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Tag: Ecobank

  • Ecobank chief says lender on path to leadership

    Ecobank chief says lender on path to leadership

    The Managing Director, Ecobank Nigeria, Charles Kie has said the lenders is on the path of attaining market leadership.

    According to him, “with our bank wide transformation efforts especially electronic payment solutions and strategy designed to boost long-term productivity of our core businesses, we are confident these efforts will position us for strong growth over the next years.

    It would be recalled that Ecobank Nigeria recently launched Mobile App and Masterpass QR. The Ecobank Mobile App uniquely leverages the power of digital to deliver real convenience to customers. It gives Ecobank the scale and capacity to achieve its 100 million customer ambition in a profitable and sustainable way.

    With a mere click or two on the Ecobank Mobile App, customers can open a new digital account with no paper references. Ecobank is also the first bank to issue Masterpass QR in Nigeria, which reaffirms its undisputed pioneer position in bringing convenient international digital payments products to delight its customers as the bank is also the first to issue International MasterCard payment cards in Nigeria.

    Ecobank Masterpass QR, makes electronic payments safe, simple and smart. It improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology. Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones.

    Addressing members of the public during market storm in different parts of Lagos recently, Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi, said the sensitization exercise which was held in different parts of the country, is to create awareness amongst members of the public on the benefits inherent in the global digital payment platform, stressing that, the technology makes electronic payments safe, simple and smart.

    According to him, the new digital platform is also in line with Central Bank of Nigeria (CBN)’s cashless policy and financial inclusion goals, adding that, with it would attract the unbanked to the financial landscape.

    “I am impressed with the level of acceptance of this digital payment system since it was launched in October.  Merchants in different parts of the country have already started using it. This product will bring more people to the banking system and also revolutionize the nation’s economy within the shortest possible time,” he said.

    Kuponyi further explained that customers will also be able to pay for goods and services using Ecobank Masterpass QR thereby reducing the need to carry cash or bank cards, noting that, the Bank will use its unrivalled network to give customers access to more choice with a larger range of products and services than any other bank across Africa.

  • Qatar National Bank raises stake in Ecobank

    Qatar National Bank raises stake in Ecobank

    Qatar National Bank (QNB) has increased its stake in Ecobank Transna-tional Incorporated (ETI) by more than 60 per cent in the past two years.

    The investment has earned Qatar National Bank the largest single shareholder in the pan-African lender.

    QNB is listed on the Qatar Exchange, with the Qatar Investment Authority (QIA) as its major shareholder.

    QNB, which acquired 11.1 per cent equity stake in Ecobank in  2014, has grown its equity stake to 18 per cent, trailing Nedbank Group Limited, which controls the largest equity stake of 20.7 per cent, according to the last audit for the period ended December 31, 2015.

    In third quarter of 2014, QNB acquired about 1.77 billion ordinary shares of ETI, which gave the Qatari bank 11.1 per cent equity stake in ETI.

    At the same time, QNB also acquired about 732.28 million preference shares.

    Ecobank late last month announced that QNB has decided to exercise its option to convert its preference shares totaling 732.28 million preference shares to ordinary shares. At the previously agreed conversion rate of one preference share for 0.76923 ordinary share, QNB will receive about 563.26 million ordinary shares.

    QNB was the major holder out of the total number of ETI’s preference shareholders who decided to convert their preference shares to ordinary shares by the expiration of the conversion deadline on October 31, this year. Altogether, ETI will issue about 630.33 million ordinary shares in exchange for 819.42 million preference shares.

    The issuance of the new ordinary shares will increase QNB’s shareholding from 4.334 billion ordinary shares or 18.0 per cent as at the last audit to about 4.897 billion ordinary shares or 19.8 per cent after the conversion. The new issuance will also increase ETI’s issued share capital from 24.10 billion ordinary shares of 2.5 US cents to 24.73 billion ordinary shares.

    ETI, which is also listed on the Ghana Stock Exchange in Accra and the West Africa Stock Exchange (BRVM) in Abidjan, has indicated it was ready and in favour of issuing the new shares. ETI had said the 819.42 million preferences shares will be converted to 630.33 million ordinary shares at an implied conversion price of N21.32 per new ordinary share upon receipt of requisite approvals.

    Sources in the know of regulatory affairs at the weekend said Ecobank will receive a “no objection” clearance from the capital market regulators.

    Under the terms on conversion of preference shares approved by all parties to the acquisition of Oceanic Bank, which resolution was passed on September 14, 2011, preference shareholders had the right, exercisable at any time between the third anniversary of the issue date and the fifth anniversary of this date, to convert their preference shares into ordinary shares in the company at the rate of one preference share to 0.76923 ordinary share.

