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Tag: Ecobank

  • Ecobank Holds Webinar On Multiple Streams Of Income

    Ecobank Holds Webinar On Multiple Streams Of Income

    Ecobank Nigeria has announced the hosting of a virtual webinar for her customers, and other Nigerians in the cadre of employee or salary earners on how to strategically position for the year 2021 amidst the backdrop of the current global economic challenges. The virtual programme tagged – Positioning For 2021: From ‘Side Hustle’ to Multiple Streams of Income is scheduled to take place on the 13th of November 2020 by 11am on the Microsoft Teams platform.
    https://bit.ly/2GnfVro

    The webinar is targeted at individuals – salary earners, small businesses, self-employed and other interested stakeholders, even as they begin to plan for the new year. The webinar aims to bring to light how one can start a side hustle, develop multiple streams of income, plan for the future and develop proper money management skills to withstand further economic shocks and dislocations stated Korede Demola-Adeniyi, Head of Consumer banking.

    She further added that “2020 has been a very challenging year for most people, fraught with different events both globally and locally. These have in different ways, affected corporates, small businesses, and salary earners. Most significant, is the effect the situation has had on the economic and financial positions of salary earning and self-employed persons. As a result of this, and with the year 2021 a few weeks away, it seemed timely to hold this webinar in November. Individuals, whether employees or business owners, ought to begin planning for the new year and need to have proper and adequate information as to how to start or go from having a side hustle to developing multiple streams of income. Furthermore, the Employee Summit will offer Nigerians, financial services and solutions designed to support and enhance their lifestyles and ensure their sustainable growth”.

    The virtual programme will kick off with a brief overview of Nigeria/Africa’s economic outlook going into 2021, with COVID19, #EndSARS, 2021 Budget in focus. Key Speakers include Transformation Teacher and Success Coach, Dr. Harry Benjamin; AgriPreneur/ Chief Executive Officer, FarmCredit Nigeria, Afioluwa Mogaji and Research and Business Development Manager, Ecobank Nigeria, Kunle Edun.

    She stated that the webinar is a proof of the Bank’s commitment to the financial well-being of her customers, and so, urged the bank’s customers as well as non-customers to register and participate fully in the webinar, assuring them that the learning points would greatly impact their lives and businesses.

  • Ecobank Named “Best Retail Bank In Nigeria 2020” – Asian Banker Awards

    Ecobank Named “Best Retail Bank In Nigeria 2020” – Asian Banker Awards

    Ecobank Nigeria has been named the Best Retail Bank in Nigeria by Asian Banker. This was announced at its Middle East and Africa Regional 2020 Awards virtual ceremony on Thursday. The event attracted thought leaders and decision makers across continents of the world. Emmanuel Daniel, Chairman, The Asian Banker, said the annual awards are designed to identify emerging best practices in retail financial services, technology implementation and innovation. The annual awards also identifies implementation goals and challenges from which other financial institutions and technology companies could learn.

    While congratulating the winners of the prestigious awards in the various categories, he stated that the process for selection was rigorous, transparent and conducted with the highest level of integrity. Specifically, the organisers said Ecobank was selected as the Best Retail Bank in Nigeria for its deployment of digital solutions to meet the needs of its customers even during the covid-19 pandemic lockdown, adding that the bank also enhanced its customer experience through culture transformation across the various touch points.

    “Ecobank encouraged its customers to avoid non-essential contact in achieving their banking needs by utilizing digital solutions to access their account, make contactless payments, transfer funds and carryout other banking transactions from the comfort of their home and offices without visiting the bank. The winning bank enhanced its customer experience through culture transformation across all Ecobank Affiliates”.

    Patrick Akinwuntan, Managing Director, Ecobank Nigeria described the award as a worthy recognition of Ecobank’s digital transformation landmark initiatives targeted at providing tailored solutions to payments and collections. “We are pleased to be recognised as ‘Best Retail Bank of The Year’ in Nigeria. This confirms the strength of our brand in innovative banking products and digital solutions to deliver services to our teeming customers across the various segments.”

