Ecobank Ghana @25: From inspiration to a Pan African Bank

The story of Ecobank Ghana, the Ghanaian subsidiary of Ecobank, the Pan African Bank, reads like a tale encapsulating the spirit of enterprise, self-determination and commitment.

It is also a narrative that illustrates how a vision which had its roots in West Africa was transformed over the course of 25 years.
To tell and appreciate the bank’s origin, it is perhaps important to roll back to the 1990s - a time of bleak economic fundamentals for much of the continent.

The 1990s was also a time of great political upheaval, with coups d’états, civil wars and single party rule prevalent across a significant number of sub-Sahara African countries.

Pinpointing the exact moment when an idea is born is almost an impossible task, even for the originator of the concept.

In trying to understand how the Ecobank Ghana concept came about, it is perhaps more apt to focus on the contributory factors which have made it possible for the idea to take shape, rather than seeking to locate the proverbial building blocks behind the concept.

But when the founding fathers of Ecobank Ghana’s project started the journey in March 1990, they knew that the destiny of the project would be a force to reckon with, a home-bred banking giant.

In the words of the current Managing Director of the bank, Mr Samuel Ashitey Adjei, “We did not know how or when this would be achieved; we just had unshakable belief and committed ourselves to excellence in all that we did”, he said.

“Today we are the largest and most profitable bank in the country, a testament to the fact that our faith, diligence and commitment to nurturing Ecobank Ghana over the past 25 years have paid off splendidly.

For this, we are truly grateful to the Almighty God and to all of you,” Mr Adjei said with pride.

The Journey

Ecobank was born out of the dream and vision of the Association of West African Chambers of Commerce, a body wanting to create a banking institution with uniform rules and practices across the countries in the region to facilitate regional trade.

This led to the establishment of Ecobank Transnational Incorporated (ETI) – a bank holding company headquartered in Lomé, Togo.
Ecobank Ghana was set up as ETI’s Ghanaian subsidiary, following a feasibility study drawn up by Mr J.S. Addo, Mr E.P.L. Gyampoh and Mr Adjei-Gyamfi.

The bank commenced operations in Accra on March 1, 1990 with a stated capital of ¢600 million, now GH¢60,000.

The seed capital was provided by Ecobank Transnational Incorporated (ETI), Ashanti Goldfields Company – now AngloGold Ashanti, Ghana National Petroleum Corporation, United African Company – now Unilever, Accra Brewery Limited, The Ghana Re-Insurance Organisation, Mr Jude Bucknor and Dr Nii Narku Quaynor.

Today, the seed the “believers” in Ecobank’s “Ghanaian Dream” sowed some twenty-five years ago has metamorphosed into a force to reckon with in the country’s banking industry.

It was, therefore, instructive that at the 25th anniversary dinner of the bank in Accra, Mr Adjei paid glowing tribute to the promoters who worked hard to present a convincing value proposition to the initial shareholders of the bank.

First customers

For the management team at Ecobank Ghana, reminiscing about the bank’s story from its beginning to the present seems a fitting tribute to everyone who contributed to the vision that has become a reference point for pan-African enterprise.

Notable among the first customers of the bank, those who were willing to trust the bank with their hard earned monies, were Jesper Bjorn Jepperson of Fan Milk Limited, the Ministry of Health’s DANIDA Account, Fan Milk Limited, Accra Brewery Limited, Guinness Ghana Limited and Cadbury Ghana Limited.

Other customers of the bank included Ashanti Goldfields Company, now AngloGold Ashanti, Ghana National Petroleum Company, Unilever Ghana Limited, Ghana Reinsurance and the Department of National Lotteries.

Twenty-Five years on, these customers have kept faith with the bank and continue to maintain active accounts with it.

Trailblazer and pacesetter

Today, the numerous awards and recognition the bank has won and attained illustrates the fact that Ecobank is a trailblazer and pacesetter that has contributed immensely to shaping the banking landscape in Ghana.

Ecobank can be credited for ensuring an active local interbank market in the early 1990s and was a pioneer in giving meaning to the term “relationship banking” in Ghana.

It was the first bank in Ghana to receive a universal banking license from the central Bank of Ghana in 2003, when Universal Banking was introduced, having until then operated as a merchant bank. The bank was also the first to issue visa debit and credit cards in Ghana and the first bank to introduce off-site ATMs and Foreign Currency ATMs in the country.

At the maiden edition of the Ghana Banking Awards, organised by Corporate Initiative Ghana in 2001, Ecobank was the first bank to earn the much coveted title of “Bank of the Year”.

The bank again went on to win this award five more times in 2002, 2004, 2005, 2006 and 2012.

The bank was also adjudged by the Chartered Institute of Marketing Ghana (CIMG) as the Best bank for the years 2003 and 2009. Apart from these awards conferred locally, the bank has received several recognitions by international organisations, such as Euro Money’s African bankers award and the Asian Bankers African bankers award.

Biggest and most profitable

From its inception, and in keeping with the Group’s Pan African agenda, Ecobank Ghana had ambitions to be a dynamic local bank. Focusing on serving it’s numerous customers in a manner that is fast, convenient and easily accessible, while also contributing to the economic growth of the country and Africa as a whole.

It is, however, doubtful that anyone associated with the Ecobank project at its inception could have predicted that Ecobank Ghana would be boasting a total asset base of GH¢ 6.5 billion, 1,463 members of staff, 80 branches, 195 ATMs, 380 point of sale terminals and more than 750,000 customer accounts, within a period of 25 years.

Ecobank Ghana today is both the largest bank in Ghana and the most profitable. The bank is also listed on the Ghana Stock Exchange and boasts shareholders’ funds of GH¢868 million as of the end of March 2015.

The Head of Corporate Communications and Public Relations of the bank, Reverend Mrs Patricia Sappor, attributes the strides of Ecobank Ghana to the bank’s commitment to providing convenient, accessible and reliable products and services to its valued customers.

“We are humbled by these successes and owe our infinite thanks to the Almighty God who has been so gracious to us as an institution and as individuals and brought us this far,” Reverend Mrs Sappor said.

Corporate Social Responsibility

Ecobank’s commitment to the growth and development of Ghana is unwavering.

As part of its Corporate Social Responsibility, Ecobank has made substantial contributions towards the socio-economic development of Ghana by giving support to individuals and various institutions and communities across the country in the areas of education, health and employment generation.

Congratulations to Ecobank Ghana on its achievements so far and every success in the years ahead!

Writer’s email: suleiman.mustapha@
graphic.com.gh