Ecobank Group contributes about US$ 3m across its Africa footprint to support the fight against COVID-19

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Ecobank Group, the Pan African Bank, has contributed about US$3 million to the fight against COVID-19 across its footprint in Africa.

In line with its commitment to the continent, various contributions were made to support the efforts of governments, the World Health Organization as well as the private sector in alleviating the effect of the pandemic on the most vulnerable on the continent.

With management’s knowledge of Africa, and to compliment various government efforts, Ecobank has provided support in the form of cash, healthcare equipment and supplies, strong and sustained awareness campaigns while also using digital platform to provide cash to some vulnerable members of societies, amongst others.

Ade Ayeyemi, Group CEO, Ecobank Group said: “COVID-19 is a major global threat adversely affecting all countries and our home, Africa, is particularly vulnerable. We believe in the importance of creating awareness in our communities, while also empowering them to protect themselves and their families as we battle the pandemic. We are particularly mindful of the needs of our communities and therefore focused on these to ensure positive impact both in our urban and rural areas.”

“We are also paying attention to the effect of the COVID-19 outbreak on our various customers and have taken the decision to alleviate some of the adverse impact by making some bank charges free on our digital channels. We will continue to anticipate situations that may require our support as developments evolve.” Ade Ayeyemi added.

At Ecobank, the health and well-being of the staff and customers are a priority and management is closely following guidance from the World Health Organisation, governments and health agencies.

The Bank is encouraging virtual/remote working, wherever possible and have since suspended physical gatherings, observing the required social and physical distancing in offices and branches which are open while also ensuring branches and ATMs are regularly disinfected across the network.

The Bank continues to promote good hygiene and health measures within our offices and externally using our social media platforms to sensitize the public on preventive measures needed at this critical period.

Ecobank’s ATMs and call centres remain open 24/7 and full range of banking services are available via digital platforms for all category of customers.

Ecobank Mobile and Ecobank Online for the Consumer Bank customers, Ecobank Omni Lite for Commercial Bank customers and Ecobank Omni for Corporate and Investment Bank customers.

TDB honoured as best trade financier in Africa

 In recognition of its outstanding contribution to international trade on the African continent, the Eastern and Southern African Trade and Development Bank (TDB) has been awarded “Best Trade Financier in Africa” by Trade Finance Global (TFG).

As several major international correspondent banks have retreated from African markets, TDB has doubled-down and deepened its expertise in addressing intra and extra-regional trade financing gaps.

TDB has provided USD billions in this space in recent years, bridging shortages and assisting with foreign exchange challenges in the region, particularly for strategic and vital commodity imports into Member States. With total assets of $6.7bn, trade finance assets represent more than half of TDB’s total loan portfolio.

TDB keeps innovating, accelerating the execution of its FI strategy, and introducing new solutions such as receivables financing and open-account-based solutions. Last year, TDB also became the first African DFI to close a trade finance transaction using blockchain technology, improving the carbon footprint, cost, speed, transparency, traceability, risk profile and overall efficiency of its processes. TDB’s trade finance solutions and innovations are now going a long way in mitigating some of the Covid-19-related external shocks.

Admassu Tadesse, President and Chief Executive at Trade and Development Bank said: “We are honored to have been recognized among the best players in the African trade finance industry. It is a testament to our dedicated board, exceptional management team and talented professionals’ commitment to drive quality growth and impact in our region. We look forward to continue working to develop innovative world-class solutions to further bridge the trade finance gap, and deliver triple-line bottom-line returns for our partners, clients and shareholders”.

 

About TDB

Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development financial institution, with assets of USD 6.7bn. The Bank’s mandate is to finance and foster trade, regional economic integration and sustainable development through trade finance and project and infrastructure finance.

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