Moody’s awarded the transaction its highest possible sustainability quality score, SQS1 Excellent. The bond will ​support African farmers, sustainable agriculture businesses and water systems​,​ protecting some of the planet’s most important ecosystems.

Impact on the ground in Africa

Africa is home to some of the world’s most important natural capital, including arable land, tropical forests, freshwater systems and biodiversity across hundreds of millions of hectares. But, until now, private nature capital has not flowed to Africa at the scale the continent’s ecological significance warrants​ in global ecological resilience.

D​​espite hosting 25% of global biodiversity, Africa receives less than 3% of nature finance​​. Ecobank’s Nature Bond​ is a direct response to this gap. It​ will support smallholder farmers adopting sustainable agricultural practices, agri-processors with verified deforestation-free supply chains, and water infrastructure protecting freshwater ecosystems relied upon by millions of people.

Unlike many conservation-focused financing vehicles, Ecobank’s Nature Bond channels capital directly through Africa’s real economy, financing businesses and communities whose day-to-day activities shape environmental outcomes at scale.

The investments will be made in 24 markets, with significant deployment in biodiversity-priority countries such as Côte d’Ivoire, Burkina Faso and Ghana.

Importantly, 81% of the eligible lending pool is allocated to countries where agricultural land-use change is the primary driver of biodiversity loss, helping direct capital to the areas where it can have the greatest environmental impact.

The framework also incorporates independent monitoring and verification mechanisms, including deforestation screening and supply chain traceability requirements, helping ensure that financed activities deliver measurable nature-positive outcomes. Every eligible loan carries seven independently verified sustainability conditions.

The launch of this bond​ also​ comes as governments and investors worldwide face mounting pressure to mobilise private capital for biodiversity protection and sustainable land use. ​​​​

What is a Nature Bond?

A Nature Bond, under the ICMA secondary designation​,​ requires proceeds to actively contribute to nature-positive outcomes, including transforming economic activities to reduce the drivers of nature loss at scale.

The Nature Bond was designed to reach those that conservation-focused instruments were not designed to serve, farmers, agri-processors and water operators whose daily activities collectively determine ecosystem outcomes.

While green bonds typically finance a broad range of environmental objectives, the Nature Bond designation focuses the use of proceeds specifically on nature-related outcomes, including biodiversity, sustainable agriculture, land use and water infrastructure.

The transaction

The USD 450 million bond was priced following strong investor demand with the final orderbook exceeding USD 1.36 billion – 3.9x the original target size. The strength of demand enabled Ecobank to increase the transaction by USD 100 million and tighten pricing by 50 basis points.

The transaction attracted support from both international and African investors, demonstrating Ecobank’s unique ability to mobilise capital across global and African markets.

For the first time, international and African capital markets have a credible, scalable mechanism for financing the protection of African natural capital through the communities who depend on it.

Jeremy Awori, group chief executive officer, Ecobank Transnational Incorporated, commented:

“This transaction is a defining moment for African sustainable finance. Investors did not just support this bond. They demanded more of it, allowing us to increase the size and tighten pricing.

We are not a bank that simply labels bonds. We have spent four years building the systems, governance and accountability needed to make nature finance credible and scalable in Africa.

This bond is ultimately about the farmers, cooperatives and communities whose livelihoods depend on healthy ecosystems.”

Rachael Antwi, group head of Sustainability and ESRM, Ecobank Transnational Incorporated, added:

“Nature finance will only scale in Africa if it is practical, measurable and connected to the real economy. This bond is designed to do that by linking international capital to eligible lending for sustainable agriculture and water infrastructure across 24 countries. It reflects the systems and standards Ecobank has built to ensure nature finance supports both environmental resilience and the communities whose livelihoods depend on healthy ecosystems.”

• Efficiency improved with a cost-to-income ratio at a record 48.3%, while customer deposits grew by $4.9 billion to reach $25.3 billion, strengthening funding and liquidity
• The ETI Board has recommended a dividend payout of $40 million or 0.16 US cents ($0.0016) per share, subject to shareholder approval at the Annual General Meeting

Ecobank Group has delivered a strong set of financial results for the year ended 31 December 2025, reflecting continued execution of its Growth, Transformation, and Returns (GTR) strategy and deliberate growth across its businesses.

Profit before tax grew by 21% year-on-year to $801 million, while net revenues rose by 17% to $2.45 billion, driven by solid performances in both Corporate and Investment Banking, and Consumer and Commercial Banking.

