Best bank: Banco Lafise
Nicaragua’s economy suffered a rapid deceleration from the 10% growth rate it experienced in the immediate post-pandemic reopening. Political and economic volatility impacted the financial system and there was distinct evidence of a risk-off attitude to loan growth from most of the country’s main banks.
Banco Lafise wins the award as Nicaragua’s best bank because it was able to steer a successful course between taking advantage of competitors’ reluctance to build market share and ensuring that new business was profitable.
AfE 2024
The bank grew its client base to over three-quarters of a million Nicaraguans – a record for the bank – and can now claim 22% of the country’s working population as clients. The bank’s growth was managed through automation, with 61% of transactions now conducted online or via ATMs.
Deposit growth has also been strong at 13.9%,