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Biography of Peter Obi

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Biography of Peter Obi

Biography of Peter Obi

Biography of Peter Obi; As a former governor of Anambra State and a successful businessman, Peter Obi is a multimillionaire. Previously, he worked in the private sector before deciding to enter politics.

Peter Gregory Obi CON (born July 19, 1961) is a Nigerian businessman, politician, and business tycoon. In May 2022, he was nominated by the Labour Party for Nigeria’s 2023 presidential election as the party’s candidate.

 

Biography of Peter Obi

He was born in Onitsha, the capital of Anambra state. In the eyes of his family and friends, he was known as “OKWUTE” (meaning “ROCK”). He was born on July 19, 1961, in Onitsha, Anambra state, and attended school there till he graduated from high school. Christ the King College in Onitsha, served as his secondary school of choice for him. His university education was completed at the University of Nigeria, Nsukka, where he received a Bachelor of Philosophy degree.

According to Peter Obi, “To satisfy this desire, I left Nigeria to study at some of the world’s most prestigious universities.” To name just a few of his many accolades: he graduated from Harvard Business School in Boston, Massachusetts; London School of Economics, where he majored in Financial Management and Business Policy; Columbia Business School, New York, New York; The Institute for Management and Development, Zurich; Kellogg Graduate School of Management, the United States; Oxford University; and Cambria University, the United Kingdom.

Biography of Peter Obi

A career in business

Peter Obi developed a successful career in business because of his intellect and commercial acumen. He had a variety of management and business positions at a number of high-profile firms. These are some of the organizations that have employed him, including

  • Chams Nigeria Ltd
  • Corp Ltd and Card Centre Ltd
  • Future View Securities Ltd
  • Guardian Express Bank Plc
  • Guardian Express Mortgage Bank Ltd
  • Next International Nigeria Ltd
  • Paymaster Nigeria Ltd

Peter Obi was chosen as the head of the Securities and Exchange Commission (SEC) by former President Goodluck Ebele Jonathan (SEC).

Nigerian Economic Summit Group (NESG), Nigerian Chartered Institute of Bankers, and British Institute of Directors are all organizations that Peter Obi belongs to (IOD).

 

Political career

The first term

Chris Ngige of the People’s Democratic Party defeated Peter Obi of the All Progressive Grand Alliance in the Anambra State Governorship Election in 2003, which was announced by the Independent National Electoral Commission (INEC) (INEC).

Court of Appeal reversed Ngige’s win on March 15, 2006, after almost three years of litigation. Obi was sworn in as President on March 17, 2006. He was impeached by the state house of assembly on November 2, 2006, after just seven months in office, and his deputy, Virginia Etiaba, became Nigeria’s first female Governor. As a result of Obi’s successful appeal, the Court of Appeal in Enugu reinstated him as Governor on February 9, 2007. After the court’s decision, Etiaba returned control to him.

Andy Uba was proclaimed the victor of the General Elections on May 29, 2007, with Peter Obi once again resigning from office. This time, Obi challenged the four-year term he had won in the 2003 elections, arguing that it didn’t begin until he was inaugurated in March 2006. Nigeria’s Supreme Court ruled in favor of Obi and reinstated him as the country’s Governor on June 14, 2007. The Supreme Court overturned Andy Uba’s April 14, 2007 election, saying that Obi’s four-year mandate should have been allowed uninterrupted until March 2010.

Second term

In the 2010 Anambra State gubernatorial election, Peter Obi beat Professor Charles Chukwuma Soludo, a former governor of the Central Bank of Nigeria (CBN). Governor Obi was re-elected to a second term of office, this time for four years. Willie Obiano was sworn in as the next Governor of Nigeria on March 17, 2014.

President Goodluck Jonathan selected Peter Obi to lead the Nigerian Security and Exchange Commission after the 2015 general election (SEC).

2019 presidential elections

In the run-up to Nigeria’s 2019 presidential elections, the Peoples Democratic Party (PDP) announced that Peter Obi would be Atiku Abubakar’s running partner. When running for Vice President, Obi argued that the minimum wage should vary from state to state and not be uniform throughout the country.

2023 presidential elections

Following his announcement as a candidate under the Peoples Democratic Party’s platform on March 24, 2022, Peter Obi stated his decision to run instead under the Labour Party’s.

According to the Peoples Gazette, Peter Obi wrote to the party’s leadership on May 24 to quit. According to reports, Obi complained of widespread bribery and vote buying during the party’s presidential primary, blaming it on a faction inside the party working together against him.

