Ecobank Transnational Incorporated (“ETI”) (www.EcoBank.com), the parent company of the Ecobank Group, today held its 36th Annual General Meeting in Lomé, Togo, which was followed by an Extraordinary General Meeting. Shareholders applauded the Group’s strong performance in 2023 with its net revenues exceeding US$2 billion mark for the first time in nearly 10 years. They also noted that this performance was achieved in the face of significant macro-economic headwinds such as high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.

The Group achieved profit before tax of US$581 million, up 8 per cent from US$540 million in 2022. In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent. The Group recorded a record low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman, Ecobank Group, said: “2023 was an encouraging year for our Group. Our organisation has shown resilience in a rapidly changing operating environment. The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “Ecobank delivered a strong performance in 2023, demonstrating the competitive advantages of our resilient, diversified business model and the early results of our new Growth, Transformation and Returns strategy.We demonstrated financial prudence by carefully managing our shareholders’ capital, ensuring customer satisfaction at every touchpoint, and making informed decisions about pricing our assets and liabilities. We are confident that our strategy is paving the way for our continued success and growth.”

The AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Executive Directors succeeding the retiring Directors. Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office.

Immediately after the General Meetings, the Board of Directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated. He is taking over from Alain Nkontchou. Papa Ndiaye is the Chief Executive Officer and Founding Partner of AFIG Funds, a leading private equity fund management company focused on Africa. He has a proven track record of leadership and the creation of shareholder value and a deep commitment to Ecobank’s mission and strategic agenda.

Papa Ndiaye, ETI’s new Chairman, said: “I have long admired Ecobank Group’s successful development across Africa, and I am looking forward to working with Jeremy and ETI’s Board to steer the Bank through the next and exciting phase of its journey. With its strong foundation and numerous competitive advantages, I see Ecobank as strongly positioned to accelerate its growth trajectory and play an even greater role in driving the continent’s economic development in this era of rapid technological changes.”

Jeremy added that: “With his strong experience and knowledge, particularly in investing in financial services, Papa Ndiaye’s appointment as ETI’s Chairman is a significant step in reinforcing our position as the leading pan-African banking Group. We are excited about the future under his guidance and look forward to achieving our Growth, Transformation and Returns strategy, while enhancing our service delivery.”

Ecobank has recently implemented its new Growth, Transformation and Returns strategy to create shareholder value and deliver sustainable growth. The strategy’s multiple initiatives and actions include entrenching its leadership position in affiliates in which it has high market shares; transforming its business performance in Nigeria and in subscale markets; solidifying its leadership in Corporate and Investment Banking; growing its Commercial Banking and Consumer Banking businesses; and growing volumes and total value on its payment ecosystem.

The Shareholders approved all the resolutions presented at the AGM, including the Approval of the Accounts, the Appropriation of the Profits, the renewal of mandates of Directors, and the election of Directors.

Distributed by APO Group on behalf of Ecobank Transnational Incorporated.

Media Contact: 
Christiane Mbimbe Bossom, 
Group Corporate Communications Manager 
Email: groupcorporatecomms@ecobank.com
Tel: +228 22 21 03 03 

About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’): 
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit EcoBank.com.

Rhea is a dynamic agritech start-up that is revolutionizing soil health management with innovative IoT sensors, empowering smallholder farmers to practice precision agriculture for sustainable and profitable crop cultivation.

GITEX Africa 2024, was held in Marrakech, Morocco from May 29th to 31st, 2024. The event was an incredible platform for tech enthusiasts, startups, and industry leaders to converge, showcasing the dynamic growth and potential of Africa’s tech ecosystem.

Participating at GITEX AFRICA (https://apo-opa.co/45gfiHc) allowed Rhea (https://apo-opa.co/3Rinscm) to make meaningful connections with service providers who will be instrumental for our growth. The showcases by established market players were a source of invaluable learning and inspiration as we continue to build our vision.

Additionally, engaging in insightful conversations with ecosystem drivers has opened new avenues for collaboration and support. Rhea is looking forward to the days and months ahead, the organization is excited to foster collaborations with the connections that were made during GITEX Africa 2024.

