Richway Microfinance Bank has won the ‘2021 Best SME -Support Bank of the Year award at the International Standards Excellence Awards 2021 held in Abuja. This is in recognition of the Bank’s significant contribution to the development of the SME sector in Nigeria.
RICHWAY MFB beat a host of other banks at the International Standards Excellence Award 2021, to take home the Best SME Support Bank of the year Award, for performing exceptionally in a tumultuous year characterized by the negative impacts of COVID-19 pandemic.
The International Standards Excellence Award 2021 recognizes the bank which has significantly contributed to the development of the SME sector in Nigeria, and has helped to build the economic backbone of the continent. Part of the entry criteria is the significant investment by the banks in Nigeria’s private sector, facilitating credit and access to finance for SMEs.
Since the onset of Covid-19, Richway MFB has ramped up investments in programmes targeting SMEs by expanding SME-focused lines of credit, providing technical assistance to SME development institutions and building SMEs’ capacity via linkage programmes in partnership with its strategic partners.
Commenting on the awards, the Managing Director/Chief Executive Officer of Richway Microfinance Bank, Mr Adenrele Oni, said, “2020 was a year of unprecedented challenges on account of the Covid-19 pandemic. It required resilience and innovation. We needed to rethink our business and provide innovative ways to assist our SME customers to help them to survive the difficulties brought about by the pandemic.
This shows that we are meeting the specific needs of customers in this segment and are on a growth trajectory. We are truly honored to receive this recognition. Our immense gratitude goes to our staffs, customers and partners who have made this possible.”