Region and country of operations: Africa, Togo
Jurisdiction of registration: United Kingdom
Business sector: Bank
Date of agreement (month/year): 11/2018
Finnfund’s financing: USD 5,000,000
Size of project/financing: USD 150,000,000
Environmental and social category: FI-B
Ecobank is the leading pan-African bank with operations in 36 countries across the continent. At the end of 2017 it had approximately 14 million customers, 15,930 employees, 927 branches and 2,665 ATMs.
The dual objective of Ecobank is to consolidate a modern pan-African bank and to contribute to the economic development and financial integration of the continent. The bank is aiming to play a pivotal role as a recognised pioneer in financial integration and inclusive banking in Sub-Saharan Africa. Finnfund’s funding is allocated for financial services provided particularly for small and medium sized enterprises (SMEs).
Ecobank has committed to promoting corporate governance, equal opportunities for men and women, and sustainable development.
Main development impact
Ecobank Group is present in 26 least developed countries and 22 fragile states. Through its “One Bank” concept Ecobank is able to offer its customers standardized services irrespective of geographical location or language differences. Ecobank aims to support financial inclusion of the Sub-Saharan Africa by developing new innovative mobile and digital banking services, through which it aims to reach 100 million customers in the next few years.
Main development effects are estimated to be created indirectly through the SME clients of Ecobank, who are able to expand their activities and employ new employees through the financing provided by Finnfund.