Growth was supported by increased client activity, higher trade volumes, and continued expansion in payments and lending across the Group’s extensive network.

The Group’s diversified Pan-African business model continued to underpin our resilience and our operational and financial performance.

Central, Eastern and Southern Africa (CESA) emerged as the fastest-growing region, while Anglophone and Francophone West Africa delivered strong profitability supported by improved funding costs, trade flows, and treasury activities.

Operationally, efficiencies improved as revenue growth outpaced cost increases, resulting in a record cost-to-income ratio of 48.3%, improved from 52.8% a year ago.

The Group maintained a robust balance sheet, with solid capital and liquidity buffers. Corporate and Investment Banking (CIB) recorded strong momentum, achieving a 40% increase in profit before tax to $697 million, backed by growth in trade finance, cash management, and capital markets.

Similarly, Consumer and Commercial Banking (CCB) delivered substantial results, with profit before tax rising by 27% to $480 million, supported by robust deposit mobilisation and heightened lending activity, rising by 33%.

Across our CIB and CCB businesses, customer deposits grew by $4.9 billion to $25.3 billion, reflecting significant transaction flows and deepened customer engagement, while loans, driven by trade finance and digitally enabled lending, rose to $12.8 billion.

Asset quality pressures increased during the year, primarily driven by higher non-performing loans in Nigeria linked to legacy exposures and the exit from regulatory forbearance.

The Group has taken prudent steps to strengthen its balance sheet, including raising expected credit loss reserves to 7.8% of gross loans from 5.7%.

The total capital adequacy ratio of 16.7% remains comfortable above minimum regulatory requirements by 420 basis points.

This resilience drove sustained value for our shareholders, marked by a return on tangible equity (ROTE) of 27.8%. Reflecting this strong financial position, the ETI Board has recommended a dividend payout of $40 million or 0.16 US cents ($0.0016) per share, subject to shareholder approval at the Annual General Meeting.

Commenting, Jeremy Awori, chief executive officer of Ecobank Group, said:

“Our 2025 performance has further demonstrated that our Growth, Transformation and Returns (GTR) strategy, along with our diversified pan-African business model, is yielding positive results.  This includes a return on tangible shareholders’ equity of 27.8% and a record cost-to-income ratio of 48.3%, down from 52.8% a year ago, with improvements across various businesses and regions.”

He added:

“We continued to invest in enhancing our solutions and customer interactions across both physical and digital channels, resulting in a 1,000-basis-point increase in customer satisfaction to 70%. Furthermore, we made significant progress in key turnaround subsidiaries in the CESA region, including Kenya, Uganda, and Zambia, where efficiency ratios have improved markedly”.

“Overall, these achievements would not have been possible without the dedication of approximately 14,000 Ecobank employees across Africa, who have embraced our ongoing transformation and prioritised meeting our customers’ needs. I am proud of their efforts “, he concluded.

The pan-African banking group recorded net revenue of $1.8 billion, supported by strong earnings growth, disciplined cost control, and focused implementation of its Growth, Transformation and Returns (GTR) strategy.

The Group’s earnings per share climbed by 36% to 1.29 US cents ($0.01), revealing solid operating performance across its subsidiaries. 

Ecobank also achieved a record cost-to-income ratio of 48%, showing the benefits of its diversified business model and effective cost management. The bank’s return on tangible equity (ROTE) stood at 31.2%, stressing the sustained profitability and shareholder value creation.

Its balance sheet was firm throughout the period, with gross loans rising to $12.2 billion and customer deposits reaching $24.1 billion. Asset quality improved significantly, with the non-performing loan ratio dropping to 5.3% from 7.0% in the first quarter of 2024. 

Capital strength was maintained, as Ecobank reported a CET1 ratio of 12.9% and a total capital adequacy ratio of 16.8%, both comfortably above regulatory requirements.

Non-interest revenue contributed 42.4% of total revenue, showing the Group’s continued progress in diversifying income streams. 

Payments were a key growth area, accounting for nearly 30% of non-interest revenue and generating $221 million, a 13% year-on-year increase driven by strong performance in wholesale payments and card operations.

Corporate and Investment Banking (CIB) delivered a profit before tax of $526 million, up 43%, while Consumer and Commercial Banking (CCB) posted $354 million, a 21% increase. 

The growth in both divisions was supported by higher deposits, stronger client engagement, and sustained digital adoption across markets.

