Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced the successful raising of $200 million syndicated loan facility.
The company made this announcement in a notification to the Nigerian Stock Exchange (NSE).
In the notification, ETI disclosed that the facility was oversubscribed at $268.5 million, with ETI increasing the Deutsche Bank’s mandate as an arranger from $150 million to $200 million.
“THE FACILITY SUPPORTS ETI’S GOAL OF MAINTAINING A DIVERSIFIED FUNDING BASE WITH STRONG MARKET ACCESS. THE LOAN WILL BE DUE FOR REPAYMENT IN NOVEMBER 2019,” ECOBANK STATED.
The bank further disclosed that the loan will be due for repayment in November 2019.
The Ecobank share price had also rose by 1.59 per cent from N15.75 to N16.00. This rise came on the day that the NSE All-Share Index appreciated by 0.51 per cent to close at 32,201.28.
ETI had released its financial statements for the nine month period ended 30th September 2018.
Revenue for the group increased from ₦414 billion in 2017 to ₦419 billion in the year under review. This represents a 1% increase year on year.
Profit before tax increased from ₦69 billion in 2017 to ₦96 billion. This represents a 39% increase year on year. Profit after tax also increased from ₦58 billion in 2017 to ₦76 billion. This represents a 31% increase year on year.
The Earnings Per Share also increased from ₦201 in 2017 to ₦246 in 2018. This represents a 22% increase year on year
Meanwhile the West African bank launched a new money remittance app called Rapidtransfer has been launched by Ecobank Transnational International. The app is said to make it easy and cost-effective for Nigerians abroad to send money home to their loved ones in Nigeria.
Speaking recently in Lagos during the unveiling of the new app, the company’s Managing Director, Mr Patrick Akinwuntan, said the app was created out of the need to ensure that Nigerians get the best remittance service ever.
He went further to state that not only is the Rapitransfer App cost-effective to use, it will also help to reduce the difficulties typically experienced by Nigerians in diaspora everytime they try to send money home.
“ECOBANK IS POISED TO ENSURE NIGERIANS IN DIASPORA GET THE BEST IN CLASS REMITTANCE SERVICE. WE WANT TO MAKE IT EASY FOR NIGERIANS LIVING ABROAD TO SEND MONEY TO THEIR LOVED ONES AT HOME INSTANTLY. TRANSFERS ON THE RAPIDTRANSFER APP ARE AT ZERO FEES FROM NOW TILL 31ST JANUARY 2019.
“MANY NIGERIANS WORK ABROAD AND FINANCIALLY SUPPORT THEIR RELATIVES BACK HOME. THE APP IS A SAFE AND SECURE LOW-COST REMITTANCE SOLUTION, WHICH ULTIMATELY WILL PUT MORE MONEY INTO THE HANDS OF THE RECIPIENT AS THERE ARE NO CHARGES DEDUCTED.” -AKINWUNTAN
Users can also decide when and how they want to remit their money. They also have transparent exchange rates.
But RapidTransfer will be operating in a highly competitive market
In recent times, quite a number of Nigerian banks have gone into the digital money remittance business with hopes of taking advantage of the opportunities presented by it. Just this past June, FirstBank Nigeria went into partnership with World Remit to make it easier for Nigerians abroad to send money home.