Awori: ETI to Create More Value Amid Developments in Technology, Payments, SMEs

Kayode Tokede

The new Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Mr.  Jeremy Awori, yesterday in Lagos said the pan-African financial institution is poised at creating more value in Nigeria  amid the developments in technology, payments and Small and medium-sized enterprises (SMEs).

Awori, who led an Ecobank delegation to meet Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola, and then joined the brokers’ community to “ring the gong ceremony”, explained that Nigeria, being the largest economy in the African region was a core market for SMEs.

“As a pan-African bank, we are working on tapping value from the African Continental Free Trade Area Agreement (AfCFTA).

“We will continue to create more value in the country amidst the developments in technology, payments and SMEs.” Awori added.

Commending NGX for its leadership role and innovations including the NGX Technology Board, Exchange Traded Funds market development, and sustainability drive, the GCEO stated that ETI would actively work with the Exchange on developmental initiatives.

“We will be building up our corporate and SME banking businesses as we are focused on growth transformation and maximising value for shareholders and investors.”

“We commend the great work the Exchange has accomplished to forge a vibrant capital market. As a listed company on the NGX, we must continue delivering value to our shareholders, while remaining accountable to stakeholders. We are excited about the growth opportunities in Nigeria.

“We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients.

“Furthermore, we recognize that responding to the evolving needs of the Nigerian customers and clients is critical to delivering our pan-African strategy.  We are therefore determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group”.

As he concluded, he added: “Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders above the cost of equity, is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value”.

Popoola while delivering his remarks commended ETI for its market leadership and focus on Small and Medium Enterprise banking.

According to him, “This aligns with our goal at NGX to do more for SMEs as we believe they are the engine of economic growth.”

“This has led to a few of our partnerships including the Memorandum of Understanding with the Bank of Industry (BoI). I also want to commend ETI for its work on sustainability and for playing an important leadership role in setting an example for the market.”

The CEO stated that the Exchange had notable plans in sustainability, especially around carbon emissions reduction and was exploring partnerships with organisations like ETI to move the capital market further on the path to Net-Zero.

In her remark, the Chairman, Ecobank Nigeria, Mrs Bola Adesola, and the Managing Director, Ecobank Nigeria, Mr. Bolaji Lawal both stated that the domestic business would partner with NGX and was open to more collaborations.