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Ecobank Boss Targets 100m Customers by 2020

By Modupe Gbadeyanka

Chief Executive Officer of Ecobank Transnational, Mr Ade Adeyemi, has disclosed that the bank plans to increase its customers to 100 million by 2020 from 10 million now.

According to the boss of the Pan-African financial institution, this goal will be achieved with the help of technology.

Speaking on Thursday at the launch of Ecobank’s new mobile banking application in Kenya, Mr Ayeyemi told Reuters that the use of technology would help the group reach more users in 33 African nations where it operates.

He emphasised that, “Without technology, we cannot go anywhere.”

The bank chief further said the Ecobank mobile banking platform would first focus on customer transactions and boost savings, before offering loans.

“You don’t lend to people until they know the art of savings,” he submitted.

The application will let users move funds and buy goods across its markets, helping to boost trade in Africa and creating more of a single market on the continent, the CEO of the Togo-based institution said.

Studies have shown that about a third of people have accounts and banks in the Sub-Saharan Africa have been using mobile and Internet banking to recruit new customers, cut operating costs and create new income sources.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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