We Don’t Expect COVID-19 Aftermath To Significantly Affect Our Business Projections-Ecobank MD

Managing Director of Ecobank, Mr Daniel Sackey has indicated that the management of the bank going forward does not expect the COVID-19 aftermath to significantly affect their business projections.

He explained that Ecobank has identified the winning formulae of leveraging technology and customising their various offerings to meet customers’ needs, thus, they will continue to use this strategy to deepen their relationship with their customers within the various segments.

“We do not expect COVID-19 aftermath to significantly affect our business projections, going forward. This is because, having identified the winning formulae of leveraging technology and customising our various offerings to meet customers’ needs, we will continue to use this strategy to deepen our relationship with our customers within the various segments”, he stated.

Addressing the media after Ecobank’s virtual Annual General Meeting, Dr Daniel Sackey noted that as part of the advisory services they render to their customers, particularly within the MSME market, they will be guided by equipping their clients adequately to take advantage of the opportunities emanating from the wider macro environment to grow their businesses.

He added that Ecobank has already been championing the deployment of the necessary tools and mechanisms to improve collections by their customers and the average Ghanaian business as an alternative to dealing in cash transactions.

“We have collaborated with GHIPSS in their introduction of the GhQR scan and pay service across Ghana. On our own, we have been engaging businesses on webinars to build capacity and transfer knowledge in the areas of online business, access to market and digital collections”, he disclosed. 

He stressed that the introduction of Ecobank Digistore, which is aimed at empowering MSMEs in Ghana to maximize sales by marketing products in a digital and cashless manner, now enables businesses to create their own online store to sell their products, integrate their social media channels and sell offline on mobile through a unique USSD code.

“Ecobank Digistore enables customers to receive contactless payments from any bank account, bank card and all mobile money wallets with EcobankPay GhQR. Effectively manage their products and inventory across their offline and online shops and social media channels. Access a pick and delivery service to deliver their product to their customer’s doorstep”, he added.

“These are all part of our continuous efforts at supporting and providing convenient banking solutions to customers through strategic partnerships, even beyond the COVID-19 pandemic period. As our customers actively stay in business, we will continue to grow their digital banking solutions supporting them to continuing to make them a critical part of their business”, he emphasized.

Talking about the strategic plan of Ecobank in the post-COVID economic recovery plan of the country, Mr Daniel Sackey said, that the operations of the bank from inception shows that the bank has the capacity to grow its business organically.

“Starting as a single-branch bank in 1990, Ecobank grew to become Ghana’s second-biggest bank by 2011, with total assets of GHS2,132.183 million and shareholders fund of GHS262.599 million”, he stated.

“Today, we are the number one bank providing flexible financial service solutions to millions of customers digitally. With this track record, we are committed to maintaining this winning strategy going forward but are also ready to exploit any business growth opportunity that will present itself”, he noted. 

“Additionally, we will continue to invest heavily in our IT infrastructures to deliver the needed convenience and efficiency to our consumers, SME and corporate businesses. As the nation’s largest financial services provider, we have a responsibility to assist Ghana to achieve its financial inclusion and cash-lite agenda, as well as support the nation in its reconstruction journey by ensuring that businesses receive the right funding on a timely basis to facilitate their recovery”, he revealed.