Ecobank Group - Afrikan Heroes

Ecobank Group: Change of Baton as Jeremy Awori Succeeds Ade Adeyemi as Group CEO

September 13, 2022

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced that a new Chief Executive Officer, Jeremy Awori will succeed Ade Ayeyemi upon his retirement at age 60.

According to disclosure to the exchange, signed by Madibinet Cisse, Company Secretary, this is in line with the company’s policy.

While the board selected Awori to succeed Ayeyemi as Group Chief Executive Officer, the relevant effective date is expected to be communicated in due course.

Ade Ayeyemi expressed his deep gratitude for the opportunity to lead the Ecobank Group. He stated, “It is a privilege to lead an amazing team of Ecobankers in bringing the Ecobank Group back to growth and continuing to realise our commendable pan-African mandate.” He also expressed his commitment to a smooth transition and onboarding of his successor.

Responding to the announcement of his appointment, the incoming Group CEO, Jeremy Awori, said, “It is a great honour to be appointed Ecobank Group’s Chief Executive Officer. I look forward to consolidating the transformation of Ecobank, a truly pan-African institution full of talented people, while innovating to create value for all Ecobank’s stakeholders. I am humbled by the opportunity to contribute to the continent’s economic development and financial integration with Ecobank Group”

Speaking to the contribution of Adeyemi to the growth of the bank over the years, Alain Nkontchou, Ecobank Group Chairman, said, “Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth. Ade’s deep knowledge, unrivaled vision, commitment and infinite passion made all the difference. It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”

He added, “Jeremy Awori is a highly respected leader in the banking industry with significant achievements in his previous capacities. The Board of Directors strongly believes that his drive and strong focus on results will be vital in steering the Group in its next phase.”

Jeremy Awori is joining Ecobank Group following a twenty-five-year-long career in the banking industry, with almost a decade leading Absa Bank Kenya Plc as the CEO & Managing Director.

Before joining Absa, Jeremy held multiple leadership roles at Standard Chartered Bank across the Middle-East and Africa. He brings a wealth of experience, skills, and industry know-how to the Ecobank Group.

Ecobank Group has reported 24% growth in unaudited H1 2022 profit before tax to $261 million from $210 million posted the prior-year period.

According to the group in a statement, if adjusted for the impact of foreign currency translation (or at constant currency), PBT increased by 53%, driven by positive operating leverage.

In addition, PBT increased in each of its business lines with Corporate and Investment Banking (CIB), Consumer Banking (CSB) and Commercial Banking (CMB), growing their PBTs by 33%, 43%, and 15%, respectively, in the first half of 2022.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ecobank named Best Trade Finance Bank in West Africa

June 29, 2022

Ecobank Group, the leading Pan-African Banking Group, has been named ‘Best Trade Finance Bank in West Africa’ at the prestigious Global Trade Review’s Leaders in Trade awards. The award comes as recognition of Ecobank’s solutions for domestic and regional supply chain financing across key trade corridors as well as the bank’s arranger roles and participation in key soft commodities campaign financing across West Africa, notably covering cotton, cacao, soya beans and cashew nuts.

Ecobank’s offerings are supplemented by our state-of-the-art E-trade module under the Omni Plus platform. Our products are positioned to support both our Corporate and Investment Banking and SME customers in leveraging on the African Continental Free Trade Area’s opportunities and growing intra-African trade. The judges also recognized Ecobank’s Trade Services solutions, which led the bank to commend significant market share on Letters of Credit across the continent, leveraging on its Paris-based affiliate, Ecobank International, for confirmations, payments, and discounts.

Souleymane Diagne, Group Head, Trade Finance, Ecobank, said: “As a Pan-African bank with the largest footprint across the continent, a major ambition of Ecobank is to be the preferred trade bank for SMEs and corporates across Africa. We are committed to enabling them to take advantage of the immense growth opportunities fostered by the game-changing African Continental Free Trade Area. This accolade from Global Trade Review provides welcome recognition of the impact we are making through our suite of trade products and solutions, which include Structured Trade and Commodity Finance, Trade Services and Supply Chain Finance. For our customers and partners in West Africa and throughout sub-Saharan Africa, we are resolved to continue delivering value through our trade and multi-currency payments solutions, leveraging on our African expertise and our network’s advantage.”

Ecobank works closely with clients and leverages on partners within and outside Africa in reviewing key aspects of transaction dynamics, including settlement, financing, risk mitigation, credit enhancement, syndications and applicable regulations.

