Chinese businesses contribute $3bn to Zambian economy

Ecobank tapping into Zambia’s unbanked population

As part of its expansion plan, Ecobank Zambia is set to open eight new branches across the country next year. It is hoped that the new branches (two in each quarter of the country) will draw in rural communities who have had no previous banking opportunities. Focused attention will be given to developing mobile banking options so as to make Ecobank’s services more widely available.

Ecobank Transnational

Ecobank Transnational Inc. (ETI) – “The Pan African Bank” – is a large financial services provider operating in 33 sub-Saharan African countries. Established in 1985, it has its headquarters in Lomé, Togo, and as of December 2012 earned total revenue of $20 billion. It has an estimated customer base of 13.7 million, roughly 70 percent of whom reside in Nigeria. Ecobank Zambia is headquartered in Lusaka.

Financial inclusion

Ecobank Zambia’s managing director, Jolone Okorodudu, speaking in a Lusaka interview, said, “We plan to extend financial products and services to the rural parts of the districts in the country, because we have seen a lot of potential in these areas.” Solwezi, Chipata and Kitwe are among the districts on the agenda. Okorodudu added that they would continue to work with the National Savings and Credit Bank (NATSAVE) to reach populations where Ecobank has no physical presence. No official cost estimates have yet been announced.

Ecobank’s planned programme is in keeping with Bank of Zambia (BoZ) Governor Michael Gondwe’s encouragement to commercial banks to extend their products and services throughout the country so that all nationals might enjoy banking opportunities. Okorodudu has said that Ecobank will work in tandem with mobile operators to help make possible nationwide access.

 

About Femi Oke

Relentless passion for creativity and digital acumen to help a professional services firm thrive in the digital space. Femi is an individual with a rich experience on regional African knowledge, its diverse business culture and he understands the continent’s economic drive. He thrives on selfless service and lasting mutually beneficial relationships with colleagues and especially clients encountered in the course of his duties. He is creative, practical and self-motivated with business judgement in corporate, brand and strategic communications, social, digital & traditional media and executive profiling. Roles in the firm include New Media, Digital Communication, Corporate Communication, executive profiling and Brand Management execution. Working on the multi-million dollar Africa high growth market project stands out for femi; besides this, managing all KPMG’s digital communication for the World Economic Forum on Africa is another project that gives him great delight. Femi holds a Masters Degree in Global Marketing from the University of Liverpool.

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