Thanks to its initiatives in favor of financial inclusion and its expansion strategy, Ecobank Cameroon, led by Gwendoline Abunaw, has been awarded the prestigious “Bank of the Year 2024” award by The Banker magazine. This title recognizes the institution’s efforts to overcome economic and social challenges in Cameroon, notably through projects dedicated to women and increased digitalization of its services.
Ecobank Cameroon has received the “Bank of the Year 2024” award in London, a distinction awarded by the British magazine The Banker. This prestigious trophy recognizes the bank’s constant efforts to promote inclusive growth and develop its services in an economic context marked by many challenges. Under the leadership of Gwendoline Abunaw, Ecobank Cameroon has distinguished itself through innovative initiatives, particularly in the area of financial inclusion and support for the unbanked. “This award is the result of the hard work of our team and the trust of our customers,” said the Managing Director during the awards ceremony.
An agency dedicated to women
Among the flagship projects that contributed to this recognition is the opening, in March 2024, of the first Cameroonian bank branch specially designed for women. Launched under the aegis of the Ecobank Group’s Ellevate program, this branch offers specific support to women entrepreneurs. This project responds to a crucial need: to reduce the financing gap between men and women in Africa, estimated at $42 billion according to the African Development Bank. In addition to offering preferential rates and reduced fees for women entrepreneurs, the bank offers financial education, mentoring and leadership training services to support their empowerment.
Increased digitalization
As part of its modernisation strategy, Ecobank Cameroon has also invested in the expansion and modernisation of its ATM network. Smart machines have been deployed, particularly in secondary towns, to reduce queues and ensure better access to banking services. This initiative is part of a comprehensive digital strategy aimed at meeting the expectations of an increasingly connected customer base. Through these efforts, the bank has strengthened its position as a leader in the provision of modern banking services in Cameroon.
Persistent challenges
Despite its many successes, Ecobank Cameroon is not immune to some challenges. In 2023, the non-performing loan ratio climbed from 8.5% to 11.4%. However, the bank has shown resilience by increasing its return on equity, which reached 28.3% compared to 26.5% the previous year.
A vision for an inclusive future
This “Bank of the Year 2024” award confirms Ecobank Cameroon’s vision: to become a key player in economic and social change in the country. The commitment to financial inclusion and digital transformation reflects a clear ambition to build a prosperous and accessible financial future for all. In thanking her customers and partners, Gwendoline Abunaw stressed that this distinction represents an encouragement to continue efforts to offer ever more innovative solutions adapted to the needs of Cameroonians. “This success is a collective victory,” she said, promising to continue to make the bank a lever for development for Cameroon.
