Browsing: Ecobank Group

Newly appointed Guinness Nigeria Plc CEO John Musunga. www.theexchange.africa

For the full year ended June 30, 2022, EABL reported EABL delivered its highest profit in five years of US$15.6 million, up 124 per cent.

EABL navigated rising inflation and increase in excise taxes through strategic pricing and effective cost management to post impressive figures.

Prior to his role at KBL, Musunga had a highly successful career at GSK working at senior levels in Eastern Africa, Southern Africa, and Europe.

Among other industry roles, he served as a Non-Executive Director for the Vision 2030 Board in Kenya, chaired the Kenya Association of Pharmaceuticals Industry and the Kenya HIV/AIDS Business Council.

Why does this happen? Is it governance? Is it the CEO? Is it the CEO’s relationship with the Board of Directors? Or is it something else?

High CEO turnover may boil down to an individual problem, but before pointing too many fingers, organizations may want to turn inward and seek any possible problems occurring in the history of the role as well.

Now, let us look at Kenya’s top four CEO changes in 2022.

Since he was appointed CEO of Absa in February 2013, he has led the lender’s seamless transition from Barclays Bank Kenya.

“I am delighted to have led Absa Kenya to great commercial milestones while making a contribution to our society over the last decade. I am optimistic that Absa will reach greater heights in the future,” Awori remarked upon leaving Absa.

Awori also served as the Kenya Bankers Association’s chairman for a year, from June 2013 to July 2014.

Before being appointed as Absa’s Chief Executive Officer, he was the CEO of Standard Chartered Tanzania from 2008 to 2013, rising from the bank’s sales director of Middle East, South Asia and Africa.

In Sub-Saharan Africa, more than 60 per cent of the population is comprised of small-scale farmers, and the agricultural sector is anticipated to provide 23 per cent of the continent’s GDP, as stated by McKinsey & Company. However, just 3% of the industry is eligible for banking credit, which severely restricts the ability of farmers to expand their businesses or reduce the impact of unfavourable harvests.

“In contemporary times, ensuring food security is a requirement that is both vital and urgent. As a result, we are going to have to step up to the challenge and create chances for growth in Africa’s agriculture value chain. Our collaboration with Mastercard has arrived at the perfect time to hasten the process of providing smallholder farmers in Africa with access to the essential financial services they require.

These services are essential to the achievement of Africa’s full agricultural potential. According to Ade Ayeyemi, the chief executive officer of Ecobank Group, “It will also assist deliver value across the farming and agricultural value chain, which will make farming in Africa more profitable, resilient, and competitive, ultimately contributing to the expansion of the continent’s economy.”

SMEs have been significantly impacted by the Covid-19 pandemic with its attendant lockdowns and disruptions to supply chains, plummeting sales, lost revenue and operational challenges. In response, Ecobank through its Commercial Banking Segment is helping business owners close the digital skills gap within their chosen fields and improve the digital capabilities of their employees. 

Josephine Anan-Ankomah, Group Executive, Commercial Banking for the Ecobank Group says that the pandemic has turbocharged the shift towards digital. She adds that it is essential that businesses adapt so that they are able to compete effectively in today’s rapidly changing landscape.