-operative Bank of Kenya’s recognition at the Global SME Finance Awards 2023 signifies its commitment to supporting SMEs and fostering economic development in Kenya and across Africa. The awards serve as a testament to the institution’s dedication to excellence and innovation in SME financing.Read Also: Co-operative Bank of Kenya Wins Best Financier of SMEs in Africa