Pan-African Bank to aid West African nation’s efforts to integrate its financial market with the rest of the continent
Ecobank Transnational Incorporated (ETI), a pan-African bank based in Togo with operations in West, Central, East and Southern Africa, has opened an affiliate in the capital city of Malabo to serve as a credit institution in Equatorial Guinea. The licensing of Ecobank is part of the government’s efforts to integrate the country’s economy more closely with other African states, support the development of the economy, and improve access to financing.
The opening of Ecobank aligns with the government's implementation of the industrialization project and economic development plans, diversification of the economy to reduce poverty, strengthening transparency in public finance management and good governance, said Vicente Ehate Tomi, Equatorial Guinea’s Prime Minister.
“We are pleased that the authorities of Equatorial Guinea have issued Ecobank with a license to operate as the fifth bank in the country and to support the development of the economy with access to financing,” said Thierry Tanoh, Ecobank’s Chief Executive Officer. Mr. Tanoh said that Ecobank Equatorial Guinea completed the bank’s presence in all the member states of the Monetary and Economic Community of Central Africa. “Additionally, our presence in Equatorial Guinea will give the citizens access to Ecobank’s footprint across Africa.”
Ecobank currently operates in 32 countries throughout the African continent. It has a licensed operation in Paris and representatives in Johannesburg, Dubai and London. Ecobank Equatorial Guinea is the 33rd affiliate of the Group in Africa.