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Tag: Ecobank

  • Ecobank’s EPAC Studios, artists partner on creativity 

    Ecobank’s EPAC Studios, artists partner on creativity 

    Ecobank Nigeria’s flagship media outfit, EPAC Studios is partnering  highly rated Nigerian photographers to explore contemporary photography scenes.

     The photo experience, which takes place at the Ecobank Pan African Centre (EPAC) on Ozumba Mbadiwe Avenue in VictoriaIsland, January through February is set to feature photography experts such as Kelechi Amadi, Emmanuel Oyeleke, Jokotade Shonowo, Yemi Kings and Okeffect, among others. These ace creatives will take participants on a thrilling visual journey that spans professional headshots, family shoots, valentine theme shoots as well as lifestyle and fashion. 

    Head, Marketing and Corporate Communications, Jide Sipe, said the initiative is geared towards helping customers, creatives and everyone to start the year on a visually buoyant note, freezing memories in time and creating picture perfect moments.

    Read Also: SIM swap fraud rising, Ecobank alerts

    He stressed that it would be a highly engaging and interesting time for stakeholders in the photography space and the public.

    According to him, “ At Ecobank, our passion for supporting Nigerian creatives is only matched by our desire to create signature experiences built around our customer’s lifestyles”. “This is why through our flagship media outfit; EPAC Studios, we are bringing everyone together to savor the beauty and thrill of visual arts with added opportunities for learning and networking with some of the finest minds in the industry.”

    Mr. Sipe further said “We are not stopping at just photography. We have gone beyond to include videography and podcasts which we understand is rapidly becoming an integral part of our customers lives. We have themed and customized booths for customers to take all kinds of pictures with different backgrounds.” Adding that “These booths are reflective of some of the things people are passionate about i.e. our culture, nature, family etc. as well as a booth filled with inspirational quotes designed to galvanize people for the new year. Furthermore, we have also provided and optimized a recording booth for interested persons to “do their thing” whether in audio or video format”.

  • SIM swap fraud rising, Ecobank alerts

    SIM swap fraud rising, Ecobank alerts

    Ecobank has raised the alarm on the dangers of SIM swap fraud, stressing that  fraudsters could use it to impersonate customers.

    In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts. 

    According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.

    Read Also: Nigeria to boost shrimps’ exports

    “Protect yourself against SIM swaps, don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media. Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity.”

    Further, the Pan-African bank reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

    Ecobank further urged customers not to respond to emails, SMS and unsolicited calls from people they don’t know asking for your personal or banking information.

  • Ecobank plans improved funding for movie industry

    The Managing Director, Ecobank Nigeria Patrick Akinwuntan has said the lender would support the Nigerian movie industry through improved funding and other commitments to the industry.

    He spoke at the premiere of the movie ‘The Bling Lagosians’ in Lagos said Ecobank is determined to support the creative industry as they are most suited in the task of reinventing the Nigeria of our dreams. This also being in line with the Central Bank of Nigeria (CBN) vision to support the Creative Industry through a Financing Initiative

    Akinwuntan said Ecobank is passionate about Africa and its cultural renaissance, and its partnership with Bolanle Austen-Peters, a renowned African culture promoter, sits perfectly with the Pan African brand.

    Further he stated that the bank will continue to leverage its digital offerings to facilitate a more seamlessly connected Africa. According to the bank Managing Director, through its flagship products EcobankPay and the Ecobank Xpress ecosystem the bank will remain in the forefront as key enablers of digital payments across the continent.

    As part of the partnership, Ecobank handed over N.5 million to the best dressed person at the premiere, being the climax of the ‘Eko for Show’ dress code for the event. Guests were encouraged to dress spectacularly to win cash prizes sponsored by EcobankPay.

    EcobankPay, is the lifestyle digital payment and collections service of Ecobank Nigeria, had been designated the payment solution for the premiere of the much anticipated movie.  EcobankPay is a convenient digital QR code that enables payments using the mobile phone, without the need for a plastic card. The uniqueness of the platform is that it has MasterPass, MVisa and Mcash embedded in the merchant identity QR Code. This enables each customer to transact across the three platforms not minding the bank cards they are holding.

