The Chartered Institute of Credit Management, Ghana (CICM) has assured all that it will continue to explore ways through which the standards of credit risk practice in Ghana will be raised.

The CICM is mandated to, among others, promote standards of professional competence, prescribe standards in credit and risk practice, and champion the role and value of credit as a critical tool for business development.

In view of this mandate, Executive Secretary, Amo Agyapong, says it is committed to investing time and other resources into ensuring innovations and continuous improvements in its awards scheme.

Mr. Agyapong disclosed this at the officially launch of the 3rd edition of the CICM Annual Ghana Credit Excellence Awards, to honour corporate brands and individual personalities who performed outstandingly within the year under review.

He said the CICM awards has come to be accepted as one of the most prestigious awards in Ghana, since its inception in 2020, adding “for over 2 years, the Chartered Institute of Credit Management, Ghana has consistently held the annual Ghana Credit Excellence awards without any hitches or controversy within the period, but rather contributed in building corporate organisations.”

He pointed out that the awards have gained prominence among corporate institutions who will proudly display their wins as a mark of excellence.   

Furthermore, “we will be accentuated that such improvements will focus on awards categories, processes, systems, approaches, selection methods, among others in order to ensure relevance always”, he said.

“To do this effectively, we often work through the awards Steering /Planning committee technical and our research associates to gather relevant information to inform the final decisions of the Governing Board”, he added.

Head of Strategic Relationship and Chairman of Awards Steering /Planning Committee, Yaw Gyamfi emphasised that this year’s awards, which is to be held under the theme: “Accelerating Digital Transformation in the Banking and Financial Services Industry: From Crisis to Growth” is led by the institute’s desire to project credit management as a tool that is relevant for the development of the nation Ghana.

Touching on the process, he stated that the awards will go through a very rigorous process starting with corporate entities filling out corporate diaries for their activities within their awards areas for the year under consideration, followed by adverts and letters to organisations and individual to nominate based on categories, after which nominated candidates fill a very detailed questionnaire that are reviewed and assessed by a focused group.

The results of the assessments are compiled by the technical and research associates for final presentation to the governing council of CICM which makes the final decision on the winners. 

This year’s awards will assess the performance of 57 institutions and 15 individuals in all.

These will be made up of 12 banks, 18 Specialized Deposit-Taking Institutions (SDIs), three Credit Reference Bureaux, three Debt Collection Companies, three Financial Technology Companies (FINTECH), Three Venture Capital Companies and 15 Chief Executive Officers or Managing Director of Banks and Specialised Depot Taking -Institutions.

Below is the awards up for grabs :

1. Bank of the Year                 
2. Rural Bank of the Year
3. Savings and Loans Company of the Year
4. Finance Company of the Year
5. Microfinance Company of the Year
6. Microcredit Company of the Year
7. Microcredit Enterprise
8. Debt Collection Company the Year
9. Cooperative Credit Union theYear
10. Financial Technology Company of the Year 
11. SME Financial Services of the Year
12. Agribusiness Bank of the Year
13. Trade Finance Bank of the Year
14. Mortgage Finance Bank of the Year
15. Venture Capital Fund the Year
16. Excellence in Health Finance of the Year
17. Finance Lease Company of the Year
18. Emerging Credit Bureau the Year
19. CEO/MD of the YEAR
20. Bank
21. Rural Bank
22. Finance Company
23. Savings and Loans
24. Microfinance