Commenting on the results, Jeremy Awori, CEO of Ecobank Group, said, “We are pleased to report strong results for the nine months ending September 2025. Our return on tangible equity was 31.2%, tangible book value per share increased by 83%, and profit before tax rose 34% to $657 million. Our cost-to-income ratio (CIR) improved from 54.5% in the same period last year to 48.0%. 

“These results demonstrate the ongoing success of our Growth, Transformation, and Returns (GTR) strategy, the advantages of our diversified and synergistic business model, and a steadily improving economic environment across our key markets.”

Awori also noted the pace of Ecobank’s revenue expansion, “We are encouraged by our group-wide revenue growth of 18% (totalling $1.8 billion), which has been the fastest in a decade, with each line of business performing well. 

“In Corporate and Investment banking (CIB), revenues grew by 18%, supported by focused client account planning, strong origination and execution discipline, and better cross-selling and product offerings. In Consumer and Commercial Banking (CCB), revenues increased by 13%, driven by significant growth in active customers, deposits, and investments in various initiatives aimed at serving our customers better.”

He further outlined the bank’s digital transformation initiative and inclusion strategy:

“We invested in and improved our digital channels and mobile banking, as well as approximately 400 new state-of-the-art ATMs across our network, which will enhance the customer experience and help drive financial inclusion. 

“We have also significantly enhanced our Ellevate program to support women entrepreneurs throughout Africa, renewed focus on the agricultural sector, and improved digital account opening, wealth management services, and lending.”

In the payments and fintech segment, Ecobank saw solid growth and profit:

“In our Payments, Fintech, and Cross-border Remittances business, revenues rose by 13% to $221 million, which accounted for 13% of our group-wide revenues, primarily driven by a 20% increase in Disbursement Services, and a 14% growth in Cards.”

Beyond profit, as Ecobank celebrates its 40th anniversary, Awori acknowledged the role of partners and customers in the Group’s continued success:

“We are pleased about the significant progress we are making on our strategic priorities, transformative initiatives, and partnerships that will enable us to grow faster in the future and provide more efficient and better customer services. 

“As Ecobank begins its 40th anniversary celebrations this October, we are grateful to all those who have helped build the foundation upon which we continue to deliver financial solutions to businesses, governments, and households, fostering economic and financial integration across Africa.”

To find a way forward, the solution might just be to trade with each other, or risk being cornered again by external forces.

Jeremy Awori, CEO of Ecobank Transnational Inc., didn’t mince words in an interview with Bloomberg: “Now more than ever, African countries must focus on trading more with each other and creating a seamless framework for intra-continental commerce.” He’s right—and there’s no time to waste.

These tariffs are beyond numbers on a sheet, they are a direct hit to export-driven industries across sub-Saharan Africa. Textiles, apparel, and other non-oil products that once enjoyed duty-free access to the U.S. under the African Growth and Opportunity Act (AGOA) are now facing stiff levies. 

For Lesotho, the blow is a lot—up to 50% tariffs, the highest slapped on any sovereign nation. Nigeria’s non-oil exports now face a 10% tariff, a setback the government says could cripple the sector’s global competitiveness.

Let’s not pretend the US is Africa’s top customer—it’s not. China, the UAE, and India have that locked down. But Washington still matters. In 2023 alone, sub-Saharan Africa exported $29 billion worth of goods to the US. 

That’s not pocket change. And the bigger problem? The ripple effect. If US-China trade tensions escalate—and they usually do—China might slow its demand for African exports too.

So what’s the plan?

Intra-African trade has been inching forward. It grew by 3.2% last year, reaching $192 billion. But here’s the thing: that still makes up just 15% of the continent’s total trade. Not enough. 

The African Continental Free Trade Area (AfCFTA) is supposed to fix that. With 55 countries and a combined GDP of $3.4 trillion, it promises to eliminate tariffs, connect 1.3 billion people, and turbocharge industrialisation.

But progress is painfully slow. Negotiations drag on. Tariffs are only part of the problem, and the CEO of Ecobank explains that order delays, visa restrictions, and poor logistics—especially for landlocked countries—make moving goods within Africa harder than shipping them abroad. If we don’t fix these, AfCFTA remains a paper tiger.

There’s also the economic fallout. These tariffs follow Trump’s earlier decision to freeze aid to Africa. Ecobank’s internal research warns that this double blow could shove six million more people into extreme poverty. 

Meanwhile, the African Development Bank projected that Africa’s growth would rise to 4.3% in 2025, up from 3.7% in 2024. But that forecast now hangs by a thread, threatened by these very trade tensions.

