World Finance names iib West Africa the Best Commercial Bank in Cape Verde for 2025
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LONDON, Dec. 15, 2025 /PRNewswire/ -- iib West Africa has been named the Best Commercial Bank in Cape Verde by World Finance Magazine.
The award was given in recognition of the bank's contribution to Cape Verde and West Africa's commercial banking landscape, including supporting SMEs, enabling trade and expanding access to financial services across the region.
Speaking in reference to the award, Joseph Carasso, CEO of iib West Africa, said: "We are incredibly proud to have received the World Finance accolade. It is a testament to our commitment to the region, where we are dedicated to accelerating inclusivity and making finance more accessible for our clients."
The bank – which operates under iibGroup, a global entity operating in Africa, the GCC, Asia and the Caribbean – provides products and services with the goal of empowering businesses and entrepreneurs in West Africa. It has implemented a number of initiatives in the past year to strengthen cross-border trade and support agriculture and infrastructure projects, with the aim of simplifying banking for businesses.
Sohail Sultan, Chairman of iibGroup Holdings, spoke to World Finance in a recent article, outlining the bank's vision for its emerging markets.
"Our mission is to unlock the potential of regions often overlooked by mainstream banking," he said. "We believe in a value-led financial infrastructure: one that drives responsible growth, fosters inclusion and respects local dynamics. We are not just intermediating capital flows; we are reallocating confidence to the economies that would otherwise remain underserved."
He said the goal was to "build deep, permanent relationships. That is why we localise leadership, invest in financial education, and support ESG initiatives on the ground. For us, success isn't just about financial return – it is about social and systemic return.
"Where others see complexity and risk in emerging markets, we have the ability to navigate the local operating environment, build banking infrastructure and systems and provide services and solutions at a cost at which others may struggle," he said.
Sultan also pointed to the bank's digitisation strategy, designed to lower transaction costs, increase access to capital and improve transparency.
"In many of our markets, traditional banks impose friction: high fees, rigid processes and limited reach," he said. "Our digital products, whether through mobile platforms or cross-border settlement tools, are designed to democratise finance."
He also outlined future plans for the bank, and said the focus would be on "resilience and responsibility. We are investing in green financing, sustainable trade corridors, and building a decentralised ecosystem that empowers local institutions," he said. "We are also exploring how AI and digital identity can reshape credit models for the underserved."
World Finance – whose annual awards recognise exceptional performance, innovation and impact – commended the bank for its excellence in building inclusion, transparency and trust in the region.
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