Co-operative Bank of Kenya has been awarded the prestigious SME Financier of the Year in Africa – Gold Award irecognition of its commitment to supporting small and medium-sized enterprises (SMEs) in Africa.

The lender received the award at the Global SME Finance Awards 2023, held in Mumbai, India.
Organised by International Finance Corporation (IFC), a member of the World Bank Group, the Global SME Finance Awards aim to celebrate and acknowledge the exceptional contributions of financial institutions and fintech companies in serving SME clients.

These awards serve as a platform to recognise institutions like Co-op Bank for their steadfast dedication to providing high-quality financial products and services tailored to the unique needs of SMEs.

Endorsement and organisation by the SME Finance Forum, a leading institution in the field of SME finance, and the G20’s Global Partnership for Financial Inclusion. The endorsement highlights the global importance of recognizing and celebrating excellence in SME finance.

Gideon Muriuki, Group Managing Director and CEO of Co-op Bank, expressed his pride at the achievement. He said that winning such an award not only enhances the bank’s reputation but also underscores its commitment to the growth of SMEs in Africa.

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

Matthew Gamser, CEO of the SME Finance Forum, noted that each year has witnessed a surge in applications from an ever-expanding list of countries, indicating a growing awareness of the importance of SME finance worldwide.

He also observed that the competition has become more challenging, showcasing the relentless dedication of financial institutions to support SMEs.

Gamser expressed his optimism about the impact of these awards in narrowing the SME finance gap and fostering financial inclusion. Launched in 2018 and now in its sixth year, the Global SME Finance Awards serve as a beacon of hope for SMEs and their financiers.

They celebrate and honour the effective and successful practices of financiers, recognising innovative products and services designed to support SME clients.

The awards not only highlight achievements but also inspire continued efforts to expand finance and services for SMEs, ultimately contributing to economic growth and prosperity.

In July this year, the bank announced that it had set aside Sh14 billion towards lending for small businesses across its network.