Distributed by APO Group on behalf of GITEX Africa.

In Central and West Africa, ensuring food safety is a multifaceted challenge. According to the World Health Organisation (WHO), about 98% of the food safety burden comes from underdeveloped nations, with Africa reporting many deaths and hospitalisations related to food safety issues.

To address these challenges, a holistic approach is required, involving multiple stakeholders starting with Food and Beverages companies.

Nestlé is deeply committed to ensuring the safety of its products in Central and West Africa. The company’s commitment begins at the source, working closely with local farmers to ensure sustainable and safe agricultural practices. The company also conducts rigorous audits of its suppliers to ensure compliance with food safety standards.

“At Nestlé, the safety and quality of our products are paramount. Every product must meet the highest standards of safety from farm to table. By working closely with farmers and suppliers, rigorously testing products, and continually improving processes, we are committed to keep providing consumers with safe, nutritious, and high-quality food”, Mauricio Alarcón, CEO Nestlé Central and West Africa.

Once raw materials reach the company’s manufacturing facilities, they undergo stringent quality checks at every stage of production. Advanced technologies are utilised to detect and eliminate potential contaminants.

Furthermore, the company invests heavily in employee training, fostering a culture of food safety and vigilance. By maintaining transparency with consumers through clear labelling and communication, the company empowers customers to make informed decisions and choices.

Additionally, the company invests significantly in research and development to stay ahead of potential food safety challenges. By leveraging the latest scientific advancements and collaborating with industry experts, it is well-equipped to respond to new threats and ensure the ongoing safety of its products.

“By adopting comprehensive food safety practices and being vigilant at every stage of the food chain we can ensure that the food we consume is safe and healthy. This commitment not only protects public health but also supports economic growth and sustainable development in the region”, Mauricio added.

World Food Safety Day emphasizes the importance of being prepared for food safety incidents, highlighting the need for coordinated efforts from all stakeholders in Central and West Africa.

Distributed by APO Group on behalf of Nestlé.

Valify, an Egyptian Regtech startup specializing in digital onboarding solutions, proudly showcased its innovative technology at GITEX Africa 2024 (https://apo-opa.co/3wQwBSm). The event, held in Marrakech, Morocco, provided a platform for Valify to exhibit its suite of advanced technologies including EKYC, EKYB, AML sanction screening, data extraction (OCR), face recognition, liveness detection, transliteration, data validation, and digital contracts.

Founded in 2018 by Omar Abdelwahed and Ibrahim Eid, Valify has revolutionized the process of digital onboarding for customers and businesses. The company’s technology streamlines the capture and automatic extraction of data from official documents. This is followed by a face comparison between a user-uploaded photo and the photo on the document, enhanced by a liveness detection test to ensure the individual’s presence during the onboarding process, thereby adding an extra layer of security. Valify also validates documents to prevent the use of forged documents.

Valify’s solutions are primarily utilized by Fintech companies to safeguard against fraud and provide a seamless onboarding experience for users. The company envisions its technology significantly benefiting various industries in Morocco by facilitating the onboarding of customers, suppliers, and businesses.

GITEX Africa 2024 proved to be highly beneficial for Valify, enabling the company to:

Gain a comprehensive understanding of the regulatory landscape in Morocco.
Engage with numerous potential clients, leading to ongoing discussions.
Establish a robust network that will support Valify’s expansion across Africa.

“We are excited about the opportunities that GITEX Africa has opened up for us. Our participation has not only allowed us to demonstrate our technology but also to build strategic relationships that are crucial for our growth in the African market,” said Omar Abdelwahed, co-founder of Valify.

Valify’s presence at GITEX Africa marks a significant milestone in its mission to provide cutting-edge solutions and enhance the digital onboarding experience for businesses and customers across Africa.

For more information about Valify and its innovative technologies, please visit https://Valify.me/ or contact sales@valify.me

Distributed by APO Group on behalf of GITEX Africa.