Award Winner
Absa Bank has been recognised by the prestigious Euromoney Awards for Excellence 2024, and awarded the accolade of South Africa's Best Bank for SMEs. The Euromoney Awards are the definitive annual awards programme for the banking industry, celebrating the achievements of banks and bankers from across the globe. Over 600 banks from over 100 countries enter the Awards for Excellence every year, making it the most comprehensive awards programme in the industry.
The Euromoney Award for Excellence 2024 recognised Absa Bank’s significant work and initiatives to support the growth of SMEs in South Africa, and particularly women and youth owned businesses. In 2023, Absa increased sales in the small and medium-sized enterprise segment by 48%. The bank introduced Absa Business She Thrives and Absa Emerging Entrepreneur, solutions for women and youth business owners to address challenges such as access to finance and skills development. These initiatives include a six-month fee waiver on new Business Evolve accounts, a 0% initiation fee on working capital funding, alternative lending up to R5 million ($166,000) through the Enterprise Development programme, a discount of up to 35% on short-term insurance premiums, and free membership to the National Small Business Chamber.
The bank also improved its Enterprise and Supplier Development proposition to boost SME financial inclusion. The new credit policy evaluates SMEs based on expected contract cashflows and allows them to draw funds as needed, with interest accruing only on drawn amounts.
Euromoney celebrated the achievements of the world’s best banks with an awards dinner event in London, UK on 18 July.