Ecobank Group to leverage AfCFTA to facilitate payments across Africa

Ecobank Transnational Incorporated (ETI), says it plans to leverage the African Continental Free Trade Area Agreement (AfCFTA) to facilitate payments across Africa.

The new Group Chief Executive Officer of ETI, Jeremy Awori revealed this recently in Lagos, adding that the bank’s platform could be scaled to accommodate other African countries under the AfCFTA based on their respective regulations.

Awori, who was on courtesy to the Nigerian Exchange Limited (NGX) for Closing Gong Ceremony during the week, further explained that Nigeria, being the largest economy in the African region, was a core market for SMEs.

“As a pan-African bank, we are working on tapping values from the African Continental Free Trade Area Agreement (AfCFTA). We will continue to create more value in the country amidst the developments in technology, payments, and SMEs.” Awori added.

“We will be building up our corporate and SME banking businesses as we are focused on growth transformation and maximizing value for shareholders and investors.”

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He said the financial institution quoted on the floor of the NGX remained determined to deliver value to shareholders and market stakeholders.

“As a listed company on the NGX, we must continue delivering value to our shareholders, while remaining accountable to stakeholders. We are excited about the growth opportunities in Nigeria.

“We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients. Furthermore, we recognize that responding to the evolving needs of Nigerian customers and clients is critical to delivering our pan-African strategy.

“We are therefore determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group”.

“Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value,” he said.

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The Chairman of Ecobank Nigeria, Bola Adesola stated that the Nigerian franchise of ETI remains a key core market to the Group, as she further expressed optimism over Ecobank Nigeria’s position to drive earnings and contribute significantly to Nigeria’s market.

“The Nigerian franchise remains a key market to the group. The thrust of what we do is to try to increase our contribution to the group’s earnings. We are very well positioned to contribute to Nigeria’s market,” she said.

Ecobank Transnational Incorporated’s (ETI) profit before tax rose to a 5-year-high of N230.55 billion ($540.029 million) in FY 2022, according to its audited financial statements.

The banking group’s operating income also grew by 10.50 per cent N794.860 billion ($1.862) billion in 2022; the highest in five years. The last time the Group had a higher figure ($1.972 billion) was in 2016.