    He disclosed that the bank provided uninterrupted services to its customers during the covid-19 pandemic lockdown through its 24/7 digital self-service solutions via Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, Omni Lite and the RapidTransfer App. He thanked the Asian Banker Award Team for creating an opportunity to celebrate innovative ideas by members of the banking community, assuring that Ecobank will continue to deploy its robust digital platforms and enhance customer experience at every touch point.

    Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria; while receiving the award said, “I feel honored to receive this prestigious award for the Best Retail Bank in Nigeria for Ecobank. My appreciation goes to the organizers, the Asian Banker, for their support of the financial service industry in Africa. This award further underscores our commitment to providing practical financial solutions to the retail segment by making banking available and affordable to every Nigerian and generally across Africa.”

    She added that “We believe in Ecobank, that Africans should have access to basic financial services irrespective of their social or economic status and it is indeed encouraging that our efforts are recognized and acknowledged. Our digital platforms enable you to bank 24/7 without visiting the bank and our award-winning mobile app is available round the clock for your needs. Thanks once again for the award, I also thank my colleagues across the bank for their commitment in making us serve our customers seamlessly. “

  • Ecobank Slashes Monthly International Spending Limit to $20

    Ecobank Slashes Monthly International Spending Limit to $20

    Ecobank Nigeria has further reviewed its monthly international spending limit downward to $20 per month for point of sales (PoS) and web transactions on its Naira debit card.

    In an enquiry, the bank responded that “Kindly be informed that the monthly POS/Web transaction for Naira debit card usage abroad has been further review downward to $20 monthly. We sincerely regret all inconveniences this might have caused.”

    The downward review of the international spending limit affects the average Nigerian who want to make purchases or foreign-based Nigerians who want to make transactions with their cards.

    It also confirms that banks are experiencing forex illiquidity, meaning they won’t be able to meet their dollar commitments.

    Last month, tier-one banks like First Bank, UBA, GT Bank among others made slashes on their international spending limits to $100 per month when faced with current market realities.

    With this move by Ecobank, it means that if things do not improve soon enough, other banks might follow suit, making things harder for Nigerians, who want to make payments for offshore transactions.

    The Central Bank of Nigeria (CBN) is already planning to resume the sale of forex to bureaux de change operators across the country. This has strengthened the local currency against the greenback since Friday.

    The apex bank has, however, given a caveat that the BDCs must not exchange the naira at more than N386/$1 to end-users.

    The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex particularly to travellers since international travel will commence this month.

    The CBN also said deposit money banks shall continue to sell forex for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.

    Since this directive last Thursday, the Naira has appreciated to around N460/$1 from the earlier N480/$1 and it is believed that it could trade at N400/$1 in the coming days.

  • Ecobank commences cardless withdrawal from ATM

    Ecobank commences cardless withdrawal from ATM

    Ecobank has stated that cash withdrawals can be made at all its ATMs, without a card.

    The Ecobank cardless withdrawal concept, Xpress Cash, enables users to withdraw cash from ATMs using only a mobile phone, no ATM card is required.

    The solution is seamless, secure and is driven by the generation of a code (e-token) by an account holder via the bank’s USSD code *326# or mobile app, Ecobank Mobile.

    The e-token can be sent to customers, non-customers and even people without bank accounts for cash withdrawal at all Ecobank ATMs nationwide.

    Speaking in Lagos, Head, Consumer Banking, Olukorede Demola-Adeniyi “Digital payments are fast evolving. Customers want seamless experience across channels. We are committed to providing suitable options for our customers. Forgetting your card at home should not be a showstopper when you need cash.”

    She went on to explain that the concept recognises the needs of the unbanked. In her words “With Xpress Cash, our customers can send money to their loved ones who are not even banked. You can send money to your domestic servants or unbanked staff just by generating a code and sharing the code.”

    “As a bank, we are not only keen to make our services accessible, but also affordable. Xpress Cash attracts only a flat charge of N50. Our USSD code, *326# offers zero session charges; and transfers of N5000 or less using our digital channels are absolutely free of charge. Also, people abroad who need to send money to their loved ones can do so without paying transfer charges using the Rapidtransfer app”, she said.

  • Ecobank appoints new chairman

    Ecobank appoints new chairman

    Pan-African banking group, Ecobank, has announced the appointment of Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI).

