Ecobank Transnational (ETI) News

Adesola Adeduntan, CEO, First Bank

Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors.

Nigeria Moves Closer to Single Naira Rate

Nigeria Moves Closer to Single Naira Rate (Infographic)

Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate.

GT Bank, Nigeria's biggest bank by market value, has raised the maximum monthly dollar spend limit to $1,000 from

Nigeria Banks Boosting Dollar Spending as Liquidity Improves

Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply.

Ecobank Mobile

Ecobank targets 700% customer growth from mobile banking

Ecobank expects its new digital banking platform to help to boost its customer base across the continent to 100 million from 13 million by 2020.

PesaLink - Kenyan banks have joined forces to launch a mobile money rival to M-PESA

Kenyan banks have joined forces to launch a mobile money rival to M-PESA

Nearly ten years after its launch, M-Pesa finally has what could be a major competitor in the multi-billion dollar mobile money transactions business.

Africa's banker of tomorrow

Armed with fintech and fueled by data: Africa's banker of tomorrow

Markets in Shanghai closed up today on news that the Chinese bullet train manufacturer Fujian Corp won the contract to connect Casablanca to Abidjan.

Kigali Heights, Kigali, Rwanda (Illustration)

Magnificent Kigali Heights to open in November

Kigali Heights, a new mega-commercial complex in Rwanda’s capital Kigali, has set November as the opening month for the $36 million property.

Aliko Dangote (Left), Kola Karim, Temitope Balogun (TB) Joshua & Ade Ayeyemi

How Nigeria's top tycoons made their fortunes

Between the politicians and the rich, there is considerable overlap. Running a political campaign is extraordinarily expensive in Nigeria, and many a senator is heard complaining, in private, about how much money is needed to buy a seat.

Africa - The great opportunity

Africa: The great opportunity

Africa is rapidly becoming the global economic growth engine. Half of the world’s 25 fastest-growing nations are in Africa and almost 40 per cent of the continent will achieve GDP growth of more than 5 per cent in 2016.

Kennedy Uzoka, incoming Managing Director of UBA Group

Nigeria's UBA Group appoints Kennedy Uzoka as Managing Director, Victor Osadolor as Deputy MD

Lagos-based UBA Group has appointed Kennedy Uzoka as Group Managing Director, with effect August 1st, 2016 and contingent on the approval of Nigeria’s Central Bank.

Dan Matjila, CEO, Public Investment Corporation (PIC)

Africa's largest money manager PIC interested in raising Barclays Africa stake

The Public Investment Corp., manager of the bulk of the South African government’s pension fund money, said it would be interested in increasing its stake in Barclays Africa Group Ltd.

Lagos, Nigeria

Economists share their 2016 outlook for Nigeria, Kenya and South Africa

These are the global economic realities that will continue to shape African markets in 2016. Strong US dollar. Low oil and commodity prices. Slowing Chinese growth.

Founder of InaTidé and Head of Energy and Natural Resources at FBN Capital. Credit: rolake.iprofile360.com

Nigerian entrepreneur aims to plug energy project funding gaps with new startup

One characteristic the Mint economies share is that they have younger populations than their more economically developed counterparts around the world.

Ecobank emerged in the mid-1980s, and although not the largest of the pan-African banks in terms of assets, it surpasses them all in geographic reach.

Continental reach: The rise of the pan-African bank

Africa-based banks, once largely domestic, are expanding across the continent and now dominate the banking sector in many countries.

Smile Telecoms raises $365M from African investors to expand broadband coverage across the continent

Smile Telecoms raises $365M from African investors to expand broadband coverage across the continent

Smile Telecoms plans to grow its broadband network in Africa after raising $365 million in debt and equity financing.

Albert Essien, CEO, Ecobank

Nigeria should switch to managed currency float, says Ecobank CEO Albert Essien

Nigeria, whose currency lost almost 8 percent against the dollar this year, would benefit from letting market forces have more say over its exchange rate, according to Albert Essien, chief executive officer of Ecobank Transnational Inc.

Supermarket group Choppies wants to have 200 stores by the end of next year

Opportunities multiply as African ventures eye wider horizons

When Choppies opened its first store in Lobatse, a small town in Botswana, its ambition was limited to becoming a retailer of substance in its domestic market.

Safaricom's M-PESA

The battle between Africa's mobile phone companies and banks is a boon for financial inclusion

Another week and another bank in Africa is entering the mobile money space.

The GCX buildout will be led by Eleni Gabre-Madhin, the CEO of Nairobi-based Eleni Exchanges.

Ghana Commodity Exchange (GCX) to be fully operational by June 2016

Smallholder farmers and other participants along Ghana’s agriculture value chain look set to rake in more returns on their investments following the launch of the Ghana Commodity Exchange (GCX).

Akinwumi Adesina, incoming President of the African Development Bank (AfDB)

Battle-hardened Nigerians are getting picked for top finance jobs in Africa

It was perhaps inevitable given its population mass, and its half-a-trillion dollar economy.

Ade Adeyemi, CEO of Citi Sub-Saharan Africa & incoming CEO of Ecobank Group

Citi's Sub-Saharan Africa CEO Ade Adeyemi to take over as Ecobank Group's new CEO

Ecobank Transnational Incorporated (“Ecobank”), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, is pleased to announce the appointment of Ade Ayeyemi as its new Group Chief Executive Officer.

Bisi Lamikanra, Partner & Head of Management Consulting, KPMG Nigeria

How the finance sector can drive Africa's economic growth: Bisi Lamikanra, Partner, KPMG Nigeria

The rise of Africa’s financial services sector in recent years has been remarkable.