    Preference shareholders, therefore, had the right to convert their preference shares up to Monday October 31, 2016. Out of outstanding of 1.03 billion preference shares as at the end of December 2015, the holders of 819.42 million preference shares exercised their right to convert their preference shares into ordinary shares in the company within the stipulated timeline.

    Group chief executive officer, Ecobank Transnational Incorporated (ETI) Plc, Ade Ayeyemi said the decision to convert the preference shares to ordinary shares underscored the trust by the preference holders in the Ecobank Group.

    “We appreciate the trust and confidence that the preference shareholders, particularly QNB, have in Ecobank. With the support of all our shareholders, we shall continue to provide the best quality banking services to our numerous clients across the largest banking network in Africa,” Ayeyemi said.

    He said ETI is taking all necessary steps to get the shares converted, issued and listed on the three stock exchanges where it is listed.

  • Ecobank, NIBSS partner on mCash

    Ecobank has joined a collaboration among the Nigeria Interbank Settlement Scheme (NIBSS) and the four major telecoms operators, Etisalat, MTN, Airtel and Globacom, to offer a new and innovation mobile money payment solution, mCash.

    The new mobile payment solution enables easy payments using the mobile phone for account holders mobile money users. It facilitates low value retail payment and extends e-payment benefits to payers and merchants, mostly within the mass markets.

    Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, said the enlistment of Ecobank into the mCash platform was in line with its policy to provide seamless and innovative services to customers. He was optimistic that the payment system would further engender cashless payment strategy of the Central Bank of Nigeria (CBN) and stimulate commercial activities in the nation’s economy.

    Head, Consumer Distribution, Ecobank Nigeria, Tunde Kuponiyi,  said: “mCash is certainly the way to go. This will further bring into the banking sector micro payments in our society. Apart from reducing use of cash, it will also be quite beneficial to our teeming customers and the economy.” He added that the Bank had recently introduced innovative e-payment services such as MasterPass QR into the financial landscape, explaining that it allows people to pay for services using mobile phones. “It also enables micro, small and medium enterprises (MSMEs) in Nigeria to receive digital payments from millions of customers.”

    Managing Director/Chief Executive Officer of NIBSS, Ade Shonubi had said: “The whole intention of mCash is to broaden the opportunity for people who rely mostly on usage of cash to find convenient means of making payments electronically. The CBN has been pushing the cashless initiative for a long time and we have seen significant gains but a lot of people who have benefited so far have been the banking customers.”

  • Ecobank sensitises customers about MasterPass QR

    Ecobank sensitises customers about MasterPass QR

    Ecobank Nigeria has embarked on sensitisation exercise of mass and conventional markets of its innovative global digital payment system, MasterPass QR, launched in Lagos. The system allows people to pay for services using mobile phones. It also enables micro, small and medium enterprises (MSMEs) to receive digital payments from millions of their customers.

    Its Head, Consumer Distribution, Tunde Kuponiyi, said the sensitisation exercise which is on-going in different parts of the country, is to create awareness amongst members of the public on the benefits inherent in the global digital payment platform, stressing that, the technology makes electronic payments safe, simple and smart.

    According to him, the new digital platform is also in line with Central Bank of Nigeria’s (CBN’s) cashless policy and financial inclusion goals, adding that it will attract the unbanked to the financial landscape.

    “I am impressed with the level of acceptance of this digital payment system since it was launched in October.  Some merchants in Lagos have already started using it. More merchants across the country are expected to sign up. The enthusiasm displayed by members of the public since we commenced this sensitisation exercise shows that this product will bring more people to the banking system and also revolutionise the nation’s payment system within the shortest possible time,” he said.

    Kuponiyi further explained that customers will also be able to pay for goods and services using the system thereby reducing the need to carry cash or bank cards. He noted that the bank will use its network to give customers access to  choices with a larger range of products and services than any other bank across Africa.

  • Ecobank asks CJ to re-assign Honeywell’s suit to new judge

    Ecobank Nigeria Limited has asked the Chief Judge of the Federal High Court, Justice Ibrahim Auta, to re-assign a suit filed against it by Honeywell Flour Mills Plc and its sister companies – Anchorage Leisures Limited and Silaom Global Services Limited – to another judge.

    The bank said it no longer had confidence that it would receive a fair justice from Justice Muhammed Idris who is currently handling the case.

    In a letter to the CJ by the bank’s Company Secretary/Chief Legal Counsel Denike Laoye and Kehinde Dawodu of its Legal and Regulatory Unit, the bank said various events led it to conclude that the case should be better handled by another judge.

