Banking
Fitch Sees Improvement in Ecobank Nigeria’s Profitability
By Dipo Olowookere
Ecobank Nigeria is expected to record a moderate improvement in profitability, a notable rating agency, Fitch Ratings, has submitted.
The rating firm made this submission based on the receding asset-quality pressures and lower loan impairment charges (LICs) of the financial institution.
In a statement to announce affirming the lender’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a stable outlook, Fitch said Ecobank’s loans have declined in recent years and it does not see a high risk of the largest Stage 2 loans, which are concentrated within the oil and gas sector, of becoming impaired.
It noted that its asset-quality assessment is positively influenced by a substantial amount of non-loan assets, largely comprising government securities and cash reserves at the Central Bank of Nigeria (CBN).
Also, the rating company simultaneously upgraded the bank’s National Short-Term Rating to ‘F2(nga)’ from ‘F3(nga)’, noting that the IDRs of Ecobank Nigeria are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b-‘.
It stated that the bank has a moderate market share of Nigeria’s banking-sector assets but its franchise benefits from being a subsidiary of Ecobank Transnational Incorporated, a large pan-African banking group with operations spanning 33 countries across sub-Saharan Africa (SSA).
In the statement, Fitch said it observed that Ecobank’s total capital adequacy ratio (CAR) of 19.6 per cent at the end of the first quarter of 2021 maintains a comfortable buffer above the 10 per cent regulatory requirement for a bank with a national licence and the bank’s tangible leverage ratio of 10.7 per cent at the end of the first quarter of 2021 which compares favourably with that of peers.
Impaired loans net of specific loan loss allowances represented a significant 46 per cent of Fitch Core Capital at end of the first quarter of last year but risks to capital are mitigated by strong collateral coverage and recovery expectations of the two large upstream impaired loans.
The bank’s low gross loans/customer deposits ratio of 67 per cent at the end of 2021 largely reflects a small loan book.
“Large cash reserves at the CBN, net interbank placements and unpledged central-government securities represented 33 per cent of total assets and 50 per cent of customer deposits at the end the first quarter of 2021 providing healthy liquidity coverage.
“Our funding and liquidity assessment also considers the benefits of ordinary liquidity support from ETI,” the statement said.
Fitch’s view of support for Ecobank Nigeria considered the high propensity of ETI to provide support, given the former’s importance to the parent’s pan-African strategy as its largest subsidiary and it is operating in sub–Saharan Africa’s largest economy.
It also considers the material reputational damage to ETI that would accompany Ecobank’s default, the 100 per cent ownership, a high degree of management and operational integration and a record of capital support.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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