How African banks are navigating global headwinds

Chairman of Ecobank Transnational Incorporated, Alain Nkontchou, says banks are facing some level of pressure on their balance of payment due to global headwinds. Speaking with CNBC Africa's Kenneth Igbomor, Nkontchou stresses that the pressure is reflecting on global currencies which has led to a constraint in accessing foreign exchange by African banks.

Wed, 14 Sep 2022 14:15:42 GMT

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The Chairman of EchoBank Transnational Inc., Alain Nkontchou, discusses how African banks are grappling with global headwinds, including pressure on the balance of payments and constraints on accessing foreign exchange.
Nkontchou emphasizes resilience and adaptability as key factors in EchoBank's success, with the bank seeing growth driven by its digital platform amid challenging economic conditions.
The appointment of Jeremy Awori as the incoming CEO aligns with EchoBank's strategy vision, focusing on internal productivity, efficiency, revenue generation, and expansion of the digital platform to enhance customer experience.

African banks are facing challenges amidst global headwinds, according to the Chairman of EchoBank Transnational Incorporated, Alain Nkontchou. In an exclusive interview with CNBC Africa's Kenneth Igbomor, Nkontchou highlighted the pressure on the balance of payments, which has resulted in constraints on accessing foreign exchange by African banks. The economic environment has been tumultuous in recent years, marked by factors such as global economic contraction, sways in global activity, supply chain disruptions, inflation, and the need for government support. Nkontchou emphasized the importance of resilience in navigating through these challenges, citing EchoBank's nearly $1 billion revenue in the past year as a testament to their ability to weather the storm. The bank has seen growth mainly driven by their digital platform, enabling them to support both customers and governments while maximizing returns and minimizing risks. EchoBank has also announced the appointment of Jeremy Awori as the incoming CEO, with Nkontchou praising Awori's strategic vision and track record of delivering superior returns. Awori's focus on internal productivity, efficiency, and revenue generation aligns with the bank's goal of expanding their digital platform and enhancing customer experience. Reflecting on his tenure as CEO over the past seven years, Nkontchou highlighted the bank's achievements in stabilizing operations, driving innovation, and expanding their customer base across 17 countries. With a strengthened capital base and improved profitability, EchoBank is poised for continued growth and development in the future.