Albert Essien, CEO, Ecobank Group

Ecobank's comeback on course

Ecobank Transnational (ETI) had a strong first quarter, despite last year’s corporate governance issues that gained much media attention and culminated in the dismissal of key board members.

Africa's telecom firms are becoming rivals for banks.

Mobile money, mobile banking: Africa's telecom firms are becoming rivals for banks (Video)

The number of people across Africa using mobile phones continues to grow. The increasing volume of financial transactions made on these phones has enabled telecommunications companies across the continent to set themselves up as major competitors in the banking business.

The main offices of EFG Hermes in Cairo. Credit: Dana Smillie for The National

Egypt's EFG Hermes looks to tap into fast-growing Sub-Saharan Africa

EFG Hermes, Egypt’s biggest listed investment bank, is considering an entry into Sub-Saharan Africa to tap demand for private equity and corporate advisory services, the chief executive said.

Albert Essien, CEO, Ecobank Group

Ecobank Group CEO Albert Essien tells investors to engage with Africa on a long-term basis

Ecobank Group CEO Albert Essien gave the keynote address in Munich today at the 4th Conference on Managing Risk in Africa.

Addis Ababa, Ethiopia

Ethiopia bets on grand projects in drive for industrial power

Chinese workers mingle with Ethiopians putting the finishing touches to a metro line that cuts through Addis Ababa, one of a series of grand state infrastructure projects that Ethiopia hopes will help it mimic Asia’s industrial rise.

Orange and Ecobank launch money transfer service between Orange Money accounts and bank accounts

Orange and Ecobank launch money transfer service between Orange Money accounts and bank accounts

Orange (http://www.orange.com) and pan-African banking group Ecobank have rolled out a service that will enable Orange Money subscribers who also have bank accounts with Ecobank to transfer money between their respective accounts.

Nigerian Naira (NGN)

Nigeria's banks flex muscles in tussle for control of naira

Wrapping up a monetary policy speech last week, Nigerian central bank governor Godwin Emefiele declared that the naira, which has crumpled to 190 to the dollar with the drop in oil prices, was “appropriately priced”.

Bob Diamond, Co-Founder, Atlas Mara & Former CEO, Barclays

Former Barclays CEO Bob Diamond could gain millions from new African investment venture

Bob Diamond, ousted as boss of Barclays last year after the Libor-rigging scandal, potentially stands to reap millions of pounds from a new stock market venture set up to acquire financial services companies in Africa.

A shopper peruses the grocery aisles at the South Africa–based Shoprite in the three-year-old Ikeja City Mall. Photo credit: nationalgeographic.com

Global X MSCI Nigeria ETF: Speculative multi-year play approaching attractive valuation

The bet is a very long-term (multi-year) play on: (1) Earnings growth; and (2) Increased multiples assigned to equities by market participants as Nigeria’s markets mature.

Johannesburg, South Africa

Investors keep an eye on the big picture in Africa, in spite of short-term challenges

Concerns about the scale of the Ebola crisis and plunging commodity prices would have had investors fleeing Africa not that long ago. But dealmaking in the sub-Saharan region is buoyant as most investors set aside short-term worries and bet big on growth.

JPMorgan

Kenya sovereign debut opens path for Kenyan corporate Eurobonds: JPMorgan

Companies in Kenya, whose government raised $2.75 billion in debut Eurobond sales this year, may follow peers in South Africa and Nigeria with bond offerings in 2015, according to JPMorgan Chase & Co.

National Bank of Angola (Banco Nacional de Angola)

Africa Comes Into View

China’s growth story has been remarkable. The country’s economy grew at a staggering 10% annualized pace for 20 years as its government conducted a massive infrastructure building campaign.

Miller beer by SABMiler

M&A activity heats up in Africa as investors bet on growth

Concerns on the scale of the Ebola crisis, current levels of political unrest and plunging commodity prices would have sent investors rushing out of Africa not long ago.

Debt Capital Markets

Africa on course for growing debt issuance: Megan McDonald, Global Head of Debt Primary Markets, Standard Bank

Governments and companies in Africa are on course to continue the trend of growing debt issuance this year as investors across the world continue to purchase high yield assets …

Cadbury

The 20 most valuable companies in Nigeria

Discover the 20 most valuable companies in Nigeria.

Albert Essien, CEO, Ecobank

Ecobank considers sale of $500M stake in Nigerian unit: Albert Essien, CEO, Ecobank

Ecobank Transnational Inc. is considering selling a stake in its Nigerian subsidiary as part of a plan to raise about $500 million of equity for the unit.

Ingrid Johnson, CFO, Old Mutual

Old Mutual earmarks $386M for Africa expansion

Old Mutual Plc (OML), Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined.

Mobile money use in Africa

Mobile money in Africa: The next generation

Africa has forged a reputation as a global leader in mobile financial services.

Nedbank

Nedbank exercises option to buy 20% of Ecobank for $500M as Qatar National Bank builds stake

Nedbank Group Ltd. (NED), the South African lender controlled by Old Mutual Plc, has agreed to buy 20 percent of Ecobank Transnational Inc. (ETI), even after the Lome, Togo-based company sold a stake to a Qatari bank.

Goodluck Jonathan, President of Nigeria

Nigeria's Power Industry Bailout Heads Off Threat to Lenders

Nigeria has headed off a threat to its banking industry by propping up struggling power companies with an intervention fund, said analysts including Pabina Yinkere of Vetiva Capital Management Ltd.