Ecobank increases digital transactions by 44% to $59.1 billion

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Ecobank Group’s decision to invest heavily in technology to make financial transactions seamless for customers is already yielding positive results.

This is because the financial institution has witnessed a significant increase in the value of transactions made through its variety of digital channels due to the trust customers have in the products.

In the first nine months of 2022, according to the company’s audited financial statements as of September 30, transactions were made through its digital channels for $59.1 billion, a figure higher than the $40.4% registered in the same period last year. by 44 percent.

A closer look at the company’s various digital channels shows that Ecobank Omni Plus posted the largest transaction value within the period at $37.8 billion. Through its mobile app and Unstructured Supplementary Services (USSD) data, Ecobank booked $4.2 billion in the period.

Its Omni Lite channel recorded transactions valued at $4.1 billion, while Ecobank Online and Xpress Points (Agency Network) recorded transactions for $755 million and $3.7 billion, respectively. The company also recorded transactions valued at $8.1 billion through other indirect digital channels.

A look at the lender’s results showed that in the period under review, revenue improved by 7 percent to $1.35 billion from $1.26 billion in the same period in 2021.

Its operating profit expanded 12% to $593 million from $528 million reported in the corresponding period of 2021, while pre-tax profit increased 14% to $401 million from $352 million in 2021, with earnings paid to shareholders growing a 7 percent. hundred to $196 million of $182 million.

Commenting on the results, Ecobank Group Chief Executive Mr. Ade Ayeyemi said: “We continue to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment.

“Group-wide return on tangible capital hit a record 21 percent, and pre-tax earnings rose 14 percent, or 48 percent in constant currency (ie excluding currency movements). These results reflect the resilience, brand strength and diversification of our pan-African franchise.”

“We saw decent client activity in consumer and wholesale payments, trade finance, and foreign exchange markets.

“In addition, despite inflationary pressures, we maintained a strict cap on costs, thus improving our cost-to-income ratio to 56.3 percent from 58.3 percent a year earlier.

“The grim economic outlook required maintaining a strong balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio at 14.4% is well above our minimum and internal regulatory limits,” he added.

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