Ecobank Burkina has achieved great strides in enhancing shareholder value through a series of strategic initiatives, primarily by placing the focus on training people to provide a superior service and boosting the group’s skills base. The bank spent $182,000 last year on staff training alone. Cost management came under the microscope last year as well, particularly in the area of inter-branch and group subsidiary communications, including VOIP equipment and lump sum systems with telecommunications companies, as well as making appropriate investments to reduce the cost of electricity, a major cost item.
The bank was engaged in developing the Western Union network throughout Burkina Faso and improving customer relationships in areas like payment collection. Reward schemes were introduced to bring in greater volumes of savings deposits. Ecobank also expended its branch network by opening new offices in four towns. Last year, it introduced ATMs into all its sites and SMS banking was launched to facilitate customer transactions. The bank acquired VOIP technology and introduced 30 PoSs to be set up in shops, hotels, restaurants, chemists and petrol stations.
Much was done to detect and prevent money-laundering activities, largely through staff training and awareness programmes. Ecobank brought in direct sales agents to market its banking services throughout the country, with 10 kiosks set up to sell the group’s products and services. Much of the year was spent developing a focus on the private banking customer segment and in ensuring compliance with the requirements of Basel II.
