The bank returned 24% on equity and cut its non-performing loan ratio to 6% from almost 8% in 2006. During the course of 2007, Ecobank bought banks in the Central African Republic and Rwanda. It also set up operations in Guinea Bissau, São Tomé and Principe and Gambia. The bank’s acquisitive nature has not deserted it in 2008. Already this year, Ecobank has bought banks in Malawi, Burundi and Kenya and started operations in Brazzaville, the capital of Congo, and the Democratic Republic of Congo. This boosted its regional presence across Africa to 26 countries – more than any other bank.
Ecobank takes an innovative approach to operating in a unique African environment. One example of this last year was the launch of the Ecobank Xpress branch concept. In a continent that still has a largely rural and dispersed population, Ecobank Xpress is a branch model that allows the bank to access more customers in more disparate locations. The bank also works hard to introduce impoverished Africans to banking facilities. In 2007 it joined forces with microfinance firm Accion to launch microfinance services in Nigeria and Ghana.
“Ecobank has a dual mission: to build a world-class African bank and to contribute to the economic and financial development of the African continent,” says Ecobank Togo managing director Roger Dah-Achinanon.
