Emmerson Njanjamangezi, Group Features Editor 
ECOBANK Transnational Incorporated (ETI), the parent of the Ecobank Group, is targeting to exploit the immense single market opportunities created by the African Continental Free Trade Area (AfCFTA).
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union and eight regional economic communities.
Established in 2018 and operationalised in January 2021, the AfCFTA creates a market of 1,3 billion people and a combined gross domestic product of US$3,4 trillion. As part of its mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa trade.
Speaking at ETI’s AGM and EGM in Togo recently, group chairman for Ecobank, Alain Nkontchou, said the group expects to exploit business opportunities within the trading bloc.
The bank has significantly invested in its digital capabilities, including mobile banking, Internet banking, and payment infrastructure.
“Ecobank is a powerhouse in the African banking landscape and is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area,” Nkontchou said.
“Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital, and financing solutions exemplifies this.”
For the first quarter of 2023, Nkontchou added that “the group performance results were showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.”
ETI’s profit for 2022 was US$222 million compared with US$295 million in 2021. The group’s profit before tax increased by 13 percent to $540 million, while net revenue increased by six percent to US$1,862 million respectively.
In addition, Nkontchou said the return on tangible equity of 21,1 percent achieved in 2022 was the highest Ecobank has attained in the last decade.
Ecobank is one of the leading banking groups in Africa and by far the largest in terms of countries of presence.
It is renowned for its continuous delivery of innovation and excellence in customer service to its broad range of consumer, commercial, corporate, and investment banking customers.
The bank has significantly invested in its digital capabilities, including mobile banking, Internet banking, and payment infrastructure. This focus on digital banking enables it to reach more customers, reduce costs and improve efficiency.
Also speaking at the same event, the group chief executive of Ecobank, Jeremy Awori, said in 2022, the bank demonstrated strong financial results and performance, despite the challenging economic conditions of high-interest rates and inflation.
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