    “The bank states unequivocally that it no longer has confidence that it will fairly and dispassionately receive justice in the subject case in light of the various events showing the court’s apparent bias against the bank and its retained firm of solicitors.

    “We, therefore, sincerely pray that the subject suit be re-assigned to any other judge of the Federal High Court, Lagos,” the bank wrote.

    The bank said while ruling on contempt a contempt charge filed by Honeywell and others, the judge allegedly threatened to the “deal with” the bank when the plaintiffs’ counsel properly invokes the court’s disciplinary jurisdiction.

    “In determining the initial committal processes, His Lordship Idris J, went beyond the possibility of innocence or the presumption of innocence as required by law,” the bank said.

    The bank said the judge, without hearing from it, held that a ruling delivered on July 1, in which he refused to grant the bank’s application for stay of proceedings, was still pending.

    Besides, Ecobank said the judge allegedly refused to countenance its appeal before the Supreme Court and a pending motion for stay of proceedings.

    “Our senior counsel informed the court that in deference to the hierarchy of courts, particularly since the issue at hand is jurisdiction, His Lordship ought to adjourn the trial pending the decision of the Supreme Court on the same issue, which appeal is ripe for hearing.

    “Despite all these, His Lordship relied on the plaintiff’s sole affidavit and the ruling of 1st July, 2016 to adjourn for definite hearing the subject suit, shutting the bank out from traversing the narration by the plaintiffs’ counsel,” the bank said.

  • Visa, Ecobank partner on digital payments

    Visa, a global payments company, has partnered Ecobank to roll out mVisa, an innovative mobile payment service, in 33 African markets by year-end. The service will initially launch in the key markets of Nigeria, Ghana, Kenya and Tanzania, signaling both firms’ plan to promote mVisa across Sub-Saharan Africa.

    With mVisa, consumers can pay for goods and services for everyday expenses from bill payments to groceries and taxi services, by simply scanning a QR code on a smart phone or entering a merchant identification number into their feature phones.

    mVisa addresses the need for a convenient, low cost acceptance payments service throughout the continent. The informal sector contributes about 55 per cent of Sub-Saharan Africa’s GDP which is largely cash based1.

    With mVisa, merchants are now able to receive electronic payments in a cost-effective way, without the need for point-of-sale terminals. They can receive payments directly into their bank accounts, within minutes of the consumer making a payment and provides real-time notification to both parties. Unlike other mobile payment services mVisa can also handle refunds and charge backs, so if a merchant needs to refund a consumer, mVisa can facilitate this.

  • Visa, Ecobank collaborate on digital payments

    Visa, Ecobank collaborate on digital payments

    Visa, a global payments company, has partnered Ecobank to roll out mVisa, an innovative mobile payment service, in 33 African markets by year-end. The service will initially launch in the key markets of Nigeria, Ghana, Kenya and Tanzania, signaling both firms’ plan to promote mVisa across Sub-Saharan Africa.

    With mVisa, consumers can pay for goods and services for everyday expenses from bill payments to groceries and taxi services, by simply scanning a QR code on a smart phone or entering a merchant identification number into their feature phones.

    mVisa addresses the need for a convenient, low cost acceptance payments service throughout the continent. The informal sector contributes about 55 per cent of Sub-Saharan Africa’s GDP which is largely cash based1.

    With mVisa, merchants are now able to receive electronic payments in a cost-effective way, without the need for point-of-sale terminals. They can receive payments directly into their bank accounts, within minutes of the consumer making a payment and provides real-time notification to both parties. Unlike other mobile payment services mVisa can also handle refunds and charge backs, so if a merchant needs to refund a consumer, mVisa can facilitate this.

    “Visa is a globally recognised brand. We are, therefore, excited to accelerate the growth of digital payments in partnership with them. Our joint objective is to leverage mVisa to underpin a robust mobile payments ecosystem that will make financial inclusion, at an affordable and sustainable price point, a reality across our markets,” Ade Ade Ayeyemi, the Group CEO of Ecobank, said.

    Consumers can also make payments to other individuals (person-to-person or P2P) and Ecobank’s branchless banking agents will be able to do cash-in-cash-out transactions across the region.

  • Ecobank gives deadline on Oceanic shares’conversion

    Ecobank gives deadline on Oceanic shares’conversion

    Ecobank Transnational Incorporated (ETI) Plc has notified holders of the preference shares of the defunct Oceanic Bank International Plc to convert their preference shares to ordinary shares within the next four working days.

    The conversion of the preference shares is one of the previously agreed resolutions upon the acquisition of Oceanic Bank International by ETI. It should be recalled that by a resolution passed on September 14, 2011, the board of directors of ETI had approved the acquisition of Oceanic Bank.