    In a statement signed by the Group Head, Corporate Communication, Mrs Adenike Laoye, on Monday it was stated that the appointment of Mr Nkontchou took effect from June 30, 2020 to fill the vacant spot left by Mr Emmanuel Ikazoboh, a Nigerian, who ended his six-year tenure as Chairman in June having reached the retirement age of 70, in accordance with the group’s Articles of Association.

    Speaking on his appointment, Mr Alain Nkontchou said: “I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud history, built on a strong foundation to secure the Bank’s future success.

    “I look forward to working with the Board and Executive team as we continue our journey ahead and I know that we are well-placed to navigate through the current environment and set the standards in financial services for our customers across Africa.

    “I would also like to express my thanks to my predecessor, Mr Emmanuel Ikazoboh, for his leadership of the Board and to wish him all the best for the future.”

    Commenting on Mr Nkontchou’s appointment, the Chief Executive Officer of Ecobank Group, Mr Ade Ayeyemi said: “The entire Management of the Group and I warmly welcome Mr Nkontchou as Group Chairman. We will give him and the Board our continued full support in ensuring the realisation of the strategic imperatives of the Ecobank group.

    “Mr Nkontchou has always utilised his wealth of experience on the Board and we look forward to his successful and strong leadership,” he added.

    Mr Alain Nkontchou is the Managing Partner and co-founder of Enko Capital Management LLP, an asset management company based in London and Johannesburg, which focuses on African investment opportunities.

    He was an advisor at Laurent Perrier champagne, having been a Non-Executive Director from 1999 to 2009. He was Managing Director of Credit Suisse’s Global Macro Trading Group in London between 1995 and 2008 and also at JP Morgan Chase & Co. in the same capacity. Between 1989 and 1994, he was with Chemical Bank in Paris and New York, where he became Vice- President, Head of Trading and Sales.

    Mr Nkontchou has a track record of business success, having generated significant dollar revenues for each of these top tier institutions. He has an MSc in Electrical Engineering from Supélec and P.M. Curie University, Paris, and an MSc in Finance and Accounting from ESCP (Ecole Supérieure de Commerce de Paris).

  • COVID-19: Ecobank Launches “StaySafeNigeria” Media Campaign

    Ecobank Nigeria has launched a ‘StaySafeNigeria’ media campaign being part of its corporate actions to support measures to check the rising spread of Coronavirus in Nigeria.

    The integrated media campaign is a call to action, creating awareness and educating the populace on safety measures to adopt against the dreaded Coronavirus disease (COVID -19).

    Flagging off the campaign in Lagos, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said the “StaySafeNigeria” campaign is designed to mobilise the entire citizenry to adopt safe conduct and healthy habits to help contain the spread of Coronavirus in Nigeria.

    He emphasised that with a population of about 200 million, prevention is better than cure and indeed in the case of COVID-19, prevention is much better than “no cure”. We must therefore place top priority on getting everyone to stop the spread or minimise the spread of the virus now, pointing out that we cannot risk a full pandemic in Nigeria as our health infrastructure and personnel will be easily overwhelmed if that should happen.

    He explained that the messages will be in Pidgin, Ibo, Hausa, Yoruba and English on radio, electronic and social media to take the message to the grassroots whilst ensuring a contactless deployment in line with “StaySafeNigeria” ethos.

    “All hands must be on deck to check the spread of the COVID-19. We have no choice as a caring and responsible corporate organisation than to rise up to this challenge of our generation and make every contribution to check the spread and save lives. Our media campaign will engage people in very simple language on important tips to stay safe. The campaign will be sustained to continue promoting good hygiene conduct even after we overcome Coronavirus,” he said.

    Mr. Akinwuntan disclosed that the bank had engaged in many advocacy measures to protect its staff, customers and other stakeholders since the outbreak of the disease, stating that the bank evoked its business continuity plans, suspended all non-essential travels, cancelled physical meetings and resorted to virtual/digital meetings. He also emphasized strong hygiene habits by encouraging frequent washing of hands with soap and water, provision of alcohol based hand sanitizers in all its locations, temperature checks and mandated employees to respect the mandatory self-isolation/quarantine for 14 days if they have been exposed in any manner. The staff of the Bank also advised customers to maintain social distancing whilst Tellers and front office employees attending to customers wear face masks with gloves in addition to social distancing.

