Ecobank Nigeria advances financial inclusion, and supports fintech and SMEs in the country

Korede Demola-Adeniyi, Ecobank Nigeria’s head of consumer banking, brought us up to speed on the bank’s latest initiatives in SME and digital banking.

Ecobank Nigeria is one of the largest banks in the country, with total assets of NGN 4.9 trillion ($6.5 billion) in 2022, and over 11 million customers. The bank has a large network of over 250 branches and more than 50,000 agency banking locations reaching into underserved areas. 

Ecobank has been actively involved in initiatives to promote financial inclusion here, offering services tailored to underbanked populations. It has prioritised financial education and literacy programs to empower individuals with the knowledge and skills to manage their finances effectively.

In response to the high adoption rate of digital platforms in Nigeria, Ecobank focuses on improving its agility and speed of service delivery.It has enhanced its digital platforms Ecobank Mobile App and Ecobank Online. Nigeria has emerged as one of the most fintech-active countries in Africa, with numerous companies leveraging digital platforms to address gaps in traditional banking. In 2023, Nigeria dominated the African continent with 25 fintech investment deals.

Ecobank launched initiatives for small and medium-sized enterprises run by women to increase their financial literacy and enable them to access funding. Despite their substantial contribution to the Nigerian economy, women often encounter funding barriers, hindering the growth of their businesses.