MICROCAPITAL STORY: Tunisian Solidarity Bank (BTS) Receives African Banker Magazine Trophy for “Micro Credit Bank of the Year”

Tunisian Solidarity Bank earned the “Microfinance Bank of the Year” during the 2007 African Banker Awards in Washington D.C. A total of 15 awards were distributed by African Banker magazine to acknowledge the emergence of an authentic banking system in Africa.

Tunisian Solidarity Bank (BTS) is a microfinance institution (MFI) established by Tunisian President Ben Ali in December 1997 to finance private micro-projects in Tunisia. It is headed by CEO and chairman Abdellatif Saddem. BTS approves loans of up to USD 9,500, with a maximum annual interest rate of 5%, a loan repayment schedule of up to seven years, and a flexible grace period of three to twelve months. As of January 2005, BTS had supported just under 75,000 projects, worth over TND 87.6 million (USD 71.2 million). BTS has the largest shareholding in Tunisia with 62 percent of the bank’s total capital of USD 27 million held by the general public. BTS does not currently report to any third party performance evaluator of operations.

Based in the UK, African Banker is a quarterly magazine published by IC Publications that covers banking and finance news in Africa. The first issue was presented at the African Development Bank meeting in Shanghai, China in June 2007.

We at MicroCapital would like to state clearly that a 5% annual interest is not sustainable. The validity of this award is called into question if the winner is not a real business.

By Mary Fu, Research Assistant

Additional Resources:

IC Publications: Press Release: “Ecobank, the Bank of the Year and Cecilia Ibru, the Banker of the Year take top honours at glittering African Banker Awards in Washington D.C.”

Tunisia Online: “Tunisian Solidarity Bank brings hope to small businesses”

BNET Research Center: “Twilight in Tunisia”

Goliath: “Tunisia: Tunisian Solidarity Bank Supported 74,823 Projects Until January 2005”

IC Publications: “African Banker”

Bloomberg: Currency Calculator

Similar Posts:

1 comment
  1. […] Bank of the Year” during the 2007 African Banker Awards in Washington D.C. Independent Monitor MicroCapital.org smelleda rat, writing, “we at MicroCapital would like to state clearly that a 5% annual interest (rate) is […]

Comments are closed.