    It will be recalled that Ecobank had before now, also encouraged its customers to avoid non-essential contacts in achieving their banking needs by utilising digital solutions to easily access their bank accounts, make contactless payments, transfer funds and carry out other ancillary banking transactions from the comfort of their homes and offices without visiting the branches. Some of the digital platforms include *326#, Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, OmniLite and the Rapidtransfer App.

    The StaySafeNigeria campaign is in line with the bank’s Corporate Social Responsibility (CSR) which seeks to intervene and contribute to the wellbeing of the people where it operates.

    Na Ecobank say make una StaySafe o. #StaySafeNigeria #StaySafeNaija #StaySafe

  • Ecobank Group Records 32% growth in profit before tax of N146.5bn for 2019

    Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

    The bank which released its figures to the Nigeria stock Exchange earlier today reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.

    Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion

    Summary of Result

    Ecobank Group reports audited Full year 2019 results

    – Gross earnings up 9% to NGN 842.5 billion

    – Revenue up 3% to NGN 586.9 billion

    – Profit before tax up 32% to NGN146.5 billion

    – Profit after tax up 28% to NGN 99.5 billion

    – Total assets up 5% to NGN 8,621.9 billion

    – Loans and advances to customers up 2% to NGN 3,383.2 billion

    – Deposits from customers up 2% to NGN 5,925.0 billion

    – Total equity up 9% to NGN 688 billion

  • Ecobank announces new appointments

    Ecobank announces new appointments

    Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announces two new appointments and changes on its Board of Directors.

    Dr. Georges Agyekum Nana Donkor has been appointed as a Non-Executive Director to replace Mr. Bashir Mamman Ifo as the representative of Ecowas Bank for Investment & Development (EBID) on the Board of ETI.

    Donkor was recently appointed President of EBID following the retirement of his predecessor Mr. Bashir Ifo. Dr. Donkor is a Lawyer, Banker and Marketing Consultant with over twenty-five years’ experience in Senior Management capacities across several fields such as Finance, Strategic Management, Marketing, Legal, Compliance and Administration.

    A statement issued by Adenike Laoye, Group Head, Corporate Communications, Ecobank Transnational Incorporated, on Wednesday said the Board also announced the appointment of Mrs. Zanele Monnakgotla as a Non-Executive Director and nominee of the Public Investment Corporation (PIC) of South Africa on the Board. Mrs. Monnakgotla has over 20 years’ public and private sector experience in Structured Finance and Strategy. She is replacing Dr. Daniel Matjila who resigned from the ETI Board when he left his role as Chief Executive Officer of PIC.

    Mr. Emmanuel Ikazoboh, Chairman of the Board of ETI, commenting on the changes said: “We must first of all, sincerely express our appreciation to Mr. Ifo and Dr. Matjila for their contributions on the Board and their tireless dedication to the Ecobank Group.

    “We know that they will always remain members of the Ecobank family. As we formally bid them farewell, I do warmly welcome, both Dr. Donkor and Mrs. Monnakgotla and believe that their respective expertise would be most beneficial to the Board.”

  • IWD: Ecobank celebrates women, reiterates equal opportunities

    IWD: Ecobank celebrates women, reiterates equal opportunities

    Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan has reiterated the bank’s commitment to gender parity among staff.

    In a message to commemorate International Women’s Day (IWD) 2020, Akinwuntan said this year’s edition with the theme: #EachforEqual underscores the compelling need of gender equality and sustainable efforts of women empowerment at workplace for which Ecobank is proudly committed.

    “For us in Ecobank, this event allows us to reflect on the achievements of female Ecobankers and other great achievers in our space and society. Ecobank is proud to support change makers of all ages in the global movement to advance gender equality and empower women.

    “We always remind ourselves of our corporate pledge to ensure parity. Ecobank women have distinguished themselves and continue to make impact in the various roles in the bank. We use this opportinty of the IWD to celebrate these great Ecobankers.”

    He enjoined women at large to continue to sustain the gains of the recently launched Ecobank Female Entrepreneurs Initiative which is designed to provide women with necessary support to help them excel in their various endeavours, promote and grow their businesses and generally position them for greater participation and validation, and also contribute in their various environment including business, stressing that their future is bright.