Ecobank Uganda Managing Director, Clement Dodoo
The future of Ecobank Uganda is undoubtedly bright after the pan-African bank consolidated growth over the last four years.
Headed by Clement Dodoo (pictured) as Managing Director and Annette Kihuguru as the Executive Director, Ecobank’s total assets grew by 61.4% to Shs671.3bn in the year ending December 2019, up from Shs415.68bn recorded in 2018.
On another positive note, Ecobank’s customer deposits grew by 90.7% to Shs549.9bn in 2019, up from Shs288.3bn recorded in 2018. This highlights the trust customers have in the Pan-African bank that celebrated 10 years of operating in Uganda in 2018.
According to the bank’s just released results for 2019, the Pan-African Bank’s profits almost remained flat; the bank recorded Shs4.1bn net profit in 2019 from Shs4.78bn recorded a year earlier.
Loans advanced to customers increased to Shs163bn in 2019, up from Shs132.6bn recorded in 2018 while the bank’s total income increased to Shs58bn in 2019, up from 47.75bn recorded a year earlier.
Ecobank posted profits for the first time in 2016, having joined the Ugandan market in 2008.
It has since 2016 showed progressive growth.
In an earlier interview, Dodoo, who believes in teamwork, said the Pan-African bank is in Uganda to stay and has set the ground for impressive growth going forward.
Revolutionizing digital banking
Ecobank has probably the best mobile banking App in Uganda which has become more of a necessity especially during this period of COVID-19 where cashless transactions is encouraged.
The bank has put more emphasis on internet banking given the fact that the future is digital.
The bank’s Xpress account on Ecobank Mobile App [It takes about two minutes to download the app from Google play store] is not only universal, but also open for both Ecobank customers and non-customers. All one needs to open an Xpress account with Ecobank is a National ID Number because there are zero account fees, zero paperwork and no minimum balance.
For customers from other banks, all they need is their National ID Number and Visa Card Number.
“The app is an industry game-changer because it is reliable and convenient. One can pay or send someone money using a token. All you need is to initiate the token off the mobile app and send it to the person you’re paying or giving money. Thereafter, the payee goes to a nearby Ecobank ATM within two days and withdraws the money,” Jael Christine Wawulira, the Manager-Consumer Banking at Ecobank Uganda said in a recent interview, adding that it is cheaper because the recipient is not charged for withdrawing money from the ATM.
A customer can also check their account balance and loan status using the App. They can also buy airtime using it.
One can also shop at Ecobank merchant points without cash using Ecobank pay (formerly known as Masterpass) by simply scanning the QR code that is available at Ecobank merchant points.
Enter into Prestigious ISO Certifications
Ecobank Uganda recently received two prestigious International Organization for Standardization (ISO) certificates; these certificates from the British Standards Institution (BSI) which gives Ecobank Uganda a competitive advantage and publicly demonstrates the bank’s legal and regulatory compliance and commitment to the prevention or reduction of large-scale process disruptions in the event of an incident.
The certifications apply to all core banking processes at its head office, branches, disaster recovery and business resumption sites.
Commenting on this great milestone, Ecobank Uganda boss Dodoo, said: “We are delighted that after more than 12 months of preparations, our BCM and Information Security processes have been found to meet the ISO standards. Our customers should therefore be rest assured that we have put in place processes and controls that guarantee safety and continuity of their business and interactions with us.”
Ecobank Uganda is a subsidiary of the Ecobank Group, the leading independent pan-African banking group.
