BOI named Africa’s best financial inclusion institution

The Bank of Industry has received an award for being the best financial inclusion institution at the 2019 Africa Banker Awards.

The event, which was a side event at the ongoing annual meetings of the African Development Bank (AfDB) in Malabo, awarded financial institutions for their feat in the industry.

The BOI received commendation 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”.

Ecobank received the award for being the best retail bank in Africa while the African Export-Import Bank (Afreximbank) was named the African Bank of the year.

Mitchell Elegbe, chief executive officer of Interswitch, was named the African Banker icon.

According to organisers, the award ceremony was organised to recognise the 400 personalities and banks that are “driving Africa’s rapidly transforming financial sector” and celebrate the achievements of those who are driving growth and development and creating new economic opportunities for citizens and communities.

The Bank of Industry (BOI) was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB), which was incorporated in 1964.

It provides financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.