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Sterling Bank, the leading financial institution committed to empowering small and medium enterprises, has been honored with the prestigious MSME Bank of the Year award at the 2024 MSME Finance Awards.

The event, organized by Nairametrics and The Economic Forum Series, took place on Saturday 27th September at Civic Centre, Victoria Island, recognizing excellence in supporting Nigeria’s vibrant MSME sector.

Mustapha Otaru, Chief Product Officer at Sterling Bank Ltd, expressed his enthusiasm: “This award is a testament to Sterling Bank’s unwavering commitment to empowering MSMEs.

Our partnerships with SMEDAN and Databanc have been pivotal in our success. In the past year, we’ve extended over N50 billion in loans to small businesses and supported more than 100,000 entrepreneurs through our various initiatives. This recognition fuels our determination to continue innovating and supporting the backbone of Nigeria’s economy.”

The MSME Bank of the Year award underscores Sterling Bank’s innovative approach to MSME financing and its significant impact on fostering entrepreneurship. The bank also secured nominations in three additional categories: Best in MSME Lending, Best in MSME Partnership and Collaboration, and Best in MSME Financial Inclusion (Bank).

Sterling Bank’s success in the MSME sector is driven by its suite of tailored solutions designed to meet the unique needs of small and medium enterprises.

These include Specta, a digital lending platform providing quick access to loans for businesses; The Business Hub, a comprehensive digital resource center offering advisory and value add services to SMEs; the strategic partnership with SMEDAN to facilitate single digit financing and development of Databanc for small businesses across Nigeria; and Banca, a digital banking platform serving small businesses with seamless financial management tools.

The MSME Finance Awards, an annual event that emerged from the Annual MSME and Start-up Summit initiated by The Economic Forum Series in 2018, plays a crucial role in recognizing and promoting excellence in the MSME finance sector.

This prestigious program celebrates innovation and impact in improving MSMEs’ access to finance, highlighting achievements in financial inclusion, banking innovation, and support services for small businesses.

Sterling Bank’s recognition at these awards underscores its significant contributions to empowering MSMEs and fostering entrepreneurship in Nigeria.

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