Ecobank To Focus On Financing MSMEs

The new Chairman of Ecobank Transnational Incorporated, Alain Nkontchou, says the bank would focus more on financing of Micro, Small and Medium Enterprises (MSME), especially in Nigeria where it has the biggest market and opportunity.

Nkontechou, at a virtual conference, says the increased support will help grow companies in the SME space, boost their bottom-line and avoid erosion of revenue. In addition to providing funding to SMEs, Nkontchou says the management would intensify efforts to resolve its loan legacy issues. He assures that the Ecobank management is united in its firm resolve to work urgently, and diligently, to boost ETI’s financial position and restore Nigerian businesses to a more profitable state.

The Group Managing Director of Ecobank Group, Ade Ayeyemi, adds: ‘‘We will continue to resolve the loan legacy issue and bring Nigeria into the level that is capable. We will prioritise Nigeria. Nigeria is our biggest market in terms of performance, and creates a big opportunity for us. We will continue to work remotely, increasing our productivity and leveraging our strength in technology.”

Ayeyemi adds that the bank has adopted some cost-cutting mechanisms to stay ahead of trends, and ensure optimal performance amid the COVID-19 pandemic. He says: ‘‘We ensure that we avoid costs that we can avoid. We work closely with our suppliers and some of them have reduced the costs they were charging us.”