People in their twenties and thirties showed their support for Obi by participating in demonstrations and public marches and posting their support on social media. As a significant contender who is not linked with either of Nigeria’s two main political parties, Obi has garnered similarities to Emmanuel Macron’s successful presidential campaign in France in the spring of 2017. The Governor of Lagos, Obi Gbajabiamila, has praised Macron and hosted the French President on his visit to the city.



In 2022, Obi will be running with Senator Yusuf Datti Baba-Ahmed, who he will introduce on July 8. “This is our right to secure, unify, and make Nigeria productive,” he said while discussing his choice of VP candidate. And you can achieve it without the assistance of those who share your goals, aspirations, and enthusiasm for the project. As a result, I am pleased to introduce to you, God willing, Senator Yusuf Datti Baba-Ahmed, Nigeria’s future vice president.

 

Awards And Recognitions

Several honors have been given to Peter Obi in recognition of his achievements in business and politics. Some of the honors and accolades he has received include:

  • Award for Outstanding Example in Leadership and Governance, The Voice Newspaper, 2014
  • Best Performing Governor on Immunization in South-East Nigeria, Bill & Melinda Gates Foundation, 2012
  • Golden Award on Prudence, Methodist Church of Nigeria, 2012
  • Golden Jubilee Award, Catholic Diocese of Onitsha, 2015
  • Golden Merit Award, Nigerian Library Association, 2014
  • Governor of the Year, West Africa ICT Development Award, 2010
  • Leadership and Good Governance Award, Ezeife Leadership Foundation, 2012
  • Man of the Year, Business Hallmark Newspaper, 2012
  • Man of the Year, Silverbird, 2013
  • Man of the Year, Sun Newspaper, 2007
  • Most Outstanding Igbo Man of the Decade, Champion Newspaper, 2014
  • Most Prudent Governor in Nigeria, Thisday Newspaper, 2009
  • Nigeria’s Most Trustworthy Governor, Champion Newspaper, 2009
  • This Day’s Governor of the Decade 2020
  • Zik Leadership Prize, 2011

 

Peter Obi Net Worth

Before becoming Governor of Anambra, Peter Obi was a trader who ventured into banking. He was also an engineer for South African Breweries, so we believe he was already worth $10 million in naira before becoming Governor of Anambra. Obi is now a vice presidential candidate for the People’s Democratic Party in the 2019 general elections.

 

Peter Obi Cars

Kick Peter Obi, who is both rich and important, can buy the finest automobiles. Cars with unique and plentiful features were believed to be part of his official transportation throughout his time as Governor. The following high-end automobiles may be found in Peter Obi’s collection:

Mercenary AMG C63 Mercedes

Peter Obi’s business and political engagements in Nigeria necessitate the use of an AMG C63. The Mercedes Benz AMG is available in three body styles: coupe, sedan, and cabriolet.

SiriusXM satellite radio, Android Auto, Apple CarPlay, and Bluetooth audio streaming are all included in the price of this vehicle. The base price of this vehicle is 65 million NGN.

Lexus LX 570

Lexus is known for making high-quality automobiles with a focus on safety, efficiency, and comfort. The Lexus LX 570 is one of Lexus’ hardest cars, with a 5.7-liter V8 engine good for 403 lb-ft of torque. The vehicle has a sticker price of N75 million.

Toyota Land Cruiser

Land cruisers from Toyota are instantly recognizable due to their large, boxy design. Toyota Land Cruiser often referred to as the “King of SUVs,” is an excellent vehicle to own. The Land Cruiser’s 262 bhp at 3400 rpm and 650 Nm of peak torque at 1600 rpm horsepower and torque ratings can only be expected from a strong V8 engine. Costs vary from 55 to 70 million Nigerian Naira (NGN).

 

Peter Obi Houses

Peter Obi is the proud owner of a multi-million naira mansion. In Enugu, Nigeria, he is said to possess a home worth 650 million NGN. It’s also been reported that he has a residence in London and a number of other residences in Nigeria.

 

Peter Obi’s Personal Life

Gregory Peter Oseloka Obi and Gabriella Nwamaka Frances Obi are Peter Obi’s children from his 1992 marriage to Margaret Brownson Usen.

 

Source of wealth

“I was the lone engineer of South African Breweries,” Peter Obi revealed on Arise TV during the Pandora Paper controversy. I also had Ovaltine on hand.

