The excellence and palpable impact of TDB’s trade finance work in the region has once again been recognized. The Bank was honored earlier this month by Global Trade Review’s (GTR) Leaders in Trade Awards as ‘Best Trade Finance Bank in Kenya’ and ‘Best Trade Finance Bank in Ethiopia’ for the year 2020.
Nairobi being TDB’s operational hub, the ‘Best Trade Finance Bank in Kenya’ award recognizes not only the Bank’s work in Kenya, but also the efforts it has been deploying across its various member states. Similarly, the ‘Best Trade Finance Bank in Ethiopia’ award is a tribute to TDB’s far-reaching bespoke trade finance solutions which have enabled the country to access forex liquidity, enhance its productivity levels in agriculture, support employment, ensure food security and more.
Michael Awori, TDB’s Chief Operating Officer, commented that “over the past few years, we have enriched our trade finance strategy, diversified our suite of products and services, and sharpened our response to the needs of the region we serve. We have no doubt made a pronounced mark in addressing the trade finance gap in the region, mitigating critical fuel shortages, securing the sourcing of strategic commodities, facilitating greater intra and inter-Africa trade and regional integration, and ultimately, moving the sustainable economic development needle in the region”.
These awards also celebrate the Bank’s tireless drive to stay at the forefront of innovation. Last year, TDB became the first African DFI to close a trade finance transaction using blockchain technology, thereby lowering the Bank’s carbon footprint, reducing operating costs and turnaround time, increasing transparency and traceability while also improving the risk profile and overall efficiency of the Bank’s processes. Not only did this serve as an example for the trade finance industry globally, it is also serving as a template for the Bank, which we have since been able to leverage by processing even greater volumes of trade finance transactions using this modern technology and thereby mitigate disruptions to trade caused by the Covid-19 pandemic.
“These awards are further testament to the relentless efforts we have invested in upgrading the Bank’s capabilities, and reforming our governance and risk management complex”, said Joy Ntare, TDB’s Chief Risk Officer, a long-standing senior executive who has played a key role in the transformation of the Bank. “Our efforts over the past seven years have indeed made it possible to achieve investment-grade ratings, mobilize AAA funding, and ultimately deploy our tailored products and services – at the service of sustainable socio-economic development in our region”.
“These are the second and third awards our trade finance operations have received just this year – the first being Trade Finance Global (TFG)’s ‘Best Trade Financier in Africa’ award which we took home this past March 2020” said Admassu Tadesse, TDB’s President and Chief Executive Officer.
With total assets of $6.7bn, of which trade finance assets represent more than half of the total loan portfolio, TDB continues to lead the way in trade finance in our region.
