Awori: Agreement with American Express expands acceptance in 21 countries

Ecobank Group CEO, Jeremy Awori, has announced a strategic agreement with American Express that will significantly expand the multinational financial services corporation's acceptance in 21 countries across Sub-Saharan Africa. The deal, signed at the African Development Bank Annual meetings in Kenya, marks a pivotal moment for Ecobank Group as it continues to focus on growing its consumer, SMEs, and Cards businesses in the region. Awori expressed his excitement about the agreement and highlighted the importance of such collaborations in driving financial inclusion and economic growth on the continent. He emphasized the significance of events like the African Development Bank Annual meetings in bringing together key players from the private and public sectors to discuss opportunities and challenges facing the financial industry in Africa. During the interview with CNBC Africa, Awori discussed the impact of macroeconomic and exogenous factors, such as COVID-19 and geopolitical issues, on Africa's ability to access finance in international markets. He stressed the need for innovative financial solutions to support the continent's development and industrialization, ultimately improving the lives of its people. The partnership with American Express will allow Ecobank to enhance digital transactions by accepting American Express cards at its point-of-sale machines and ATMs. This move expands American Express acceptance points in 12 new African countries and adds nine countries where American Express outlets are already operational. Additionally, customers can now use their American Express cards at Ecobank's ATMs in 31 countries. In explaining the choice of American Express as a partner, Awori highlighted Ecobank's existing collaborations with major payment partners, including Visa, MasterCard, and China UnionPay. By working with American Express, Ecobank aims to bolster its card payment services and provide customers with expanded payment options across the continent. Awori also touched upon Ecobank's broader strategic vision for growth, which includes a focus on consumer and SME businesses, as well as financial inclusion. The company's investment in these areas, along with partnerships like the one with American Express, aligns with its goal of becoming a leader in payments and expanding access to financial services for customers. The CEO further discussed Ecobank's recent partnership with the International Finance Corporation (IFC) for a trade finance guarantee facility worth $150 million. He emphasized the importance of partnerships in driving growth and innovation, pointing to collaborations with organizations like the Africa Guarantee Fund and fintech companies as key components of Ecobank's strategy. At the African Development Bank Annual meetings, Awori noted the strong commitment among participants to finding solutions to Africa's unique challenges. He highlighted the progress being made and the collective effort to accelerate growth and make a positive impact on the lives of Africans. Overall, Ecobank's expanded partnership with American Express represents a significant step towards enhancing financial inclusion and driving economic development in Sub-Saharan Africa. By leveraging strategic collaborations and innovative solutions, the bank is well-positioned to play a key role in advancing Africa's financial landscape.