Ecobank and BOI Join Forces to Drive Financial Inclusion in Nigeria

Ecobank  Transnational  Incorporated  parent  company  of  the  Ecobank  Group,  its Nigerian  subsidiary  Ecobank  Nigeria and  Bank  of  Industry  Limited yesterday  signed a memorandum of understanding to cooperate  in deepening financial  services delivery to  micro, small and medium enterprises in Nigeria .  The  partnership has the  potential  of  bringing  millions  of the  unbanked in  Nigeria into  the  mainstream  financial  system .

Ecobank  Nigeria  is  a  key  partner  in the implementation of Bank of Industry’s financial  inclusion  programmes  for  poverty  alleviation,  wealth  creation,  enterprise  promotion,  employment generation and other related objectives. Supporting the financially excluded has been a critical part of Ecobank’s strategy.  Ecobank  is a leading  microfinance  provider  in six African  countries , offer ing banking  services  to  all , including  unbanked  populations through its digital platform.  In May 2016 Ecobank ’s work in this area was recognised  with  the  award  for  Best  Bank  in  Financial  Inclusion  in  Africa  at  the  10 th edition  of  the  African  Banker Awards in Lusaka, Zambia.

Under  the  memorandum  of  understanding, Ecobank  Nigeria  will  deploy  its  extensive  distribution  network  nationwide  comprising  branches  and  an  array  of  digital  channels  including automated  teller  machines ,  - points  of  service and  agency  networks  across  Nigeria.  This  will  make  for  efficient  administration  of  Bank  of  Industry ’s various financial  inclusion initiatives  covering  loan disbursements, collections and monitoring.  To ensure  inclusion of  target beneficiaries  into the financial system , disbursement of funds will  include  digitised  transfers to  beneficiary  bank  accounts , including  simple  minimal  ‘ know your customer’ self - service  digital  accounts  or  e-wallets  linked  to  mobile  phones powered by Ecobank Mobile.

Patrick  Akinwuntan,  Group  Executive  for  Consumer  Banking  at  Ecobank  Transnational  Inc orporated .  said:  “We  are  delighted  to  partner  with  the  Bank  of  Industry ,  a key  development finance institution,  on financial inclusion in  Nigeria . Bringing all the unbanked in Africa into the mainstream financial system in an economically viable manner is the right thing to do. L everaging  our  unparalled  digital  platforms  across  Africa,  reduces  poverty  and ensures  the  economic and financial development of Africa, which is  the  vision of the  founders of Ecobank.

Charles   Kié ,  Managing  Director  of  Ecobank  Nigeria  said:  “ This  memorandum   of  understanding  provides the opportunity for deeper collaboration between the institutions  to  expand  access  to  financial  services  much  needed  by  micro,  small  and  medium  enterprises  to scale up their activities and to help drive growth and development  of the  Nigerian economy . ”

Waheed Olagunju, Acting Managing Director  of Bank of Industry said: “ We are  pleased to  partner with the Ecobank Group in facilitating  the delivery of suitable financial products  and services to the underserved and unbanked micro, small and medium enterprises in  Nigeria . This is in consonance with Bank of Industry’s developmental mandate of catalysing industrial development in Nigeria.  Given  that B ank of Industry currently serves the country  from 17  locations , and  in  order  to  efficiently  provide  effective  service  delivery  for  our current  and  potential customers as  well  as  create  jobs  and  wealth  for  the  citizenry , we shall leverage Ecobank’s wide branch coverage in Nigeria and its efficient service delivery  drive .

” Mr.  Olagunju  said  the  relationship  w ould also  promote  intra - African  trade , as B ank  of  Industry customers exportable products could  leverage  Ecobank’s  presence in 33 African  countr ies , access ing the se market s and tak ing advantage of Ecobank’s robust electronic  payment /funds tran s fer platform . Ecobank  and Bank of Industry will  also co llaborate on  training and capacity building for  target  beneficiaries , which  is  a  critical  element  required  for  sustainable  empowerment  and inclusion  of  inform al sector players .