In their decision to declare Ecobank as Best Trade Finance Bank in West Africa, Global Trade Review’s judges took account of Ecobank’s full suite of trade products, services, impact and performance across Structured Trade and Commodities Finance, Supply Chain Financing and digital trade channels, in each of the 15 West African countries in which Ecobank operates.

The award announcement was made at Global Trade Review’s annual awards ceremony held in London last month.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ecobank Fintech Challenge 2021 Launches For African Startups

August 11, 2021

The Ecobank group, a pan-African banking organization, is encouraging African Fintech startups to participate in the 2021 edition of the Ecobank Fintech Challenge. The Fintech Challenge aligns with the Bank’s objective to fostering digitization by providing a chance for innovative African startups to market their fintech solutions. The startups may be able to collaborate with Ecobank in order to scale their solutions throughout Ecobank’s 33 African markets as well as its international operations in France.

“The global impact of COVID-19 has accelerated the dire necessity to digitize and transform banking operations. As a banking group, we are convinced now more than ever that innovation and technology are the future of banking and therefore reaffirm our continuous commitment to identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge,” Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said.

Here Is What You Need To Know

Following the Finals and Awards ceremony in November 2021, all selected Finalists will be welcomed into the Ecobank Fintech Fellowship. The top three winners will each earn a cash award of $15,000, $12,000, and $10,000.

However, all Fellows will be eligible to pursue the following options with the bank:

Multinational product roll out: an opportunity to pursue integration with Ecobank and potentially launch products in parts of Ecobank’s Pan African 33-country ecosystem.

Service provider partnerships: Ecobank may select start-ups as pan-African service partner within the bank’s ecosystem.

Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.

Mentoring and networking support in the network of global and African partners of the Group.
Priority Access to Ecobank’s VC partners for funding exploration.

Ecobank successfully launched the Ecobank Investor App, which was originally built by Finance Mobile, a start-up from the 2017 Ecobank Fintech Fellows cohort. Following the successful launch of the app in nine Ecobank markets and the current expansion into other countries, Ecobank is aiming to finalize more agreements with Fellows from the 2020 Fintech Challenge.

“We are firm believers that Africa’s talent pool is enormous and requires specialized and targeted mentorships to fully crystallize and ready Fintech startups for business engagements. Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with in-house, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of African Fintechs,” Tomisin Fashina, Operations and Technology Executive, Ecobank Group said.

How To Apply

Applications have opened for entries from all startups and developers in any of Africa’s 54 countries and global Africa-centered Fintechs.

ACCION, Catalyst Fund, Nedbank VC, and Cellulant are among the partners supporting the Ecobank Fintech Challenge in Africa and around the world. Applications will be accepted until September 20, 2021.

Visit the website (https://Ecobankfintechchallenge.com) for additional information on the competition, its benefits, and how to apply.

Ecobank fintech challenge 2021 Ecobank fintech challenge 2021

Which Investors Invest In African Blockchain And Crypto Startups? Here Is A List.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Ecobank Group Named 2021 African SME Bank of the Year

June 30, 2021

Ecobank Group Executive, Commercial Banking, Josephine Ankomah

Ecobank Group has been named the African Banker’s 2021 African SME Bank of the Year. The Pan-African banking group beat a host of other banks in the African Banker Awards 2021 to take home the SME Award in a 2020 tumultuous year characterised by the Covid-19 pandemic which continues to ravage many African economies, with Small and Medium Enterprises (SMEs) taking the greatest hit.

Among other criteria, the African SME Bank of the Year award 2021 recognises the bank which has significantly contributed to the development of the SME sector, thus helping them to build the economic backbone of the continent. Part of the entry criteria required that the winning bank has significantly catalysed funding into the private sector in Africa and promoted enterprise development by facilitating credit and access to finance for SMEs.

Since the onset of Covid-19, the Ecobank Group has considerably ramped up investments in programmes targeting SMEs by expanding SME-focused lines of credit, providing technical assistance to SME development institutions and building SMEs’ capacity via linkage programmes in partnership with its strategic partners. The Group has been at the forefront of promoting gender inclusion and closing the gender finance gap through innovative initiatives such as ‘Ellevate by Ecobank’ that targets women-led and women-focused businesses across the continent.

Ecobank Group Executive, Commercial Banking, Josephine Ankomah, said “2020 was a year of unprecedented challenges on account of the Covid-19 pandemic. It required resilience and innovation. We needed to rethink our business and provide innovative ways to assist our SME customers to help them to survive the difficulties brought about by the pandemic. We are truly honoured to receive this recognition. Our immense gratitude goes to our staff, customers and partners who have made this possible.”

