In the past 15 months the bank has doubled its number of branches in Senegal and doubled its number of clients. As a result of this expansion the bank’s assets grew by 31% and its Tier 1 capital leaped by almost 50%. An aggressive expansion policy also meant the bank returned a solid 35% on equity in 2007.
A progressive bank, Ecobank Senegal goes to great lengths to support small African businesses run by women. In early 2008, the bank signed an agreement with the International Finance Corporation (IFC) to extend $2m-worth of loans to women-owned micro, small and medium-sized enterprises. As part of the deal, the IFC will cover up to 50% of the credit risk on Ecobank Senegal’s portfolio of new loans to these businesses.
Ehouman Kassi, Ecobank Senegal managing director, says the award is recognition of a steady effort: “We will continue to work to become the best bank in Senegal in terms of presence, product and service quality. To achieve this ambition, we intend to strengthen our position in retail banking, while improving service through centralisation and automation of business process.”
