The digital transactions of the Ecobank Group reach $59,100 million in 9 months

Ecobank Group said it recorded transactions valued at $59.1 billion through its digital channels in the first 9 months of 2022.

The company disclosed this in its audited financial report for the nine months ending September 2022.

According to the company, this represents a 44% increase compared to the $40.4 billion it recorded in the same period last year.

More details: 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 application and Unstructured Supplementary Service Data (USSD)Ecobank recorded $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.

the result of the company: Ecobank in the 9-month financial result reported a 7% increase in revenue from $1.26 billion in the same period of 2021 to $1.35 billion in the period under review.

The news continues after this announcement.

The bank’s operating profit expanded 12% to $593 million, up from $528 million reported in the corresponding period of 2021, Investors King reports. Profit before taxes increased to $401 million, an increase of 14% from the $352 million achieved in 2021. Profit paid to shareholders grew 7%, from $182 million to $196 million.

General manager’s comment: Ecobank Group CEO Ade Ayeyemi, commenting on the result, said:

The news continues after this announcement.

  • “We continue to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment. Return on tangible capital across the group hit a record 21%, and pre-tax earnings rose 14%, or 48% 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, thereby improving our cost-to-income ratio to 56.3% from 58.3% in the prior year. The clouded economic outlook required maintaining a strong balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio of 14.4% is well above our minimum and internal regulatory limits.” he said.

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