“The business I was working for before my brother took over and paid me off. The Next Cash and Carry that you see in Port Harcourt and Abuja was founded by that firm.

“Before I became a governor, I served on the boards of three banks and was the chairman of another.”

 

The achievements of Peter Obi

  • Peter Obi was the first governorship candidate in Nigeria to pursue a judicial challenge to his election win, which he lost. A court victory allowed him to restore his authority.
  • While still in office, he was one of the first Governors to receive a National Award in 2011.
  • Anambra State was permitted to hold elections even though his term as Governor had not yet finished, leading him to ask INEC for an interpretation of the tenure of governors. This enabled him to serve out the remainder of his term.
  • For the first time, he was restored by the Courts after a legal challenge to his unlawful impeachment in Nigeria.
  • His appointment as a Special Adviser to the President was unprecedented for a Governor.
  • His appointment to President Obama’s Economic Management Team was a first for a governor in office.
  • Nearly 40 years after Anambra State was founded, he became the first governor to serve in both the new and old parts of the state.
  • Since his political party had control of just one state, he was chosen twice as Vice-Chairman of the Nigeria Governors’ Forum.
  • The only non-PDP Governor in the South-East (consisting of five states), he was chosen by the other four PDP governors to serve as their chairman for eight years instead of the regular one-year term.

 

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ENVIRONMENT

Nigerian Company MMNL to invest $50 Million to scale up its Tubular Batteries Production to 100,000 with backward integration in Next 5 years

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Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

To cater to the rapidly growing demand of Nigeria’s energy sector; Metal Manufacturing Nigeria Limited (MMNL), Nigeria’s largest tubular battery company is aiming to double its expansion capacity to 60,000 pcs per Month in the next financial year. The company is planning to invest around $50 million in capacity expansion, new greenfield projects in the energy backup segment, R&D, Mining & Beneficiation, Plastic container and carton manufacturing units along with brand building and channel partner engagement to accelerate its ambitious growth target. 

 

Being the First Company to produce the Tubular Batteries in Nigeria; MMNL have had its fair share of challenges & hurdles. Over the past 5 years, MMNL has conquered several obstacles including a lack of skilled manpower, a duopoly of supply chain vendors, hurdle of sourcing raw materials, unstable power supply, exorbitant hike in electricity tariff & gasoline price and machinery and scarcity of spare parts in the region. Despite of providing thousands of employments of opportunity; battery manufacturing sector is struggling for survival and desperately in need of government policy support such as raising import duty of foreign importers and export duty for raw materials.

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward

These problems would often demoralize and demotivate any company in tubular battery manufacturing sector and make it unviable for any business to operate in such a situation. Despite their 14 years of manufacturing experience in Nigeria, it found itself in a despondent situation which has led the company to explore other verticals to optimize the supply chain cycle. MMNL has taken several initiatives to address the stated challenges. For example, to address the issue of lack of skilled manpower, the company has conducted hundreds of technical training sessions to locals to enhance & upgrade their skill set and it is continuing to invest in manpower training. Similarly to ensure a steady supply of raw materials, the company has ventured into the mining business, beneficiation plant and other business verticals like plastic container & carton manufacturing. The company has also launched its dedicated service centre to resolve customer issues.

 

“Despite several challenges; the company has achieved stable production of 30,000 units per Month by 2024. MMNL is proud of the fact that it is the first & only Made-in-Nigeria inverter battery company which dominates over 35% to 40% of market share. It means every 5 batteries sold in Nigeria; 2 batteries are from MMNL”, said Mr. Amit Kumar, CEO of Metal Manufacturing Nigeria Limited. “As an Industry leader; company is continuously striving to delight the customer with quality and innovation in the product and making significant contributions in local employment opportunity as well as saving foreign exchange” 

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

MMNL is bound to focus on completing its end-to-end supply chain cycle with a backward and forward integration expansion to proliferate its growth plan and to survive in the highly volatile environment. MMNL has already invested $25 million in Battery production, lead & Oxide manufacturing plant in Shagamu, Ogun state. MMNL’s current production capacity is 30,000 units of inverter batteries. Company is all set to boost its battery production capacity to 60,000 at the start of the new financial year and over 100,000 production capacity by opening a new battery greenfield production plant by 2027-2028 along with backward integration including lead-zinc ore mining and beneficiation. 

