The Bank of Industry (BOI), Nigeria, has received an award as the best financial inclusion institution at the 2019 Africa Banker Awards.
This achievement was disclosed at a side event at the ongoing annual meetings of the African Development Bank (AfDB) in Malabo, the capital of Equatorial Guinea.
The award was in recognition of BOI’s efforts for “succeeding in delivering financial products and services to wider parts of society, particularly to the most disadvantaged and low-income segments, ultimately contributing to financial inclusion, development and growth.”
According to organizers of the awards, the ceremony was put in place to acknowledge the contributions of about 400 personalities and financial institutions whose activities are driving Africa’s rapid transformation in the financial sector; and celebrate those who are enhancing development and creating new economic opportunities for African citizens and communities.
The Bank of Industry (BOI) which was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB), incorporated in 1964, provides access to funds for startups, SMEs, and large enterprises to enable the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.
The chief executive officer of Interswitch, Mitchell Elegbe, was named the African Banker icon; while the African Export-Import Bank (Afreximbank) was named the African Bank of the year. Ecobank was awarded for being the best retail bank in Africa.