     ‘The Bling Lagosians’ is a story that centres on the lifestyle of a Lagos family that is presently living in their past glory.

  • IFC divests 14.1% equity stake in Ecobank

    The International Finance Corporation (IFC), a member of the World Bank Group, has entered into an agreement to divest its 14.1 per cent equity stake in Ecobank Transnational Incorporated (ETI) Plc.

    IFC and its wholly-owned subsidiary, IFC Asset Management Company, which manages investments funds with investments in ETI, have reached advanced discussions to sell their equity holdings in ETI.

    ETI yesterday confirmed the divestment in a notice on material information relating to its ownership structure.

    IFC and IFC AMC have entered into a Share Purchase Agreement with a leading Dutch investment firm Arise B V for the sale of the 14.1 per cent equity stake in ETI. Arise is owned by FMO, Norfund, and Rabobank.

    Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals.

    IFC and ETI have worked together since 1993 to broaden access to finance, enhance trade liquidity, and strengthen Ecobank. Since 2009, IFC and the funds managed by the IFC AMC, through their investments, have been supporting Ecobank’s growth strategy across Africa in building a preeminent banking franchise.

    Arise BV is a leading equity investor in financial institutions in Sub-Saharan Africa with a combined asset value in excess of $700 million. Arise BV’s mandate is to capitalize and stimulate growth across all financial services sub-sectors and within SSA.

    Through partnering with financially sustainable financial service providers and helping them to become industry leaders in their respective markets, Arise BV aims to contribute to the economic growth potential of Africa, whilst at the same time achieving long-term investment returns.

    In 2018, IFC had delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

    IFC expects to deliver more than $4 billion in long-term financing in fiscal year 2019 for the Sub-Saharan Africa private sector.

    IFC AMC mobilises and manages capital to invest in businesses in developing and frontier markets. Created in 2009, AMC provides leading institutional investors with unique access to IFC’s emerging markets investment pipeline and investment expertise, while providing positive development impact in the countries in which it invests.

    IFC AMC funds’ investors include sovereign wealth funds, pension funds, and development-finance institutions. It has raised approximately $10 billion across 13 investment funds covering equity, debt, and fund-of-fund products.

  • Ecobank sustains cash for plastic campaign

    Ecobank’s campaign to rid the environment of non-biodegradable materials has received the backing of Lagos residents.

    In marking its 2019 Sustainability Week, Ecobank Nigeria had asked residents of Lagos State to submit used plastic materials like soft drink and water bottles to designated collection points to exchange them for cash.

    The locations include Ecobank branches in Ikorodu, Ojuelegba, Ketu, Allen, Ahmadu Bello Way on Victoria Island and the Lagos sewage treatment plant in Amuwo Odofin. The campaign is expected to run between Friday May 17  through Friday May 24th.

    Kick starting the week long campaign code-named

    “Get cash for plastic bottles’ at the Lagos sewage treatment plant on Friday, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said the initiative is part of a deliberate policy of the bank to support environmental sustainability for all.

    “Our sustainability activities is part of the universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. The idea for this is to support the removal of non-biodegradable materials from the environment to support healthy and safe living. Our target is to remove at least four million used plastic bottles from the streets and drains of Lagos through this initiative” he noted.

    Commending Ecobank, Assistant Director, Ministry of Environment, Lagos State, Lasisi  Adedoyin, observed that the initiative would go a long way to improving the environment.

    While explaining the various efforts of Lagos state government to ensure a safer environment, he urged other corporate organizations to emulate Ecobank. He further called on residents to avail themselves the opportunities provided by the bank and its partners to earn quick cash through collection of used plastics.

  • Ecobank’s Rapid Transfer app gets recognition

    Ecobank’s Rapid Transfer App has been named Best Remittance Product and Service of the Year by the Asian Banker Excellence in Retail Financial Services Awards for West Africa.

