Best bank: Ecobank Guinea
Ecobank Guinea rolled out its Xpress Loan service in Guinea last year, which enables customers to obtain short-term micro credit loans using their mobile phones. The service was launched in partnership with Dubai fintech Optasia and pan-African telecommunications giant MTN.
AfE 2024
It uses Optasia’s artificial intelligence-driven decision-making technology to disburse loans to MTN’s 800,000 active customers. This initiative, alongside Ecobank’s recently launched salary advance service, forms an important component of its strategy to drive financial inclusion in Guinea.
Additionally, Ecobank and the African Guarantee Fund finalized a $200 million risk sharing agreement aimed at supporting African small and medium-sized enterprises. This initiative enables increased lending to Guinean businesses, particularly to women-led enterprises and green projects, by providing enhanced guarantee coverage up to 75%. It marks a strategic effort to boost Ecobank’s lending capacity while mitigating the credit risks traditionally associated with SME financing.