Mastercard, Access Bank, and other key players in Nigeria’s financial and technology sectors emerged as big winners at the Nairametrics-EFS MSME Finance Awards 2024 an event that celebrated outstanding contributions to the growth and development of Micro, Small, and Medium Enterprises (MSMEs) across the country.
Nairametrics had reported that MSMEs contribute significantly to Nigeria’s GDP and job creation, with approximately 48% of GDP and 80% of total employment attributed to this sector, according to the International Labour Organisation (ILO).
Despite the loss of over three million businesses in recent years, the contribution of MSMEs to employment rose by 3.5%. Institutions that support the activities of these businesses deserve recognition for their impact on economic development.
The awards, split into 18 categories, highlight the efforts of financial service providers, banks, and fintech firms that offer tailored solutions to MSMEs.
The annual awards, hosted in collaboration with The Economic Forum Series (EFS), honoured financial institutions and organisations for their innovative solutions and commitment to addressing the unique needs of MSMEs.
Finalists were chosen through a rigorous selection process led by Nairalytics, the research and analytics division of Nairametrics, alongside the Editorial Advisory Board of Economic Forum Media Limited.
Below is the complete list of winners across all categories:
Best MSME Agri Finance
- Winner: Fidelity Bank
- FCMB
- Unity Bank
Best MSME Trade Finance
- Winner: Zenith Bank
- United Bank of Africa
- Eco Bank
Best in MSME Health Insurance
- Winner: AXA Mansard
- Leadway Assurance
- Heirs Insurance
Best MSME Insurance Company of the Year
- Winner: Heirs Insurance
- AXA Mansard
- AIICO
Best in MSME Partnership and Collaboration (CSR Initiative)
- IEI
- Sterling Bank
- Moniepoint
Best in Payment Security, Data Protection & Fraud Prevention
- Winner: eTranzact
- Remita
- Paystack
Best in MSME Non-Interest Banking
- Winner: JAIZ Bank
- Alternate Bank
- Lotus Bank
Best in MSME Finance for Women & Youth Entrepreneurship
- Winner: Access Bank
- Wema Bank
- FCMB
Best in MSME Financial Inclusion (Non-Interest Banking)
- Winner: Alternate Bank
- JAIZ Bank
- Lotus Bank
Best in MSME Financial Inclusion (DFI)
- Winner: BoI-ITC (BoI Investment & Trust Company Ltd)
- DBN
- Nigerian-Export-Import Bank (NEXIM)
Best in MSME Financial Inclusion (Micro Finance Bank)
- Winner: Moniepoint
- LAPO MFB
- VFD
Best in MSME Financial Inclusion (FinTech Card)
- Winner: MasterCard
- Visa
- Verve
Best in MSME Financial Inclusion (Bank)
- Winner: Access Bank
- Nominees: Sterling Bank, FCMB
Best in MSME Lending
- Winner: Polaris Bank
- Wema Bank
- Sterling Bank
Best MSME Payment/Remittance Platform
- Winner: Hydrogen Payment
- Palmpay
- Opay
MSME Payment Service Bank (PSB) of the Year
- Winner: Airtel Smartcash
- MOMO PSB
- 9PSB
MSME FinTech Platform of the Year
- Winner: MasterCard
- Flutterwaves
- Interswitch
MSME Microfinance Bank of the Year
- Winner: VFD
- LAPO MFB
- Moniepoint
MSME Bank of the Year
- Sterling Bank (Winner)
- Access Bank
- Wema Bank