Some of the measures taken by the Bank to support SMEs in 2020 include:

Proactively instituting mitigating actions, including tenor extensions and moratoriums on interest, to assist SMEs to manage their loan repayments;

Increasing the utilisation of digital channels, such as Ecobank Omni Lite, to provide customers with capabilities to make payments remotely and conveniently;

Upskilling staff to ensure their capacity to help develop the SME sector;

Collaborating with existing risk sharing partners, particularly Development Finance Institutions (DFIs), to share a portion of the risk associated with our lending to the SME sector;

Partnering with tech giant Google to provide SME customers with the means to develop free online presence through the Google My Business platform;

Collaborating with the African Union’s Development Agency – AUDA-NEPAD – to focus on strengthening Africa’s support for micro, small and medium enterprises (MSMEs) and assist their recovery from the impact of the pandemic by empowering MSMEs with access to capabilities, markets and finance, so that they can play a pivotal role in restarting Africa’s economies;

Launch of ‘Ellevate by Ecobank’ which is a women-owned and women-focused product offering women an end-to-end partnership, through which they gain access to both financial and non-financial services such as financial education, product information, networking and recognition; and Growing the number of merchants using Ecobank’s point-of-sale (POS) terminals from 5,571 to 15,878, in addition to attracting significant onboards onto EcobankPay, our flagship QR collections platform, from 180,060 to 248,664.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ghanaian Startup Nokwary Wins Ecobank’s 2020 Fintech Challenge

August 26, 2020

Ecobank Group has announced the winners of its 2020 Ecobank Fintech Challenge from a virtual event that was streamed live from Accra, Ghana. Prior this, Ecobank earlier this month had revealed its 10 finalists emerging from seven countries to compete for a share of USD$22,000.

“The quality of the products and pitches we saw in the final this year were amazing. Clearly it is evident that Banking in Africa is moving onto a new dimension with these Fintechs leading the way. That is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year. It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent,” Ade Ayeyemi, Ecobank Group CEO said, congratulating the winners for their innovation and welcomed all the 2020 fellows.

Here Is What You Need To Know

Nokwary Technologies, edged out the rest of the finalists to emerge winner of the competition winning a cash prize of USD$10,000. The first and second runner up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively each receiving a cash prizes worth of USD$7,000 and USD$5,000 respectively.
Nokwary, from Ghana, is a fintech that uses AI to promote financial inclusion. Its AI Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar to using popular social media channels like Whatsapp.

South Africa’s Ukheshe, is bridging the gap between the card and the cash economy creating the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.
Finally, Growth Factor is a fintech company that provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs, by enabling them to get paid in 24hrs when dealing with credit clients.
In the meantime, all the ten finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program which will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group, and to possibly launch and scale products across Ecobank’s 33 country markets in the continent.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

New $4.5m Zero-Interest Loan Program For African Startups And SMEs From ESP

August 25, 2020

Entrepreneurial Solutions Partners (ESP), in partnership with the U.S. African Development Foundation (USADF) and close collaboration with Ecobank, has launched the African Resilience Initiative for Entrepreneurs (ARIE) — a pan-african initiative to provide financial and technical assistance to 300 entrepreneurs (approximately 70% of whom will be women-owned) impacted by COVID-19.

“At ESP, we fully comprehend that SMEs are the engine of economic growth and development in every country. Since its inception 10 years ago, ESP has developed and implemented a variety of customized programs specifically geared towards supporting SMEs in more than 15 African countries. Through our Pan African reach, we understand that African SMEs are more vulnerable than ever in the new Covid-19 reality, which is the impetus behind the ARIE program. We are delighted to offer this initiative to help them navigate this pandemic while continuing to grow their business, be a source of employment and improvement in the welfare of people in their communities,” said Eric Kacou.

Here Is What You Need To Know

The program will support 300 high-performing entrepreneurs with up to 150,000 USD each in zero-interest loans, and will provide technical support to spur Africa’s economic recovery.
ARIE will support entrepreneurs from seven countries: Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, and Uganda, and in the following sectors: Agri-Business, Manufacturing, Energy and Renewables, and Essential Services. Each SME selected will have the opportunity to receive up to 150,000 USD per firm, disbursed as an interest-free loan, and will receive technical support from experts across the continent.