    The terms of conversion of preference shares were recommended by the board of Oceanic Bank and approved by shareholders of  Oceanic Bank shareholders and were included in the scheme of arrangement documents for the acquisition.

    According to the terms of conversion, the holders of the preference shares shall have right, exercisable at any time between the third anniversary of the issue date and the fifth anniversary thereof, to convert their preference shares into ordinary shares in the company. Each preference share, upon conversion, shall convert into 0.76923 ordinary share.

    “You may convert your preference shares up to Monday October 31, 2016. After the said date, you will not be able to convert your preference shares anymore,” Ecobank stated in a regulatory filing issued at the company’s headquarters in Lome, Togo.

    ETI had in December 2011 consummated its acquisition of Oceanic Bank International with the listing on the Nigerian Stock Exchange (NSE) of about 2.49 billion shares issued to acquire the bank, paving way for shareholders of defunct Oceanic Bank to trade on their investments.

    The listing had increased ETI’s outstanding shares from 9.87 billion shares to 12.36 billion shares while market capitalisation of the bank-holding company rose from N102.59 billion to N125.48 billion.

     

  • Ecobank boosts digital banking with Mobile App

    Ecobank boosts digital banking with Mobile App

    Ecobank has launched its Mobile App, an instant and convenient way of banking via the mobile phone. It is the first unified app by any institution for use in 33 countries.

    The Group Chief Executive Officer, Ade Ayeyemi, unveiled the new product at a launch in Lagos.

    The event was attended by customers, students, professionals, traders and transporters.

    Ecobank members of staff, shareholders and reporters were also there.

    Ecobank Mobile App uniquely leverages the power of digital to deliver real convenience to customers. The Mobile App gives Ecobank the scale and capacity to achieve its 100 million customer ambition in a profitable and sustainable way.

    With a mere click or two on the Ecobank Mobile App, customers can open a new digital account with no paper references.

    According to Ayeyemi, “the Ecobank Mobile App opens up opportunities for customers by allowing them to shop, transact and do business without cash”. “At scale, this will be transformational for Africa. Through its purchasing power and Ecobank’s partnerships with Visa and Mastercard, the Ecobank Mobile App will be an accepted means of payment. With its removal of barriers to entry and affordable price points, the Ecobank Mobile App will empower the consumer to be on the move,” he said.

    The Group Executive, Consumer Banking, Patrick Akinwuntan, said: “This launch fulfils our promise of creating relevant solutions for consumers. With the Ecobank Mobile App, Ecobank customers can make and receive instant payments across 33 African countries. They can also pay in store with their mobile phones. This is genuine convenience delivered to our consumers.”

    At the launch, Akinwuntan demonstrated how to make a payment,  send and receive money to merchants, using Ecobank Masterpass QR technology. He also showed that opening an XpressAccount was an instant and easy transaction.

    Ecobank Nigeria’s Managing Director, Charles Kie, said: “Nigeria is a leading hub for entrepreneurship and technology for Ecobank, so this is why we chose Lagos to launch the Ecobank Mobile App. This new product will allow customers in Nigeria grow their businesses by giving them a convenient and secure way of banking.”

  • Ecobank gets AfDB trade finance support

    The Board of Directors of the African Development Bank (AfDB) has approved a $310 million trade finance loan for Ecobank Transnational Incorporated, parent company of the Ecobank Group.

    In a statement, AfDB said that the facility will provide critical trade finance funding to support economies in which Ecobank is present, primarily through support to SMEs and local companies involved in import-export activity.

    The intervention comes at a time of falling commodity prices, which have caused shortages in foreign exchange supply and led to unmet demand for trade finance instruments to support ongoing structural changes in the respective economies in Sub Saharan Africa.

    “The project will help address critical market demand for trade finance and dollar liquidity by supporting vital economic sectors such as agri-business, chemicals, construction, engineering, food processing, manufacturing and non-traditional exports,” the AfDB said.

    “It will enhance support to local enterprises in Sub Saharan Africa, whose trading activities are being constrained by shortages in dollar funding. When fully utilised, including roll-overs, the interventions are expected to facilitate circa $2 billion of trade over a three and a half-year period,” the bank added.

    Ecobank Transnational Incorporated is registered and headquartered in Lomé, Togo, as a pan-African bank holding company. It has presence in 36 African countries, and has representative offices in Beijing, Dubai, Paris and London. ETI’s shares are listed on the Ghana Stock Exchange, the Nigeria Stock Exchange and the Bourse Régionale des Valeurs Mobilières (BRVM) serving countries of the West African Economic and Monetary Union (UEMOA).