Ecobank starts trading in Mozambique
Panafrican Group Ecobank and ProCredit Holding said on Tuesday (3 June) that negotiations for the acquisition of a 96 per cent stake in Banco ProCredit Mozambique have concluded.Panafrican Group Ecobank and ProCredit Holding said on Tuesday (3 June) that negotiations for the acquisition of a 96 per cent stake in Banco ProCredit Mozambique have concluded.
The transaction has received the approval of the regulatory authorities in Mozambique and the Bank has started trading as Ecobank Mozambique, effective from 20 May 2014.
Evelyne Tall, Ecobank’s Group Chief Operating Officer, said that Ecobank is aiming to become a major player in the local financial services market.
“Our entry into Mozambique brings the number of African countries in which Ecobank has a presence to 36,” she said, adding: “Having completed the acquisition, we are now beginning the integration of systems, people and clients into the Ecobank network. This will ensure that ProCredit Mozambique’s customers have access to the entire suite of products that Ecobank has to offer.”
Albert Essien, Ecobank’s Group CEO, said the bank's overall objective is to advance financial inclusion for the people of Mozambique, providing them with "accessible, convenient and reliable banking services", as well as leveraging regional trade corridors to facilitate cross-border transactions.
In 2013 real GDP posted robust seven
per cent growth, according to figures from the African Development Bank. Currently approximately 90 per cent of Mozambicans do not have access to formal financial institutions, and credit is only available to an estimated three
per cent of the population.