The irony is hard to ignore. AGOA was meant to lift African economies. Since 2000, it has allowed over 7,000 products to enter the US duty-free. It helped build industries and create jobs. Now, Trump’s tariff wall threatens to tear that down.

Still, all isn’t lost.

Africa has a choice to make. Either keep depending on external markets that can flip the script overnight, or build internal resilience. That means adding value to raw materials, deepening intra-African supply chains, and rolling out AfCFTA like our lives depend on it—because they just might.

Africa cannot afford to wait for handouts or trade favours. According to the CEO of Ecobank, the future lies within.

The 2023 edition of the Ecobank Fintech Challenge drew participation from over 1,400 fintechs spanning 64 countries, highlighting the competition’s increasing popularity and global reach. Koree’s triumph came after facing fierce competition from seven other finalists, including Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium), and Wolf Technologies (DRC). 

The announcement, made during the Grand Finale at Ecobank Group’s headquarters in Lomé, Togo, celebrated Koree’s exceptional card wallet payment solution, which digitizes merchant payments, securing the top prize of $50,000. This victory signifies the wealth of innovation and ingenuity thriving within the African fintech landscape.

Koree’s victory earned the company a substantial cash prize of $50,000. Additionally, the first runner-up, Wolf Technologies, received $10,000, while the second runner-up, Flexpay Technologies, took home $5,000. Beyond the monetary rewards, all eight finalists, including Koree, were inducted into the prestigious Ecobank Fintech Fellowship. 

This exclusive program offers fintech companies the invaluable opportunity to explore potential commercial partnerships with Ecobank, including seamless integration with the bank’s platforms and the potential for scaling up their fintech ventures across Ecobank’s 35 African markets.

Ecobank Group’s CEO, Jeremy Awori, expressed his excitement about the collaboration with the winning fintech, emphasizing the importance of forging sustainable partnerships in delivering convenient, affordable services to customers. Notably, Koree’s victory also holds broader significance, representing a triumph for innovation and diversity in the fintech landscape. 

Magalie Gauze-Sanga, CEO of Koree, highlighted the impact of the win, stating, “We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitizing cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers.”

The Ecobank Fintech Challenge shows the incredible talent within the fintech industry and is a reflection of the collaborative spirit fostered by various partners. Sponsors like Huawei, Asky Airlines, Arise, Proparco, and others have played an important role in supporting this innovative initiative, contributing to the growth and success of fintech ecosystems across Africa. 

Awori stated this while reacting to the group’s performance in the second quarter of 2023 which saw its pre-tax profits hit N92.52 billion, representing a 63 per cent increase.

According to the financial statement, the increase in second-quarter profits helped its half-year profit before tax to rise by 38 per cent to N150.31 billion compared to N108.96 billion in the same period last year.

Similarly, interest income for the quarter was N238.67 billion compared to N161.09 billion in the corresponding quarter of 2022, while fees and commission income gained 25 per cent to N71.01 billion from N56.73 billion recorded in the same period last year.

Deposits from customers for the half year ended 30th June 2023 increased to N14.71 trillion as against N9.60 trillion recorded as at 31st December 2022.

Commenting on the half-year financial statement, the CEO of Ecobank Group, Jeremy Awori said: “Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet and our commitment to serving our customers.

“We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices and tepid economic growth.”

“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation and Returns agenda.

“Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed.

“In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses.

“Furthermore, the prudent management of our balance sheet and capital remains a priority. We will also continue investing in our best-in-class technology, retaining and attracting talent while reinforcing the right culture”

“Finally, I am proud of Ecobank’s contributions across the African communities in which we operate, and equally proud of the good work Ecobankers do for our customers daily,” Awori concluded.

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, yesterday in Lomé, Togo.

At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.

Furthermore, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.

Alain Nkontchou, Ecobank Group Chairman, said: “Ecobank is a powerhouse in the African banking landscape and is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.

Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented:

“In 2022, Ecobank demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring. This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive.”

The holding company’s (Ecobank Transnational Incorporated) profit for the year was $222 million compared with $295 million in 2021.

The Group’s profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively.

In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade.

For the first quarter of 2023, our Group performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers”.

said the CEO

Ecobank Transnational Incorporated is one of the leading banking groups in Africa and by far the largest in terms of countries of presence.

It is renowned for its continuous delivery of innovation and excellence in customer service to its broad range of Consumer, Commercial, Corporate and Investment Banking customers.

