Banking
Macron Lauds Ecobank’s Commitment to Creative Industries
By Modupe Gbadeyanka
President of France, Mr Emmanuel Macron, was fulsome of praise at Africa’s culture and its creative industries on display during his visit to Lagos on Tuesday.
The event, which was the launch of the French Season of African Cultures 2020 in Lagos, was sponsored by leading pan-African bank, Ecobank.
The event, entitled ‘A Celebration of African Culture’ was held at the New Afrika Shrine – which was the home of the legendary musician and composer Fela Kuti – focused on Africa’s rich and diverse cultural heritage and honoured Africa’s creators of art, design, film and fashion.
President Macron told the audience at the event that he is determined to champion a new narrative about how Africa is perceived and that the African Cultural Season 2020 is one of the ways to project the continent positively.
“When I say we need new narratives, what I mean is that we need you people to make these narratives. I see a new generation of artistes, of entrepreneurs, of people coming from civil societies, of journalists, of intellectuals coming from Africa and explaining, speaking about Africa in Europe and everywhere,” he explained.
“I believe that we have to build together, a new and common narrative. And this new common narrative is not based on what is important for Europeans, but what is important for Africa about their culture – how they want to build their culture, how they want to explain their culture, how they want to promote their culture and which places are important for them for these promotions.
“We decided to organize African Cultural Season 2020 in France for several reasons. It is about a team of young creatives coming from different parts of Africa. You’ll have contemporary artistes, painters, people involved in fashion, movies, visual arts, architecture… all different arts existing and present in Africa, especially Nigeria,” he said.
Charles Kie, Managing Director of Ecobank Nigeria said: “President Macron’s support is indicative of African cultures’ growing international influence. Whether it be blockbuster films such as Black Panther, our global superstars in the music industry, our artworks in the top international auction houses, our models gracing the premier fashion catwalks, or our dance and our food, Africa’s culture is having a huge impact on the global stage. Africa’s creative industries are a vital ingredient of our continent’s economies in our relentless pursuit of increased diversification and global competitiveness.”
“Ecobank’s digital strategy is fully centred on bringing financial integration and inclusion to the African continent and our innovative products such as the Ecobank Mobile App, the Xpress account and Ecobank Pay are all empowering African consumers and business alike by providing the 24/7 functionality, convenience, accessibility and instantaneous transactions that they need. Ecobank is totally committed to playing its part in supporting the development of businesses and trade that will bring the sustainable growth to African economies and provide the bedrock of increasing prosperity for all in Africa.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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