Boost for micro, medium businesses in Africa

Ecobank Transnational Incorporated a parent company of the Ecobank Group and Bank of Industry recently signed a Memorandum of Understanding  seek to cooperate together in supporting entrepreneurs and working together as partners in their efforts to contribute to the economic and financial development of Africa.

Bank of Industry was established with a mandate to provide mainly long term financial assistance for the establishment of large, medium and small projects. It also particularly committed to the development of micro, small and medium enterprises in Nigeria and the rest of Africa.Ecobankon the other hand is committed to providing leadership in regional banking in Africa and providing a strong platform to support initiatives that have significant potential of empowering markets and businesses in Africa.  

The parties have agreed to jointly finance active entrepreneurs, implement initiatives that will facilitate regional trade and commercial activities across the region and to develop and implement capacity building and other initiatives required to facilitate growth of  micro, small and medium enterprises in Africa. Given its un-paralleled footprint Ecobank will provide the reach required to achieve the lofty objectives of this unique regional partnership.

The chief executive officers of the two institutions are excited about the potentials of this partnership.

According to Evelyn Oputu, the Managing Director and Chief Executive Officer of Bank of Industry (BOI) “the prospects of the collaboration were enormous. She stated that with BOI’s competence and experience in long term development financing as well as ECOBANK’s highly impressive commercial banking expertise and network in Africa, the partnership would provide a unique framework for mobilising investable resources within and outside the continent in support of entrepreneurship and private sector development in Africa which she added were indispensable  prerequisites for attaining the Millennium Development Goals”.

For Arnold Ekpe, Chief Executive Officer of Ecobank group, “Ecobank is committed to providing a full range of excellent banking services to all customer groups across Africa and we are therefore delighted to be partnering with a focused partner such as Bank of Industry to bring comprehensive services to micro, small and medium enterpriseses which is a very important sector and in the process contribute significantly to the economic development of Africa”.

Patrick Akinwuntan, Ecobank Group Executive Director of Operations, Technology, Transaction Bank and Retail Bankfor his part said  “with this partnership we can offer unique technology based solutions to support trade and commercial activities of entrepreneurs across the region”