From a nominal 12.5 cent per share nominal value, the bank’s share price rose to 135 cents in less than a year, an endorsement of the group’s strategy and business model.
In the past 15 months, Ecobank’s operations have expanded from 13 to 19 countries, covering the middle part of Africa. The group acquired banks in Chad, Central Africa and Rwanda, and set up new subsidiaries in Sierra Leone, Guinea Bissau and Sao Tome. The branch network was expanded from 162 to 337, and the customer base has more than trebled to roughly one million.
Ecobank was the first in west Africa to issue a local currency credit card, which is now in use in Ghana and Nigeria as well. The group made significant investments in IT in its bid to achieve a world-class technology platform. The bank set up the first shared service centre in west Africa and transactions are processed across the group at one centre, helping to deliver customer service with a high level of speed, efficiency and accuracy.
“The choice of the Ecobank Group as Bank of the Year [in Togo and other African countries] confirms our position as a leader in the emerging African banking industry and our long-term commitment to the African continent,” says group chief executive Arnold Ekpe. “This award honours all our employees from over 25 African and non-African countries, our shareholders, our customers and the countries in which we operate.”
