Deutsche Bank names Ecobank, Sterling and others as Leader in Trade Finance

Deutsche Bank Names 5 Nigerian Banks as Leaders in Trade Finance

A global banking and financial services company with headquarters in Frankfurt, Deutsche Bank AG, has rewarded Ecobank Nigeria Limited, Access Bank, Sterling Bank Plc, Stanbic IBTC and Zenith Bank, for excellence in payment efficiency, cash management and trade finance.

The banks were rewarded at an impressive award night, held in Lagos at the weekend.

Deutsche Bank in a statement issued in Lagos, congratulated the winning financial institutions and reflected on its continued commitment and development of the West African region’s financial markets.

According to Mr. Andreas Voss, Deutsche Bank’s Regional Head in West Africa and Chief Representative Officer in Nigeria, the “awards serve to encourage all of us that as Nigeria emerges from a period of economic uncertainty, we can continue to look for creative and innovative ways to conduct and promote our business and Nigeria’s financial markets.”

“The award winning banks have proven that excellence in payment efficiency and trade finance can lead to positive outcomes for the economy as a whole,” Voss added.

In a keynote address delivered at the event, guest speaker Dr. Omolara Akanji, Vice Chairman of ICC Nigeria, provided the audience with some useful insights into current trends impacting the landscape of Corresponding Banking in Nigeria.

The first award, titled “Straight-Through Processing (STP) Excellence Award”, which has been a feature of Nigeria’s financial markets for six years, went to Ecobank Nigeria Ltd, followed by Stanbic IBTC and Sterling Bank Plc.

The award recognises those institutions that deliver outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99per cent throughout 2016, serving to greatly reduce the administrative impact of payment processing, increasing efficiency and ensuring strict compliance with globally recognised payment standards.

The second award category, now in its second year, called the “Global Reach Trade Finance Award”,

recognises those institutions that have successfully grown their trade finance processing capabilities across international borders by both volume and quantum of transaction size.

This year, Ecobank Nigeria Ltd, followed by Zenith Bank Plc and Access Bank Plc came out as best performers in this category.

Deutsche Bank’s Head of Trade Finance – Financial Institutions in the Middle East & Africa, Ulf-Peter Noetzel said the bank is looking to further develop its business with Nigerian clients and this award ceremony is a testament to the importance Deutsche Bank places on recognising the professionalism and excellence of Financial Institutions in Nigeria.