Jeremy Awori has Don's meditative attitude.
He speaks with the confidence and clarity of a man who is used to simplifying complicated things. He starts by summarizing and looking back at the sophomore in the saddle as CEO of Ecobank.
“It was very active, very exciting and busy. And I think it's great to see where we're busy and doing business, and the extent of our commitment that we have around our goals and the extent of our commitment that is to support trade and economic growth in our markets, that we're traveling the continent first.”
To demonstrate his ability to extend analogy and simplify complex concepts, consider the GTR agenda, bank growth, transformation, and shorthand for return strategies.
“We built a strategy, we have a board of directors to support it, we started implementing that strategy and now the momentum is really starting to build.
“We're excited to see that strategy come in. I think it's a journey. I think we're starting to see momentum build-up. Especially when you look at a quarter, you start to see revenues rising. It's a challenge, but that's the nature of the bank.”
Go to the market
Ecobank CEOs can be bullish when it comes to banking and fundraising businesses. The bank tapped the Eurobond market twice in less than six months. This is the bond between a panda (Chinese) and a samurai (Japan) on the horizon.
Awori excludes nothing.
“We're still dynamic. We've had the opportunity to enter the market after no one has been around since 2021. Are people like that? And can you raise money? And we went in for $300 million, $350 million.
On July 9, Ecobank announced it had begun a private $250 million allocation to strengthen its capital in the form of issuance of additional Tier 1 capital securities.
“I've heard that in AGM we're going to Tier 1. This is another form of capital. It will allow us to do certain things in our business. We'll make the right move at the right time.”
He suggests that the bank's next move will be determined by market analysis, opportunity considerations and a thorough reading of geopolitical realities.
“We're looking at the market. If we remember, we were still experiencing the outcomes of the Russian Ukraine, so there's a lot of geopolitical movements,” he explains. “There is still a bit of uncertainty about what some of the current geopolitical movements mean for Africa, especially for the US.”
Removes noise
How does he adjust the noise when these challenges develop his head? Awori says the key is focusing on how lasers serve their customers.
“What do customers need, how do they serve? If they can provide better service, better solutions, better products with the right value and price, they'll be on board. So we're always tracking metrics.
He converts these insights into new products for bank customers.
“We launched our mortgage and wealth management business in Ivory Coast, and we can do a few other launches. We're thinking about the user experience, so we have a new app that's even better, smoother and easier to use.”
“And on the part of the company, we have restructured our corporate business to be more customer-focused. The trade, cash management business is on track. Our structured business is on track.
Awori said the expansion of the product is supported with a focus on bank income ratios.
“What we're doing is a benchmark for ourselves. I always think that in the mid-'40s there's a great cost-cost ratio that's kind of sort, but I want to get to below 50%. We're stronger when compared to our peer groups. As we move forward, we'll continue to be more efficient.”
AI conversion
Growth and return are easy to track, but conversion is a different animal. What does the conversion look like for Awori and how can he measure it?
“Banks look very different in three years. To give ideas, we reorganized my team. We reorganized the consumer and commercial banks by putting them together. They were two separate businesses.”
“We have reorganized our corporate investment banking business, where we are looking at how we can set up technology to reorganize ourselves to provide services and solutions. We reorganize around the customer segment. So it's the focus of the customers that our products support. We see a radically changed business.”
Awori is 54 years old, but talking about AI, cloud computing and technology-driven growth betrays millennial enthusiasm.
“When we see transformation, we don't see small incremental things, despite continuing to do them. I'm just coming from an American workshop on AI. What they're doing is incredible.
Shortly after the conversation, Ecobank announced its partnership with Google. The bank's strategic partnership with Google Cloud is expected to deploy AI and Cloud technology to transform digital banking in more than 33 African countries. According to the bank, the collaboration aims to “transform financial services with advanced analytics and AI and promote digital empowerment across Africa. Through this collaboration, Ecobank plans to leverage cutting-edge technologies from Google Cloud to deliver it beyond the individuals and businesses that empower empower them, innovative, secure, universally accessible, universally accessible.
I use Fintech
Another technical priority is to work closely with fintech companies that are disrupting the payments and banking markets in Africa.
Awori prefers to view them as collaborators rather than as competitors.
“Fintech needs to work with banks. So what we're doing is to offer ourselves as a bank of choice for fintech and high-tech companies. So it could be eedutech, it could be healthtech, it could be agritech. They still need bankers who understand their model.
“Fintech plays in the payment space, so we support them on the backend. They are fintech companies, but the engine that drives them is the ecobank engine. When we talk about card issuance and parts of the payment system, we provide the infrastructure they live in.
“And we use a centralized IT platform. So you want to go and do business in 10 or 15 countries. Plug us in the center. You can take us to 10 or 15 countries in one dive. You need to go to another bank and negotiate.
“We all coexist. We all need each other, but at the same time we compete to some extent, and I think Fintech is the same.
40 years of banking
Awori initially trained as a pharmacist, but banking soon became his calling, working all over the world before he took the helm of Ecobank at a key moment in his 40-year history.
“I've traveled and worked throughout the Middle East and Africa, so I think it gave me the experience and confidence to be able to move on to this. But what attracted me here is the Pan African nature of business. It's Pan African Bank. It's Africa. Africa is a strategy. Pan African Bank run by people who are friendly to Africa, bringing that skill and providing world-class services.”
Ecobank will reach its fourth year milestone this year, but Auori says the opportunity will be marked, but he added that the bank will not offer an excuse to rest in glory.
“40 years is an important milestone for Pan-Africa Bank, as many companies won't survive. So we are blessings, but it's not about celebrating and celebrating parties. I think it's time for reflection. It's not just one of the long nights we decided to leave ourselves.”