 

To make the brand available and accessible for the end customers across Nigeria, MMNL is also expanding geographically across the country, forging multi-channel partnerships, executing its retail strategy and to make use of eCommerce & digital channels.

 

Being an Industry leader with 14 years of manufacturing experience in Nigeria; MMNL has certainly created a high entry barrier for both existing and new players which are considering to start their tubular battery manufacturing operation. Metal Manufacturing Nigeria Limited is a shining example of how a true leader can sail through turbulence of political, economical, social & technological hurdles.

 

About Metal Manufacturing Nigeria Limited (MMNL)

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company.  MMNL is the most trusted and ‘Proudly Made in Nigeria’ brand with over 14 years of industry experience. Recently; MMNL won 3 awards in a row 1) ECOWAS Inverter Battery Company of the Year 2) ECOWAS Inverter Battery Manufacturing Company of the year and 3) ECOWAS Renewable Company of the year. MMNL provides over 1000 direct and indirect local employment opportunities.

The Company also got pioneer status accreditation from Nigerian Investment Promotion Commission (NIPC). Currently MMNL is present across 6 major locations along with a strong network of channel partners consisting 3000+ Installers, 1000+ Dealers and 100+ Distributors and over a half million of satisfied & happy customers.

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BANKING

The Impact of Supply Chain Disruption on Business Operations and Financial Performance 

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The Impact of Supply Chain Disruption on Business Operations and Financial Performance

Supply chain disruptions are very commonplace in today’s interconnected global economy, affecting organizations in a variety of industries. These interruptions may have far-reaching effects on a company’s financial performance in addition to its commercial operations. In addition to offering techniques to reduce the risks involved, this article seeks to give readers a thorough grasp of how supply chain interruptions affect corporate operations and financial performance.

MEANING OF SUPPLY CHAIN DISRUPTIONS 

Any incident or event that prevents information, services, or items from smoothly flowing through the supply chain network is referred to as a supply chain disruption.

It describes any situation or incident that stops the movement of products, services, or data inside a network of supply chains. These interruptions may happen at any time during the supply chain, from suppliers of raw materials to final consumers, and can lead to disruptions, shortages, higher expenses, and eventually affect the chain’s overall effectiveness and performance.

Disruptions to the supply chain can be divided into two categories: internal disruptions that occur within the company and external interruptions that occur outside the company.

TYPES OF SUPPLY CHAIN DISRUPTION

Disruptions to the supply chain can come from a variety of sources and take many different shapes. Typical forms of supply chain disruptions include the following:

  1. Natural Disasters: Incidents like hurricanes, floods, tsunamis, and wildfires can cause damage to transportation networks, destroy infrastructure, and force the closure of manufacturing and distribution facilities.
  2. Geopolitical Events: The movement may be impacted by trade disputes, tariffs, sanctions, war, terrorism, political instability, and changes in governmental policy. moving commodities across international borders, sour commercial ties, and cause bottlenecks in the supply chain.
  3. Supplier Issues: Delays in the delivery of components or raw materials might result from issues with suppliers, such as bankruptcy or sudden changes in production capacity.
  4. Transportation Disruptions: The supply chain as a whole may be impacted by delays in the delivery of goods caused by strikes, fuel shortages, accidents, port congestion, and other transportation-related problems.
  5. Demand Surges or Drops: Unexpected fluctuations in customer demand, such as sudden increases in orders or decreases in sales, can result in mismatches between supply and demand, which can cause delays in manufacturing and delivery.
  6. Cybersecurity Breach: Information technology system malfunctions, cyberattacks, or data breaches can impair critical data, interrupt the flow of products and services, and offerings.
  7. Quality Control Issues: Recalls, manufacturing halts, and supply chain interruptions may result from issues with product quality, safety, or compliance.
  8. Pandemics and Health Crises: Situations like the COVID-19 pandemic can result in worker shortages, manufacturing closures, travel restrictions, and interruptions to international supply chains.

