Ecobank Transnational Incorporated (ETI), a public limited liability company under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.
Sococim Industries specialises in cement production.
Sofitex
Debt Financing in 2021
Sofitex is a cotton producer. Sofitex specializes in the purchase, transport, and ginning of seed cotton, advisory support for producers, supply of inputs to producers, collecting seed cotton, and collection and distribution of inputs.
Motito
Grant in 2021
Motito is a fintech company that enhances financial inclusion and access to credit in Africa through its mobile shopping app. This platform allows users to shop at their preferred stores while offering a buy now, pay later option. Customers can make purchases and pay in installments, providing an interest-free credit solution at the point of sale. By tailoring payment plans to individual needs, Motito aims to create a more convenient shopping experience for its users.
Trove
Grant in 2021
Trove Technologies Limited operates an online platform designed to facilitate investment in a range of securities, including stocks, bonds, mutual funds, and cryptocurrencies. Based in Lekki, Nigeria, Trove aims to simplify the investment process for beginners by providing an accessible application that allows users to easily find and select investment opportunities. The platform features a user-friendly KYC process, brokerage services, and a personalized news feed related to the assets traded. Trove enables investors to participate in both local and international markets, offering access to Nigerian stocks, government bonds, and a selection of cryptocurrency assets. Through its seamless approach to micro-investing, Trove empowers users to engage with the financial markets with ease.
OKO
Grant in 2021
OKO specializes in providing crop micro-insurance services aimed at supporting farmers in emerging markets. By leveraging satellite technology, the company assesses risk and develops tailored insurance products that are accessible and affordable for small farmers. OKO utilizes mobile technologies to facilitate the distribution of insurance, collection of premiums, and management of claims, allowing farmers to receive personalized and automated policies directly through their mobile phones. This innovative approach ensures that farmers have financial protection against adverse weather conditions such as droughts and excessive rainfall, enhancing their resilience and security in unpredictable agricultural environments.
Sephis Foundation
Grant in 2021
SEPHIS Foundation is an advocates for better living conditions and the empowerment of people who are considered to be in the minority, particularly girls and women, to take charge of their own social and economic circumstances. Thus, it sheds light on young people's perspectives and opinions on issues concerning their participation and empowerment.
SMILE Telecoms Holdings
Debt Financing in 2015
Smile Telecoms Holdings Limited provides broadband Internet access and communication services throughout Africa, specifically targeting markets in Nigeria, Tanzania, Uganda, and the Democratic Republic of Congo. Established in 2007 and headquartered in Port Louis, Mauritius, the company offers mobile broadband Internet, as well as voice and messaging services via its long-term evolution broadband network. Additionally, it supplies WiFi routers, MiFi routers for multiple users, and USB dongles for individual users. The company serves a diverse customer base, including small and medium-sized enterprises, households, and individual users, while also focusing on enhancing Internet penetration in regions with low connectivity. With a potential customer base exceeding 300 million, Smile Telecoms is positioned to expand access to reliable mobile connections, particularly as smartphone usage continues to grow in its operational areas.
Golden Star Resources
Post in 2014
Golden Star Resources Ltd. is a gold mining and exploration company primarily operating in Ghana. The company owns and manages the Wassa open-pit and underground gold mines, as well as the Bogoso and Prestea mining operations, all located within the Ashanti Gold Belt. Established in 1992 and headquartered in Toronto, Canada, Golden Star holds a 90% interest in its key mining assets. In addition to its mining operations, the company is engaged in various gold exploration projects in Ghana and Brazil, focusing on enhancing its operational efficiency by transitioning to lower-cost ore sources.
Banco ProCredit Mozambique
Acquisition in 2014
Banco Procredit Mozambique offers specialized finance and banking services for small and medium enterprises in fishing and agriculture.
Oceanic Bank International
Acquisition in 2011
Oceanic Bank International provides various commercial banking services to corporate, commercial, and individual customers in Nigeria. Its corporate banking products and services include direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency, and derivative products. The company also offers retail banking services comprising private banking services, private customer current accounts, savings, deposits, investment savings products, custody, credit and debit cards, consumer loans, and mortgages. In addition, it provides various services, including financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice, as well as life and non-life insurance underwriting services. After her tenure at the Central Bank of Nigeria (CBN), Dr Mrs. Seinye O.B. Lulu-Briggs directly joined the Ocean Bank International, a Nigerian Bank that provides corporate, commercial, and individual banking services, as Assistant Manager. At the bank, she was responsible for administration, data processing credit, and a fair exposure to marketing. Taking her experience in consideration, Dr Mrs. Seinye O.B. Lulu-Briggs was directly responsible for setting up and managing the Port Harcourt (PH) Township Community Bank.
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