The Sunday News
Business Reporter
PAN African bank Ecobank has said it is on course to meet the Reserve Bank of Zimbabwe prescribed minimum capital requirement of $100 million by 2020 as it was in a sound financial position and experiencing growth.
Speaking at the launch of the bank’s international card in Bulawayo on Friday, head of domestic banking Mrs Patricia Mungwadzi-Msemesi said the bank was recording a steady growth since its entry into Zimbabwe five years ago.
She said the bank’s published 2015 half-year results showed profit of $3,3 million before tax against full year 2014 profit of $3,5 million before tax.
Mrs Mungwadzi-Msemesi said since commencement of operations in Zimbabwe, Ecobank has pursued a strategy of expanding its retail and ATM networks to bring convenience to clients and stakeholders.
“Pursuant to this strategy, the bank has grown its outreach to 15 branches from the initial four at inception. This is an indication of the bank’s confidence in the Zimbabwe market and also our continued commitment to bringing the Pan African Banking products and services to you our clients,” she said.
She said the focus was to build upon this strategy by leveraging on technology and partnerships to roll out electronic banking products and services that are convenient and allow 24/7 access to one’s accounts.
“This development is also aligned to our bank’s strategy of offering premium levels of customer service. We are hopeful that you will take up these cards and enjoy the advantages and privileges derived from their use locally and internationally,” said Mrs Mungwadzi-Msemesi.
