Ecobank appoints Tomisin Fashina as Group Executive for Operations & Technology

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has announced the appointment of Tomisin Fashina as its new Group Executive for Operations & Technology, a position he will now hold in addition to his existing role of Managing Director of eProcess International. Dr. Fashina succeeds Eddy Ogbogu as Group Executive, Operations & Technology, following Eddy’s recent retirement after serving the Group for 11 years. Tomisin has over 30 years of experience, predominantly in technology management and financial services. Before joining the Ecobank Group, Tomisin was the…

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Ecobank Nigeria issues US$300m bond with a tenor of five years

NIGERIA – Ecobank Nigeria, a wholly owned subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has successfully priced its US$300 million bond issuance maturing in February 2026, with settlement of the bond to take place on February 16, 2021. The fixed-rate, US dollar-denominated bond, with a tenor of five years, carries a coupon rate of 7.125% and will be listed on the London Stock Exchange. It is accompanied by an Issuer Rating of B- from Fitch Rating Agency and S&P. The coupon / yield represents the…

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ETI appoints Hervé S. Assah, as Independent Non-Executive Director from the CEMAC Region

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, announces the co-option to its Board of Directors of Hervé S. Assah, as Independent Non-Executive Director from the CEMAC Region. Hervé S. Assah is a national of Congo Brazzaville with almost four decades’ experience as a senior executive in various fields, including investment and financial advisory, global trade development, public private partnerships in emerging markets, regional development and business strategy amongst others. Assah is Managing Partner of Aequaria Capital, a fund management company focused on growth companies in…

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Distributed Power Africa to light Ecobank branches in Kenya with solar

KENYA – Ecobank has signed an agreement with solar energy company Distributed Power Africa (DPA) to roll out solar power solutions in its seven branches in Kenya. The pan African bank has shifted to solar power in a move to reduce operation costs and ensure reliable power supply. Ecobank joins the growing list of companies seeking reliable and cheaper power supply in what has rattled electricity distributor Kenya Power amid declining revenues. “Our partnership with DPA on solar retrofitting in our branches is in line with our commitment to create…

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Ecobank Nigeria secures US$126m10-Year bilateral subordinated loan for SMEs

NIGERIA – Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion (US$126.72m), 10-Year bilateral subordinated loan. According to a statement signed by Adenike Laoye, Group Head, Corporate Communications, the bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises and small corporates.…

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ESPartners, USADF and Ecobank launch initiative providing assistance to entrepreneurs

AFRICA – Entrepreneurial Solutions Partners (ESPartners), in collaboration with the United States African Development Foundation (USADF) and 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 percent of whom will be women-owned) impacted by COVID-19. 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…

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AUDA-NEPAD partners with Ecobank to launch MSME Academy

AFRICA – African Union Development Agency (AUDA-NEPAD), has announced the launch of the MSME Academy, in partnership with Ecobank Group with an aim is to boost the MSME sector. Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme for Africa’s Micro Small and Medium Enterprises, the Academy provides easy access to practical training and resources on financing opportunities in various countries, materials on how to build digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic. The platform will also provide…

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Ecobank appoints Alain Nkontchou as Board Chairman of ETI

AFRICA – Ecobank, a pan-African banking group, 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 accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six-year tenure as Chairman on 30 June 2020 having reached the retirement age of 70. “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…

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Ecobank Group partners JA Africa to promote financial literacy skills among Africa’s youth

AFRICA — Junior Achievement (JA) Africa and Ecobank Group have launched  their new partnership- “Banking on Africa’s Youth,” to promote financial literacy skills among the youth.  A statement from Ecobank explained that the partnership will undertake a campaign which will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa. According to Ecobank, the partnership will mobilize and educate over 600,000+ young people with financial literacy knowledge. The statement from the bank revealed that the Banking on Africa’s Youth partnership is part of…

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Ecobank Nigeria extends zero charge for digital money transfers to cushion public from COVID19

NIGERIA – Ecobank, a subsidiary of the Ecobank Group, a leading independent pan-African banking group, has extended its zero-charge fee for digital money transfers to cushion the public from the adverse effects of the COVID19 pandemic. The decision from the bank was made at a time when the corona virus disease is continuing to wreak havoc in the West Africa nation, infecting over 24,000 Nigerians and claiming the lives of about 558 others. The Nigeria ministry of health has urged the public to follow (WHO) provided recommendations for the wearing…

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