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Tag: Ecobank CEO

  • Ecobank CEO speaks on Fintech in Africa

    Managing Director, Ecobank Nigeria, Patrick  has listed Africa’s potentials and how the continent can harness opportunities in Financial Technology (Fintech).

    Speaking  at the third National Fintech Conference and Africa Fintech Festival 2018 Edition in Lagos, on the theme: Fintech- Beyond and Hype, he said that Africa, as a whole, has an economy where over 95 per cent of transactions were conducted in cash, hence, offers an opportunity it could harness via digitisation.

    The conference which kicked off the Africa Fintech Festival series, is a week-long festival with two days of main conference and various other engaging side attraction running throughout the week. Akinwuntan said, “Digitisation will provide an important avenue for African economies to leapfrog, not only financial development, but also development across other sectors of the economy.

    “There are infinite opportunities on the digital platform and fintech are working really hard to develop and introduce products that will benefit Africa. “These changes will only benefit African economies that are ready to embrace digitalisation.”

    He said that mobile devices were also an obvious tool which Africa could use to unleash the power of digitalisation across the continent. The managing director also said that with the rising penetration of mobile broadband, there were more possibilities ahead for Africa. Akinwuntan also said that Africa could copy from other continent and countries that had harnessed digitalisation to boost their economy. “For instance, Estonia, a small European country, was trying to find its feet post-breakup of the Soviet Union in 1991, without much resources from which to rebuild.

    “The government led a deliberate effort to fast track economic development leveraging digitalisation rooted in the goal to improve the wellbeing of its citizens. “They invested in a broadband network across the country, digitized government services and incentivized citizens,” Akinwuntan said. He said that Ecobank was in 36 countries in Africa and was ready to collaborate with all willing partners to make digital payments across Africa a reality.

  • Ecobank CEO lauded for supporting artist

    The Managing Director of Ecobank Charles Kie has been praised for giving a young artist, Kareem Waris Olamilekan,  the opportunity to showcase his talent before the French President, Emmanuel Macron last week in Lagos.

    The 11-year-old artist had sketched a portrait of Macron during his visit to the New Afrika Shrine in Lagos.

    Speaking during a thank you visit to Kie in Lagos, Olamilekan said: “I thought it was a joke when a staff member of Ecobank called to say they wanted me to sketch a portrait of the French President, which the bank would present to him during his visit to the Africa Shrine. I was (and am still) happy for this opportunity. In fact, my friends and people I do not know have since been calling me to congratulate me. Even my parents are not left out. It is a family dream come true I must say.”

    Olamilekan is a pencil, painter and prosthetic makeup artist. He began drawing at six, starting with cartoon and comics and by eight, he started drawing professionally. He was identified by Ecobank as a talented artist and was given the opportunity to paint a portrait of Macron for the bank to present to the French President during the “Celebration of African Culture” event at the New Afrika Shrine.

    Responding, Kie said the bank is glad that it is helping the artist to realise his dream.  He said the bank recognised the abundant talent in the artist and decided to empower him to sketch Macron’s portrait, adding that it was in line with the bank’s policy of recognising and developing talents across the continent.

    “As a pan African financial institution, we are glad to have empowered Olamilekan to achieve his dream.’’

     

     

  • Ecobank CEO highlights gains of financial literacy

    Ecobank Nigeria Managing Director, Charles Kie has said early adoption of financial principles is the panacea to success.

    He has, therefore, advised students and youths to imbibe financial principles at an early stage of their lives as this will help them manage their resources effectively in the future. The MD spoke at a lecture with pupils at Edgerley Memorial Secondary School, Calabar, Cross River State capital.

    Kie, who spoke on the theme: Money matters as part of activities of the bank to mark the financial literacy week, reiterated that Ecobank’s financial inclusion strategy focuses on young people, who are the future of our society.

    He said: “To become successful in future, you need to be financially literate by developing skills of budgeting and saving, make good financial decisions and use financial institutions to manage your finances. You have to open a bank account for your expenses and savings and it is also important you find and learn from financial mentors.”

    He reiterated that “For us at Ecobank, the ability to reach out to the young ones by encouraging them to adopt banking services, while also tutoring them on the various advantages of banking is at the centre of our financial inclusion strategy”.

     

     

  • Ecobank CEO advocates Credit Guarantee Schemes for MSMEs

    The Chief Executive Officer of Ecobank Transnational Incorporated, Ade Ayeyemi, is calling for the Nigerian Government to introduce Credit Guarantee Schemes for Micro, Small and Medium Enterprises (MSME) as a measure to hedge their risk.

    Reiterating that MSMEs are a fundamental part of the economic fabric in Nigeria and the wider continent and therefore play a crucial role in furthering growth, innovation and prosperity, Mr Ayeyemi suggested that shouldering some of the risk would encourage greater confidence amongst banks to lend to the sector.

    “Currently, many banks would rather invest in treasury bills than give credits to individuals which may later result in non-performing loans,” said Ayeyemi. “If the government were to take out part of the risk by saying, ‘we will guarantee’, then I would become indifferent whether I put the moment in a treasury bill or an MSME,” said Ayeyemi

    However the CEO of Africa’s leading pan-African bank insisted that such a guarantee would only work if entrepreneurs repaid this show of faith by paying it back on time. “If the MSME’s don’t pay, they are reducing the abilities of the banks to be able to fulfill their role in society in being able to lend,” he added

    Ayeyemi’s comments came at his guest appearance on the ‘Access to Capital’ panel at the 23rd Nigeria Economic Summit held in Abuja, Nigeria between October 10 and 12. The event brought government and business leaders together to actualise change and stimulate growth.

    Ayeyemi explained why new businesses fail. “Part of that failure is not due to the person but also due to the circumstances in the environment.If you don’t have power, if there is no water and you need $5,000 to set up a barbing salon today; if you are in Nigeria you spend more than half of that money on a generator, diesel and water ,” he said.