Banking
Ecobank Announces Q1 2019 Results
By Dipo Olowookere
The board of Ecobank Transnational Incorporated has announced the results of the company for the first quarter of 2019.
In the financial statements, Ecobank reported 8 percent decline in its profit before tax, which dropped to $103 million on operating income or net revenue of $388million, compared with a profit before tax of $111 million on operating income of $465 million for Q1 2018, but when adjusted for the impact of foreign exchange (FX) translation, profit before taxi ncreased 31 percent to $145 million.
According to the results, profit attributable to shareholders of Ecobank and diluted earnings-per-share (EPS) declined 19 percent to $62 million and $0.0025, respectively.
Recently,
Ecobank successfully raised $450 million in its debut Eurobond. The unsecured note has a 5-year maturity and coupon rate of 9.5 percent, and was oversubscribed.
In the period being reviewed, the lender’s strong momentum in client engagement, digitalisation, and cash management drove a 9 percent increase in customer deposits to $16,841 million, on a constant currency basis ($15,191 million on a reported basis).
Net loans and advances went up by 10 percent to $9,794 million, on a constant currency basis ($8,583 million on a reported basis), with the Basel II/III Tier 1 and Total Capital Adequacy Ratio of 9.6 percent and 12.8 percent, respectively above the 2022 regulatory required minimums.
The bank said it recorded a strong profit before tax growth in all its regions except for Nigeria where performance was primarily affected by suspension of accrual of interest income and FX translation impact.
It noted that the customers’ experience continues to be enriched with innovative products and services –such as the Ecobank Mobile App and Ecobank Pay; its App-based Rapid Transfer, that enables diaspora to transfer money cheaper; and Omni-Lite for small business, providing effective ease of transacting.
Commenting on the performance, the Group CEO of Ecobank, Mr Ade Adeyemi said, “We are pleased with our performance in the first quarter, especially amid a challenging macroeconomic environment.
“Our diversified business model continues to be of immense benefit allowing the firm to deliver the promise of the Ecobank brand to our customers across Africa.
“Our objective to drive stable non-funded revenues gained momentum, with our non-interest revenues increasing by 25 percent on a constant currency basis, driven by cash management, trade finance, and digital product offerings. We maintained cost discipline across our businesses and drove efficiency in our processes.
“We recovered a record amount of impaired loans, thanks to an effective non-performing loans recovery strategy, which helped in significantly improving our cost-of-risk.
“Overall, we are confident that Ecobank will deliver on its strategy, continue to serve our customers well, and generate attractive returns for our shareholders in the long-term.”
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