    The app was selected following a rigorous and transparent process that saw the orgnaisation assessing banks and non-bank retail financial services players in several countries in West Africa.

    The award covers the Asia Pacific, the Middle East and West Africa where more than 300 banks and non-bank retail financial services players in more than 42 countries are evaluated.

    Presenting the awards to winners in Lagos, its Chairman, Emmanuel Daniel, said the Excellence in Retail Financial Services programme is probably the most rigorous, prestigious and transparent awards programme for consumer financial services in the world.

    He congratulated the lender on winning the award and explained that the programme also assesses  new players, such as payments firms, marketplace platforms and alternative financial services platforms made possible by financial technology (fintech), who are greatly contributing to the transformation of the retail financial services industry.

    He said through the awards, the organisation aims to capture the evolving competitive landscape and recognise the outstanding players and initiatives, from which the industry can learn from to better provide consumer products, services and experience.

    Receiving the award on behalf of the Ecobank Group, Executive Director, Commercial Banking, Caro Oyedeji, thanked the organiser for engaging in rigorous exercise to arrive at winners of the various awards, stressing that Ecobank retail business has witnessed substantial transformation, innovation and growth in all its segments and dimensions – customers, products and channels in recent years.

    She said the bank is   regarded as digital payment solution bank because of its offerings, such as Rapid Transfer, EcobankPay, OMNI and Xpress account.

    Also, Linus Adaba, Ecobank Group Head, Remittances & Mobile Money, described the awards as a worthy recognition of the app, which is one of the bank’s landmark initiatives targeted at easing the process and enabling Africans in diaspora send money  home.

    “Many Africans work elsewhere in Africa, or further afield in Europe, America and Asia and financially support their relatives back home.

    “Rapidtransfer is a safe and secure low-cost remittance solution, which ultimately will put more money into the hands of the recipient.This will have a multiplier effect on the African economy by boosting demand and driving business growth. Rapidtransfer removes all of bottle necks and high cost of sending money back home. Its standout affordability is a game changer in the way that Africans send money to their loved ones,” he said.

  • Ecobank raises $450m in debut Eurobond

    Ecobank Transnational Incorporated (ETI) Plc has successfully raised $450 million, about N138 billion, under its debut Eurobond issue. The debut Eurobond, which was oversubscribed, was issued at a coupon of 9.5 per cent.

    The ETI Eurobond is a five-year unsecured note and it is listed on the London Stock Exchange (LSE). The bond matures in April 2024. Subscribers to the bond included investors from United Kingdom, United States of America, Europe, Middle East, Asia and Africa.

    Ecobank indicated that the net proceeds of the issue would be used for its general corporate purposes and to refinance existing obligations.

    Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Ade Adeyemi said the debut issue was another milestone for the holding group.

    “This is another first for Ecobank and I’m excited at the prospects for the group as we continue the second phase of our five-year ‘roadmap to leadership’ strategy,” Adeyemi said.

    He said the success of the debut issue showed that the group’s efforts toward greater operational and capital efficiency are paying off, noting that the additional capitalisation was another example of measures being taken to strengthen the group and deliver value for all stakeholders.

    Group Chief Financial Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Greg Davis added that the success of the Eurobond reflected the appetite from the high quality and real money institutional investors globally.

    He pointed out that the issue underlined the trust that investors continue to repose in the ETI and the markets it has chosen to participate in.

  • Ecobank sells $450m Eurobonds to refinance debts

    Pan-African financial institution headquartered in Lome, Togo, Ecobank Transnational Incorporated, has issued Eurobonds valued at $450 million to investors.

    Its proceeds are expected to be used by the bank to meet its general corporate obligations, including the refinancing of a portion of debt it owes banks.

    One of the arrangers of the bond sale, Renaissance Capital, disclosed in a statement that Ecobank sold the Eurobonds yesterday 9.75 per cent.

    Ecobank trades its shares on the floor of the Nigerian Stock Exchange (NSE).

    The bond sale is the first from a publicly quoted bank on the Nigerian bourse in over a year.