The bank has significantly invested in its digital capabilities, including mobile banking, internet banking and payments infrastructure.

This focus on digital banking enables it to reach more customers, reduce costs and improve efficiency.

Mr. Awori, leading an Ecobank delegation, met Temi Popoola, CEO, NGX, and then joined brokers to ring the gong, signaling the end of the day’s trading session.

Speaking at the event, Jeremy Awori said: “Participating in the closing gong ceremony at the Nigerian Exchange is a great honour for me and the Ecobank Group. We commend the great work the Exchange has accomplished to forge a vibrant capital market.

As a listed company on the NGX, we must continue delivering value to our shareholders, while remaining accountable to stakeholders. We are excited about the growth opportunities in Nigeria. We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients. Furthermore, we recognize that responding to the evolving needs of the Nigerian customers and clients is critical to delivering our pan-African strategy.  We are therefore determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group”.

– Awori

As he concluded, he added: “Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders above the cost of equity, is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value”.

The shares of Ecobank Transnational Incorporated, parent company of the Ecobank Group, are traded on three stock exchanges: the NGX, the Ghana Stock Exchange in Accra, Ghana, and the Bourse Régionale des Valeurs Mobilières in Abidjan, Côte d’Ivoire.

In 2022, ETI’s share price rose on all three exchanges, with its shares gaining 22% on the NGX, significantly above the 3% rise of the NGX’s Banking 10 Index over the same period.

Ecobank’s attendees at the event also included Bola Adesola, Chairman of Ecobank Nigeria; Bolaji Lawal, Regional Executive & Managing Director, Ecobank Nigeria; Carol Oyedeji, Deputy Managing Director Ecobank Nigeria; Ayo Adepoju, Group Chief Financial Officer; Madibinet Cisse, Group General Counsel, Cecilia Akintomide, Special Executive Advisor to the Group CEO and Dr. Bunmi Bajomo, Group Head, Corporate Bank & Chief Operating Officer of Corporate and Investment banking, Ecobank Group. This symbolic event marked the end of trading for the day, but for us, it is another important milestone achieved towards our continued objective of increasing shareholder value.

According to the bank, the PBT growth was supported by the benefits of its diversified business model. Within the period under review, the solid profit growth in Commercial Banking up 100 per cent to $134m and Consumer Banking, up 50 per cent to $130m, was partially offset by a decrease of 17 per cent to $333m in Corporate and Investment Banking PBT, mainly due to impairment charges associated with Government of Ghana’s debt restructuring exercise.

The pan-African banking institution also reported net revenues of $1.9bn in the period under review.

As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of $28m or 0.11 US cents per share subject to shareholder approval at its next AGM.

Speaking about the result in a statement accompanying the financial results, Jeremy Awori, the Chief Executive Officer of Ecobank, said that Ghana’s debt restructuring exercise placed the company in a difficult position during the financial year.

https://twitter.com/GroupEcobank/status/1641480451452809237

He said, “Ecobank’s strong 2022 performance reflects the strength of our diversified business model, growth momentum and efficiency, and was achieved despite operating in a challenging macroeconomic environment, which also included the difficulties that Ghana’s debt restructuring exercise placed on us.

Jeremy Awori, commenting on his new role, said: “It’s a fantastic opportunity to take Ecobank to the next level of its growth strategy. Despite current global challenges, Africa offers promising prospects. Ecobank is uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it has already established.” 

“Through our single gateway platform, we are well-positioned to provide the necessary financial products and solutions for countries, corporates, and SMEs to capitalise on the continent’s vast resource, trade and investment opportunities. We also provide relevant, accessible, and affordable financial services that address the evolving needs of a vibrant, youthful, and entrepreneurial continent. Ecobank’s brand and heritage continue to be a source of pride.”, Jeremy Awori concluded. 

Alain Nkontchou, Ecobank Group Chairman, added: “Jeremy Awori’s exceptional and proven qualities as a result-oriented effective leader with an extensive knowledge of the African banking landscape, make him the ideal choice to steer the growth of the Ecobank Group through the current era of rapid global and continental changes.” The Group Chairman further noted that Jeremy has the full support of the ETI Board.

Jeremy Awori brings with him over 25 years of experience in the banking industry, including close to a decade serving as CEO and Managing Director of Absa Bank Kenya Plc.

Prior to joining Absa, Jeremy served in leadership roles at Standard Chartered Bank across the Middle East and Africa.

His extensive expertise, skills, and industry know-how make him a valuable addition to the Ecobank Group.