Banking
Ecobank in Final Lap of 5-year Growth Strategy
By Dipo Olowookere
The growth strategy launched in 2016 by Ecobank Transnational Incorporated, the parent of the Ecobank Group, is already in its final stage.
Chairman of Ecobank, Mr Emmanuel Ikazoboh, while speaking on Monday at the 32nd Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) of the firm in Lagos, said the strategy, Roadmap to Leadership, has achieved most of the goals set out at the beginning.
Business Post reports that four years ago, Ecobank set a target to build a stronger and profitable financial institution in five years.
The lender put up ways to clarify portfolios across countries and businesses, maximize the value of portfolios, defend leadership positions in West Africa.
Also, the financial institution, in the roadmap, aimed to increase market share and improve profitability and return metrics in Nigeria by simplifying its operating model, leading to re-defining business segments and geographical regions.
At the meetings of the leading pan-African bank with banking operations in 33 countries, Mr Ikazoboh, who is retiring from the position, expressed confidence on the ability of his successor, Mr Alain Nkontchou, to sustain the progress recorded so far.
“We are in the final lap of our five-year Roadmap to Leadership, having laid and achieved much-improved business and operational foundations, leadership in digital products with scalability, strong corporate governance and continued expense discipline.
“We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the group despite the challenging economic conditions especially with the COVID-19, whilst also maintaining our commitment to driving economic development and financial integration across Africa.
“This was my last AGM, as I have now completed my tenure as director and Chairman. As I retire, it has been a privilege for me to have served this great institution and I am particularly proud of what we have achieved.
“I am further assured and confident that my able successor as Chairman, Mr Alain Nkontchou, will continue to lead the board in our journey to leadership.
“The world has its eyes on Africa, and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent. I will remain a strong ambassador of this great institution and its ideals,” he said.
The CEO of Ecobank Group, Mr Ade Ayeyemi, while also speaking the gatherings, paid tribute to Mr Ikazoboh, who he said served the group diligently during his tenure and congratulated the incoming Chairman.
He said the firm recorded substantial progress last year on multiple fronts as “we broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships and initiated programmes to transform customer experience and embed the desired conduct, culture and ethics throughout the organisation.”
“Each of our three business lines improved their profitability and positioned Ecobank for sustainable long-term success.
“Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the Covid-19 pandemic, enabling us to provide seamless continuity of service to our customers.
“The virus is having devastating effects and is causing severe disruption to families, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances,” he said further.
At the AGM, shareholders expressed delight at the company’s progress in 2019 and approved all the resolutions, including the election of two new directors – Professor Enase Okonedo and Mr Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the board.
They also ratified the co-option of Mr Deepak Malik, a nominee of Arise B.V, Ms Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr George Agyekum Donkor, the representative of Ecowas Bank for Investment and Development as directors,
The mandates of the firms – Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as Joint Auditors were renewed.
The AGM was followed by an EGM at which shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.
Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