IMPACT ON BUSINESS OPERATIONS

Disruptions to the supply chain can have a big effect on how businesses operate, impacting many different parts of what they do. Among these effects are the following:

  1. Production Delays: Supply chain disruptions may cause delays in the delivery of components, finished goods, or raw materials, which may cause production to halt or slow down. This may affect a business’s capacity to reach production goals and promptly complete orders from customers.
  2. Increased Costs: Expenses associated with carrying excess inventory, accelerating shipments, finding alternate suppliers, and putting emergency plans in place can all rise as a result of supply chain interruptions. These extra costs have the potential to weaken profit margins and lower overall financial performance.
  1. Customer Dissatisfaction: Customers may become dissatisfied and lose faith in the business as a result of delays in the delivery of goods or services. Customer loyalty and the company’s reputation may suffer as a result.
  2. Inventory Management Problems: Disruptions in the supply chain may result in inventory levels that are out of balance, with an abundance of certain commodities and a deficiency of others. This may result in ineffective inventory management, a lockup in working capital, and higher carrying costs.
  3. Operational Disruptions: When important vendors or partners in logistics are unable to deliver merchandise services as anticipated, it may cause daily operations of a business to be disrupted, affecting departmental productivity and efficiency.
  4. Risk of Loss of Market Share: Prolonged supply chain interruptions increase the likelihood that a company may miss out on sales opportunities, lose market share, and experience other negative effects. Those with more dependable supply chains could have an advantage over rivals.
  5. Legal and Regulatory Issues: When a supply chain is disrupted, there may be legal repercussions, including breaking contracts, missing deadlines, and breaking rules. Legal issues, fines, and reputational harm to a business may arise from this.
  6. Long-term Business Impact: A company’s financial performance, competitive position, and general viability may all be negatively impacted by protracted or severe supply chain disruptions. It might impair the business’s capacity to sustain connections with clients, vendors, and other business associates.
  7. Communication and Collaboration Challenges: Interruptions can make it difficult for supply chain participants to coordinate, make decisions, and solve problems. Both efficient crisis management and general operational efficacy may be hampered by this.

IMPACT ON FINANCE PERFORMANCE

A company’s financial performance can be significantly impacted by supply chain disruption in a number of ways, including:

  1. Increased Expenses: Supply chain interruptions frequently result in greater expenses for items like faster shipment, purchasing from more expensive alternative suppliers, keeping extra inventory on hand, or putting emergency preparations in place. The company’s profitability may be directly impacted by these added expenses.
  2. Revenue Loss: Supply chain disruptions may cause delays in completing client orders, which may result in a potential loss of revenue because lost chances to close deals. If there are delays or product shortages, customers can also look for other suppliers, which would mean fewer sales for the business.
  3. Inventory Write-offs: When there are disruptions in the supply chain, inventory levels might become unbalanced, with certain items having excess stock and others lacking. As unsold or outdated inventory builds up and negatively affects the company’s financial condition, this may lead to inventory write-offs.
  4. Contractual Penalties and Legal Expenses: If supply chain disruptions cause a party to miss contractual obligations, there may be penalties and legal expenses. Conflicts involving partners, suppliers, or customers may lead to legal action and more expenses.
  5. Long-Term Financial Impact: Extended or severe disruptions to the supply chain may have a long-term effect on the financial performance of the business, limiting its capacity to produce revenue and sustain long-term profitability. Stock performance and investor confidence may potentially be impacted by this.
  6. Working Capital Restraints: In order to minimize disruptions caused by supply chain disruptions, the business may need to store excess inventory or pay in advance for faster transportation. Money that may have been spent for other company endeavors is diverted by this.
  7. Business Continuity Costs: In order to avoid or lessen supply chain interruptions, businesses may need to make investments in business continuity and risk management techniques. These costs can have an adverse effect on their bottom line.
  8. Stock Market Reaction: When businesses see significant interruptions in their supply chains, investors may react negatively, which could lead to a drop in stock prices. The market capitalization of the company could be impacted if investors lose faith in its capacity to handle risks.
  9. Legal and Regulatory Repercussions: Disruptions to the supply chain may result in legal and regulatory repercussions, such as breaking contracts or neglecting to fulfill duties to customers. A company’s reputation and financial performance can be severely impacted by lawsuits, fines, penalties, and compliance expenses.

