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Ecobank Sees Slower Growth This Year on Weaker African Currencies

  • Lender predicts revenue growth to slow 1%-3% in 2022, from 5%
  • Sees improvement by 2024 on business diversification, recovery
An Ecobank Transnational Inc. bank branch in Bangui, Central African Republic.

An Ecobank Transnational Inc. bank branch in Bangui, Central African Republic.

Photographer: Adrienne Surprenant/Bloomberg
Updated on

Ecobank Transnational Inc, the pan-African lender with operations in 35 countries, foresees slower growth this year as a devaluation of local currencies pushes up its costs and make it more difficult for its clients to do business.

The Togo-based lender predicts revenue growth will slow to 1% to 3% this year, from 5% in 2021, while loan extensions will probably increase by a maximum 3%, after growing 4% the previous year, Chief Financial Officer Ayo Adepoju said on an investor call on Thursday. Customer deposits are likely to rise by 3% to 5%, down from 8%, he said.