    The last by a Nigerian-listed bank was the $400 million Eurobonds issued by Fidelity Bank Plc in October 2017. The Fidelity Bank five-year paper was sold at 10.75 percent, but the price on those notes has since risen, sending the yield down to about 8.8 percent.

    According to Bloomberg yesterday, the Ecobank five-year senior unsecured notes yields rank among the highest from emerging markets in 2019.

    The transaction lured strong demand from development banks and financial institutions, Samuel Sule, director of the financing group at RenCap, said in the statement.

    The other arrangers were Deutsche Bank AG, Standard Bank Group Ltd and Standard Chartered Plc.

    The yields are about the juiciest since Ecuador sold $1 billion of 10-year sovereign debt at 10.75 per cent in January, according to data compiled by Bloomberg.

    Yields on those securities have dropped to nine per cent as sentiment toward emerging markets improved and the government secured a $4.2 billion loan package from the International Monetary Fund.

    Ecobank raised $200 million in loans last year which are due for repayment in November. Many lenders in its biggest market of Nigeria are looking to raise funding to finance their operations or increase capital reserves after a 2016 recession triggered a surge in non-performing loans and stricter accounting rules increased impairments.

  • Ecobank takes e-payment to Ariaria market

    The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has assured businesses in Ariaria Market, Aba of better ease in receiving their payments.

    The Ecobank Managing Director who launched the Ecobankpay zone at the market said it will facilitate easy, secure and convenient transactions for merchants within Ariaria and other surrounding markets.

    The EcobankPay Zone is a digital payment hub enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services.

    “It is our determination to create ease of payment and boost economic activities most especially in a town like Aba, renowned for indigenous production of shoes and textiles. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear. The EcobankPay digital hub makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around. Our Xpress point is also around for you to transact with ease, in as much as you have your phone you can bank with Ecobank”.

    “The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients. EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD”. “if the person that wishes to buy goods from you is coming from a bank that has mVisa and wishes to pay, the same QRcode would accept an mVisa payment and vice versa. That creates synergy between us and the other banks and convenience for the merchants. And as you know, the QRcode is much cheaper than having a point of sale (PoS)”.

     

  • Ecobank to focus on women entrepreneurs

    The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has said female entrepreneurs with focus to build shopping empires will be considered for credit facilities in the bank.

    Akinwuntan spoke during the unveiling of a new initiative tagged: “Ecobank Female Entrepreneurs Initiative” which recently held in Lagos.

    Some of the benefits include access to credit facilities with little or no collateral, network opportunities across Africa, financial advisory services, wealth management resources and loyalty schemes.

    The initiative was designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation in the economy of the nation.

    It was also part of activities of the commercial bank to mark this year’s International Women’s Day and also  recognise women as special and unique customers who require tailor-made service offerings.

    He said: “Increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole therefore present vast opportunities, if properly understood and managed.”

    According to Akinwuntan, the launch is a charge to the society in line with the theme of the International Women’s Day 2019, to challenge the status quo and strive for a balance by empowering females in their immediate environments and subsequently, on a macro level.

    In his words: “Our female customers will become our flagship ambassadors and we have created this platform for them in line with the sustainability requirements of the Central Bank of Nigeria (CBN). These women will be provided with free health checks, training and empowerment sessions and other support tools from Ecobank. The Ecobank Female Entrepreneurs Initiative aims at empowering women by helping them build capacity to grow their businesses.”

    The  Executive Director, Commercial Banking, Mrs. Carol Oyedeji, stated that Ecobank was proud to join the rest of the world to commemorate the Day with the special theme #BalanceforBetter.

    She remarked: “This year’s theme leaves no one in doubt as to the dire need to raise more awareness that gender balance is not a women’s issue but a human issue that must be tackled for us to have a better society and that it should not be mistaken for a battle between the sexes.”

    She called on corporate bodies to ensure women attain their full potential in all areas of society, including the workplace, which she said is vital to the communities and economies to thrive. “A balanced world is a better world. We must help forge a more gender-balanced world by celebrating and recognising women’s achievements, raising awareness against bias and taking action for equality,” she added.