STRATEGIES FOR MITIGATION

Businesses can handle supply chain disruption and reduce its impact on operations and financial performance by implementing a number of mitigation techniques, such as:

  1. Diversify Your Supplier Base: Dependence on only one source might make disruptions more likely. Increasing the variety of suppliers helps lessen the effect of interruptions from a particular source.
  2. Supply Chain Insight: Put in place systems and technology that offer real-time insight into every aspect of the supply chain, including transportation, production status, and inventory levels. This visibility aids in identifying anticipate possible problems and make proactive mitigation strategies possible.
  3. Risk Assessment and Management: Perform thorough risk analyses of the supply chain to find possible weak points and put risk management plans in place to lessen their effects.
  4. Contingency Planning: To handle and minimize supply chain interruptions, create and update backup suppliers, logistics routes, and alternate sourcing choices.
  5. Cooperation and Communication: Create effective channels for cooperation and communication with consumers, logistical partners, and suppliers. Having solid connections and open channels of communication will make it easier to deal with interruptions in a cooperative and efficient manner.
  6. Inventory Management: Use agile inventory management techniques to balance supply and demand, keep ideal inventory levels, and lessen the effects of shortages and surpluses brought on by disruptions.
  7. Adoption of Technology: Invest in Supply chain resilience and agility can be improved by utilizing technology like blockchain, supply chain management systems, and predictive analytics.
  8. Financial Risk Management: To lessen any financial effects, assess your exposure to financial risk as it relates to supply chain interruptions and take into account risk transfer strategies such supply chain insurance.
  9. Technology Adoption: Supply chain visibility, traceability, and control can be improved by utilizing cutting-edge technologies like blockchain, data analytics, automation, artificial intelligence, and the Internet of Things (IoT). By facilitating real-time monitoring, predictive analytics, and prompt decision-making, these technologies improve resilience and lessen the effects of disruptions.
  10. Scenario Planning: Create and maintain scenario plans that take into account a range of possible interruptions and how they can affect financial performance and business operations.

CONCLUSION

Disruptions in the supply chain significantly affect financial results and commercial operations. Companies need to proactively identify risks, improve teamwork, use technology, and create strong contingency plans in order to successfully traverse these issues. Businesses may reduce the effects of disruptions, enhance financial performance, and preserve a competitive edge in the complex and unpredictable business world of today by putting these mitigation techniques into practice.

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BANKING

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

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Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Ecobank (www.Ecobank.com), the leading pan-African Banking Group, is proud to announce that Ecobank Zimbabwe has won the ‘Global Award for Financial Inclusion’ in The Banker’s Awards 2023. In addition, Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) and Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo (2nd left) with The Banker’s Bank of The Year Award trophies for Benin, Guinea, Liberia, Mali and Togo. The five affiliates defied stiff competition to emerge the best in their respective markets. They were flanked by officials from The Banker Awards team.

Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “These awards reflect the hard work of all Ecobankers across our Group and could not have been won without the support of our customers and partners. Ecobank Zimbabwe’s Global Award for Financial Inclusion 2023 also reflects the runaway success of its partnership with CARE Zimbabwe and UN Women. It is delivering financial inclusion to over 50,000 rural Zimbabwean women by enabling them to create commercially viable formal enterprises that are boosting local economies. I am also immensely proud of our affiliates in Benin, Guinea, Liberia, Mali and Togo for winning Bank of the Year 2023 awards. I am confident that they, along with all our other affiliates, will continue to deliver excellent banking experiences to all our customers.”

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023 .

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) displays the first ever ‘Global Award for Financial Inclusion 2023’ trophy won by Ecobank Zimbabwe. Mr. Kurenjekwa was accompanied by Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo

Ecobank Zimbabwe’s programme provides financial inclusion and revolving loans to Zimbabwean women’s village associations engaged in grower’s schemes, grocery shops, horticulture and more. The sustainability of the initiative is guaranteed as it revolves funds repaid through its programme of flexible lending/credit terms and low interest rates. The runaway success of the scheme enabled it to expand its women entrepreneur beneficiaries from 7,500 to 52,500 during the first six months of 2023. The bank has created a financial ecosystem, with producers, buyers and suppliers using Ecobank’s digital channels for their transactions. In addition, it has created single market trade hubs at local levels, which will eventually be transformed into a regional market trade hub once the businesses grow to export level.

The judges of The Banker’s awards took account of numerous factors in their decision-making.

  • For the Financial Inclusion Award, they assessed banks globally – across both industrialised and developing economies – on how they address the challenge of including the poorest members of society in the financial system. They also took account of how the banks serving this segment perform a social function and their ability to potentially transform these customers into the high-margin customers of the future.
  • The Bank of the Year Awards focused on rewarding and promoting excellence in the banking community and the criteria assessed also included banks’ abilities to deliver returns, gain strategic advantage and serve their markets.

Ecobank’s awards were presented at The Banker’s 2023 Awards Ceremony, which was held on 30 November 2023 at the Sheraton Grand Hotel, London, UK.

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