In recognition of excellence, BusinessDay Media over the weekend rewarded several institutions, including Zenith Bank, First Bank of Nigeria Holdings and United Bank for Africa (UBA), for pushing the frontiers in the delivery of banking and financial services in Nigeria.
The BusinessDay Banks & Other Financial Institutions Award (BAFI) organised by West Africa’s most authoritative media organization, brings together super-achieving deposit, merchant, investment, microfinance banks and other financial institutions to celebrate their contributions, as well as that of individuals in the industry, to Nigeria’s economy.
The 7th BAFI,”the awards that matter to those who matter in financial services,” comes amid intensified efforts by players in the financial services industry to extend credit across all slices of the Nigerian customer pyramid, and innovations seen in previously complacent areas, Frank Aigbogun, Publisher, BusinessDay Media Ltd, said in his welcome address at the event.
Speaking on the subject of women in financial services, Aigbogun reiterated BusinessDay’s support for women and advocated that more women be allowed to attain senior positions in the industry.
Aigbogun also charged finalists and industry players to keep improving transparency in financial reporting, investing in social and environment causes, as well as nurture cultures of information access through robust investor relations programmes.
At the award ceremony, Zenith emerged Bank of the Year for its banking leadership, growth capacity, world-class risk management structure, excellent customer service, consistent delivery of value to shareholders and robust liquidity.
“We dedicate the award to our esteemed customer and we are optimistic that we would sustain the performance,” said Nkem Oni-Egboma, MD Zenith Pensions Custodian Ltd.
Kennedy Uzoka, Group Managing Director/CEO, United Bank for Africa (UBA) PLC, was also awarded BAFI 2019 Bank CEO of the Year for his visionary leadership under which UBA, Africa’s global bank, has grown in leaps and bounds since he took over the helms of affairs in 2006.
Both banks won the Glenmorangie Single Malt Scotch Whisky award.
In the Global Category also, FBNH emerged as Nigeria’s best Bank Holding Company for the second year running.
DLM Advisory Partners won Deal Advisor of the Year, Zedcrest Capital carted home the Diversified Financial Services Group of the Year award, Rand Merchant Bank Nigeria Ltd raked awards in the Merchant Bank of the Year category, and also won the Debt Arranger of the Year award.
Coronation Merchant Bank Ltd. won Investment Bank of the Year for the second year running, while LAPO Microfinance Bank Ltd., which accounts for 24 percent of total Microfinance credit in Nigeria, emerged Microfinance Bank of the Year.
Polaris Bank Ltd. won Restructuring and Turnaround of the Year; Akinwande Ademosu of Credit Direct Ltd was Consumer Finance CEO of the Year while Cititrust Holdings Plc was recognised as Investment Holding Company of the Year.
In the Non-Bank Financial Institutions Category, Credit Direct Ltd won Consumer Finance Company of the Year, Page Financials won Most Innovative Consumer Lender of the Year, while Zenith Pensions Custodian Ltd won Pension Fund Custodian of the Year.
Trustee of the Year went to STL Trustees Ltd, Africa Prudential Plc was Registrar of the Year, while MasterCard took the award for Payment Solutions and Technologies Provider of the Year and Future of Payments Company of the Year.
Eagles Global Market (EGM) won Digital Trading Platform of the Year and Axa Mansard emerged Insurance Company of the Year.
In the Segment/Services/Divisional Category, Jaiz Bank won Best Bank in Non-interest Banking, Zenith Bank took the award for best in Retail Banking, and the ePayment Bank of the year was First Bank.
Fidelity took the award for SME Bank of the Year, Sara by Wema was Bank Product of the Year and WillPower by UTL Trust Management Services Ltd was Best Non-Bank Financial Product/Service of the Year.
In the Judges Awards category, special recognition was bestowed on the Central Securities Clearing Systems Plc. (CSCS), as Continental Leader in Post-Trade and Custody Services Award.
FMDQ OTC Securities Exchange was awarded Integrated Financial Market Infrastructure Provider of the Year Award, while The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending Plc. (NIRSAL) was recognized as the Outstanding Development Finance Institution of the year award.
“This year’s event was an improvement from the previous one and shows that subsequent ones would be better,” said Godwin Esewei Ehigiamusoe, the CEO/MD of LAPO Microfinance Bank Ltd.
The BAFI awards is the most prestigious recognition event for outstanding performance in Nigeria’s Financial services industry and several of its winners have gone to global acclaim by winning international awards.
The award cuts across banking, insurance, fintech, capital market, markets infrastructure and technology, investment management, pension funds, trustees, registrars, stockbroking and the likes.
BAFI winners are rigorously determined by an independent panel which benchmarks nominees against global peers.
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