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Ecobank signs 40.7m loan agreement

11 July 2012, 11:46

Abuja - The Ecobank Transnational Incorporated (ETI) has signed a 40.7 million Euro seven-year loan facility agreement with two international development institutions to develop the banks systems and technology infrastructure.

A statement signed by the bank’s spokesman, Ouedraogo Nabi Souleymane, in Abuja on Wednesday said the agreement was signed on June 29, in Lome, Togo.

The statement said the agreement was signed by Ecobank, PROPARCO, the subsidiary of the French Development Agency dedicated to financing the private sector and the Belgian Investment Company for Developing Countries (BIO).

It noted that facility would serve nine million retail, local corporate, public sectors and microfinance customers, through 1,180 branches; 1,632 Automated Teller Machines; and 2,744 Point of Sales.

It quoted Arnold Ekpe, Ecobank’s Group Chief Executive Officer, as saying the investment demonstrates our ongoing commitment to enriching Ecobank’s customer experience through investments in systems, technology and processes.”

Meanwhile, Ecobank’s Nigeria affiliate has in the past days experience disruptions in its inter-connectivity services thereby making it difficult for the customers to access their accounts.

The problem had incapacitated the retrieval of currencies sent to the customers through Western Union Money Transfer and Money gram.

Ecobank Nigeria recently acquired Oceanic Bank Plc. but the customers of the latter had not been fully integrated into the transnational bank’s transaction systems.


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