Ecobank Cote d’Ivoire Consolidates Its Position In The Country

ABIDJAN, Côte d’Ivoire-- Ecobank Côte d’Ivoire has officially inaugurated its new head office building in Abidjan.
 
The inauguration ceremony at Avenue Avenue Houdaille, Place de la République in Abidjan’s main commercial district of Plateau, took place with Ivorian Prime Minister Daniel Kablan Duncan as main guest of honour.

The Prime Minister paid homage to the Ecobank Group as “an indefatigable pioneer of African economic integration that continually champions economic development on the continent and in Côte d’ivoire particularly.”
 
Established in Côte d’Ivoire in 1988, Ecobank Côte d’Ivoire is one of the 36 subsidiaries of the pan-African banking group Ecobank, under the group’s parent and holding company Ecobank Transnational Incorporated (ETI).

Ecobank Côte d’Ivoire finances 13% of the Ivorian economy, having paid 14 billion CFA francs (USD 23.5 million) in taxes to the Ivorian Treasury in 2014.
 
With 655 employees and 55 branches across the country, the Ivorian subsidiary has total assets of 850 billion CFA francs (USD 1.4 billion) and recorded profit before tax of 17 billion CFA francs (USD 28.7 million) in 2014.
 
Albert Essien, Group CEO of Ecobank, said after the ceremony: “Ecobank Côte d’Ivoire is a pearl in our network and we are proud of our subsidiary.

"It provides us with an important platform through which we can continue to contribute to the economic development of Côte d’Ivoire as we offer our Ivorian customers access to banking services and financial resources.”
 
The Mayor of the host district of Plateau, Bendjo Akossi, emphasised that Ecobank Côte d’Ivoire’s new head office building was designed by African architects.

The building’s main architect, Ibrahima Konare gave a presentation showing the various stages of construction and highlighted the avant-guard design of the building. 
 
Pierre Magne, Chairman of the Ecobank Côte d’Ivoire Board of Directors, said the new head office was constructed at a cost of roughly 12 billion CFA francs (USD 20.2 million), which “showed the confidence of the Ecobank Group in the future of Côte d’Ivoire and its firm commitment to support the country in its journey to towards the 2020 development horizon.”
 
Evelyne Tall Daouda, Deputy Group CEO of Ecobank, said: “This head office building illustrates the firm commitment of the Ecobank Group to consolidate its position in Côte d’Ivoire, to contribute to the development of the Ivorian economy, to take part in the creation of wealth and tangible employment for young people, and to provide banking services for more and more Ivorians.”

She also warmly congratulated the Managing Director of Côte d’Ivoire, Charles Daboiko and his team for bringing the building project to fruition.
 
Speeches were followed by the official ribbon cutting ceremony by Prime Minister Duncan to declare the building officially open. The Prime Minister and invited guests were then invited to sign the official guest book and take a tour of the building’s banking branch. A cocktail reception by Ecobank brought the ceremony to a close.
 

Global Investment Increasing Dramatically In Africa’s Telecoms Industry

DAR ES SALAAM, Tanzania-- Africa’s telecoms industry forms a vital component to the country’s economic growth, affecting all aspects of the business and social sphere. Dramatic expansion in the telecoms sector has taken place over the past five years, with a 72% penetration on average in mobile subscriptions across the continent.

Consequently, a huge amount of investment is happening to improve Africa’s infrastructure to manage the rapid increase in data usage and the need for better connectivity, particularly in rural areas. For example, Millicom Ghana (Tigo) is to invest $24 million in the expansion of its 3G network in the country, according to local reports, with phase one of the expansion expected to include 114 cell sites installed in the Greater Accra, Ashanti and Western regions of Ghana over the next four months.

The international telecoms community regards Africa as an area of high value for new business. In East Africa for example, the construction of a fibre ring connecting five East African countries (Kenya, Rwanda, Tanzania, Uganda and Burundi) has just been completed by Liquid Telecom, to ensure reliable and continuous connectivity. Amb Dr Richard Sezibera, Secretary General of the East African Community (EAC), the regional intergovernmental organisation of the five countries, said of the deployment:  "By providing our nations with a 21st-century broadband network that directly connects us to each other and the outside world, Liquid Telecom continues to help the economic development of our region."

Due to the size and scale of investment opportunities in African telecoms, wholesale telecoms carriers from across the globe meet annually at Capacity Africa (http://www.capacityconferences.com/Capacity-Africa.html), the largest pan-African wholesale conference to network, develop business and hear industry leaders deliver future commercial strategy. Taking place on 8 & 9 September in Dar es Salaam, 400+ senior telecoms executives from over 65 countries will take advantage of the entire African telecoms ecosystem being represented, all looking to secure new deals in the region’s lucrative telecoms market.

Discussing the event’s importance, Mike Last, Director, Marketing and International Business Development, WIOCC said: “Capacity Africa is without a doubt the best networking event for the African wholesale telecoms industry.” He added that it attracts “a very strong set of African and international carriers and creates a great environment for doing business”.

Expanding networks means increased demand for infrastructure and competition amongst operators. Regulators are playing a key role in providing stability to these operators active in the region ensuring a market driven industry. Capacity Africa recognises this, offering an agenda which brings together both the C-level executives of major telecoms organisations such as Seacom, Liquid Telecom and WIOCC, as well as the regulators such as the Nigeria Communications Commission to discuss the latest growth opportunities in front of an audience made up of the key decision makers in African telecoms.