Ecobank Group’s digital transactions hit $59.1 billion in 9 months

In the first nine months of 2022, according to Ecobank Group, it recorded transactions of $59.1 billion through its digital channels. This was stated by the corporation in its 9-month audited financial report for the period ending September 2022.

The corporation claims that this is a 44% increase over the $40.4 billion it reported during the same time period previous year. The Ecobank Omni Plus registered the greatest transaction value throughout the period with a value of $37.8 billion, according to a detailed examination of the company’s numerous digital channels.

Ecobank recorded $4.2 billion throughout the time frame via its mobile app and Unstructured Supplementary Service Data (USSD). Ecobank Online and Xpress Points (Agency Network) registered transactions totaling $755 million and $3.7 billion, respectively, while its Omni Lite channel had transactions valued at $4.1 billion.

The bank also reported transactions through additional indirect digital channels worth $8.1 billion. Ecobank recorded a 7% growth in revenue from $1.26 billion in the same period of 2021 to $1.35 billion in the period under review in its 9-month financial results.

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According to Investors King, the bank’s operating profit increased by 12% to $593 million from $528 million reported in the same quarter of 2021. Profit before taxes increased by 14% to $401 million from $352 million in 2021. Shareholder dividends increased from $182 million to $196 million, an increase of 7%.

Ade Ayeyemi, CEO of Ecobank Group, commented on the outcome and said:

“We continued to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment. Group-wide return on tangible equity reached a record 21%, and profit before tax increased by 14%, or 48% at constant currency (i.e., excluding currency movements). These results reflect the resilience, strong brand, and diversification of our pan-African franchise.

“We saw decent client activity in consumer and wholesale payments, trade finance, and foreign currency markets. Additionally, despite inflationary pressures, we maintained a tight lid on costs, thereby improving our cost-to-income ratio to 56.3% from 58.3% in the previous year. The dampened economic outlook necessitated maintaining a sound balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio at 14.4% is well above our internal and minimum regulatory limits,” he said.