In Côte d'Ivoire, Versus Bank received the prize for the best bank in 2019. This distinction was awarded to it at the Financing Awards, at the 4th edition of Finance s'engage, last November.
Out of 22 banks in competition, Versus Bank won over the jury for its financial support but above all its commitment to structuring small and medium-sized enterprises to initiate their development. A strategy of “Advisory Bank” which earned it the nickname “Bank for SMEs”.
Since 2011, this banking establishment has been supporting between 500 and 700 SMEs in Côte d'Ivoire, with financing increased from 15 to 90 billion FCFA in 2019. Financing which represents 70% of its credit envelope, without however increasing its cost of risk and registering less than 1% of debt ratio, far from the standard of 3%.
“Versus Bank has changed the way of banking and of thinking in terms of SME financing. This earned us the 2017 Innovation Award. Our innovative financing for SMEs has enabled us to provide loans to SMEs more efficiently and above all to be able to satisfy them in record time,” explains Jean Philipe Touré, Chief Operating Officer at Versus Bank.
For Versus Bank, the prize for the best bank is an additional motivation to pursue its commitments in favor of SMEs. And she says she has the substantial means to achieve this end.
“Our bank has been bailed out and we are above the minimum capital of 10 billion FCFA, thanks to the entry of the CGRAE. Today, we are negotiating refinancing lines for SMEs with our partners which are BOAD, AFD, German Cooperation, ADB, Afreximbank,” says Jerôme Ehui, Managing Director of Versus Bank.
In its development strategy, Versus Bank wants to get closer to its customers. In 2021, it plans to build three new branches, to reach eleven in 2022. And grant medium and long-term loans repayable over 10, 15 and 20 years.