CAC International Bank has been recognised as the best bank in Djibouti in The Banker publication's Bank of the Year Awards 2020.

The bank's online letter of credit (L/C) facility, offered as part of the bank's increasingly technology-focused services, helped it to win the award.

Technology focus

CAC was the first bank in Djibouti to introduce a mobile banking app, an e-banking app and instal the country's first cash deposit machine, all of which achievements were recognised by the award panel.

They also recognised that most of the bank's business customers have opted to use the e-banking service which, among other features, allows them to issue L/Cs, process international transfers and view exchange rates.

Trendsetting

The bank sees itself as trendsetter in Djibouti's growing banking sector and scored another first when it undertook a separate compliance department audit in line with US standards.

In response to Djibouti becoming a member of the Financial Action Task Force on money laundering in 2018 the bank installed Univius anti-money laundering software, allowing it to store and evaluate customer data, to track fund flows and to screen transactions.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.