“Entrepreneurs are an important part of the ecosystem; they create markets where there often are none and help pave the way for future economic development,” USADF President and CEO C.D. Glin stated. “Now more than ever we need to invest in the next generation of African-led ventures and empower them with the tools they need to transform their businesses, create jobs, increase incomes, attract private investment, and impact their communities.”

What Startups And SMEs Stand To Gain From The Partnership

Intelligent Business Financing — In line with ESP ’s drive to provide Intelligent Capital*, The zero-interest loans will be disbursed to leading profitable businesses, providing them with the working capital they need to maintain operations and scale despite the pandemic. Additionally, the ARIE platform will be a repository on a wide range of topics, including access to markets, building human capacity and scaling.

*Josephine Anan-Ankomah, Group Executive, Commercial Banking, Ecobank Group*

“We know the continent, have the platforms and have worked with SMEs variously in the 7 countries where the program will be implemented. We understand the critical role SMEs play in African economies and the imperative for them to access technical and financial support more so now with the impact of COVID-19. Ecobank is particularly pleased with ARIE’s focus on women and youth led businesses which are key to the economic and social development of the continent,” Josephine Anan-Ankomah, Group Executive, Commercial Banking, Ecobank Group commenting on the collaboration stated that the Ecobank Group is delighted to be part of the ARIE Program.

Equipping SMEs with the tools to pivot — Africa’s businesses are as diverse as Africans are, and the immediate and concrete technical support available through the fund will be tailored to their unique needs. Each entrepreneur will be assigned a business advisor that will support them in diagnosing and rethinking their strategy and operational efficiency, and a team of experts that will help them adapt and navigate this present economic reality. By doing this, the ARIE platform will provide African SMEs with the unique opportunities and business exposure that position them to play a meaningful role in Africa’s economic recovery in the years to come.
Connecting African businesses — In an era where Intra-Africa trade is key, the ARIE platform will help SMEs harness opportunities unleashed by the establishment of an African Continental Free Trade Area.
The ARIE platform will help connect African SMEs to potential investors and networks they require to expand their geographical coverage, and will enhance their capacity to trade across borders. These connections will be critical is recouping devastated African economies and jumpstarting economic recovery.

How Startups May Apply

Applications are open till the 25th of September, 2020. Apply here: https://bit.ly/ARIE2020

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

The Finalists for Ecobank’s 2020 Fintech Challenge Announced

August 7, 2020

Eddy Ogbogu, Group Executive, Operations & Technology, Ecobank

The selected nerds for Ecobank’s 2020 Fintech Challenge have been announced by leading pan-African financial institution, Ecobank Group. The challenge, in its third edition, is designed to deepen collaboration between Ecobank and Fintechs with Africa focused products and it was a partnership with the advisory firm Konfidants and supported by partners across Africa and globally. The finalists will compete for the top crown on August 21 and be inducted into the Ecobank Fintech Fellowship to pursue commercial partnerships in Ecobank’s 33 markets across Africa. The 10 finalists Fintechs from seven different countries, who emerged from a competitive pool of over 600 fintechs, will participate in an online Finale scheduled for August 21, 2020.

The 2020 Finalists are:Always In-Touch Real-time ( South Africa), Fluid AI (India), Franc Group (South Africa), Growth Factor (Ghana), Leaf Global Corporation (Rwanda), Moja Ride (Ivory Coast), Nokwary Technologies Limited (Ghana), Papersoft S.A (Mozambique), Ukheshe Payment Solutions (South Africa), PayChap Technologies (Tanzania). The Finalists will pitch their products to a jury for the cash prizes for the top 3, worth US$10,000, US$7,000, and US$5,000. All the finalists will be enrolled into Ecobank’s Fintech Fellowship where they will spend the next 6 months exploring partnership opportunities which include: Multinational products roll out: An opportunity to pursue collaboration with Ecobank and possibly launch products in Ecobank’s 33 African markets. Service provider partnerships: A chance to become a pan-African service partner to Ecobank for Fintechs with the qualities to become product partners and offer joint services with Ecobank

Mentoring and networking support: Access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners. Integration with existing Ecobank digital offerings: An opportunity to potentially integrate with Ecobank’s existing digital offerings.

Eddy Ogbogu, Group Executive, Operations & Technology said, “we congratulate the 10 Fintechs that have made it to the 2020 Finals. This is an impressive cast of innovators and we look forward to the Final event where we will honour them and potentially build productive collaborations.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry