Digital ecosystem bolsters Ecobank group operations
PAN-African banking group, Ecobank Transactional Incorporated (ETI), the parent company to Ecobank Zimbabwe, says the adoption of digital services has enhanced business resilience amid the disruptive impact of Covid-19.
With banking operations in 33 countries the group, which concluded its 32nd annual general meeting on Tuesday, said in a news release that digital products were proving to be a formidable path to sustainable business in the face of external shocks and pandemics such as Covid-19.
Outgoing chairman, Mr Emmanuel Ikazoboh, said the group has made strides in laying the foundation of achieving improved business and operational efficiency through adopting digital products with scalability, as well as strong corporate governance and continued expense discipline.
“We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the group despite the challenging economic conditions especially with the Covid-19, whilst also maintaining our commitment to driving economic development and financial integration across Africa,” said Mr Ikazoboh, who will be succeeded by Mr Alain Nkontchou following the end of his tenure.
Ecobank chief executive officer, Mr Ade Ayeyemi, said 2019 was a year of substantial progress as the group broadened its innovative product range by introducing core banking digital application platforms, establishing new partnerships and enhancing profitability of its units. He said consolidating the digital thrust was critical post Covid-19.
“Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the Covid-19 pandemic, enabling us to provide seamless continuity of service to our customers,” he said.
During the AGM shareholders were pleased with ETI’s progress in 2019 and approved all the resolutions, which included the election of two new directors – Professor Enase Okonedo and Mr Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the board.