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MEBs emulate commercial banks, eyes W/Coast
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Offong Ambah, managing director, Ecobank of Nigeria
Following the successful recapitalisation and merger exercise of 25 Nigerian banks, now 24 banks, with the consequence of what appeared to be a heated competitive environment in the national economy, there appears to emerge a trend whereby Nigerian banks are now expanding to other countries in the West African sub region, as well as other countries in the Central African region.
These expansionary moves, which were pioneered by Ecobank of Nigeria, are not necessarily optimal in terms of profit maximization, as research has shown, but to have an aura of being big, as well as impacting positively on the economies of other neighboring countries, which otherwise are suffering dearth of banking services.
For example, Aig Imoukhuede, managing director of Access Bank said the bank’s branch in the Gambia made a profit much less than what their Benin branch, in Edo, would make.
And if to follow suit as the mega banks, Lift Above Poverty Organisation (LAPO), the foremost and the largest micro finance institution in West Africa begins its pioneer overseas activities in Sierra Leone this month.
The organization’s chief executive officer noted that they are very much determined to bring their expertise to bear in the development of the West African nation, as well as provide technical services for young indigenous institutions there.
Experts in the industry say that considering the sheer size, expertise and experience of LAPO, and the impact they have already made in eradicating poverty on the shores of Nigeria, they anticipate the organisation, which is a healthy institution in providing financial, social and health empowerment services to a larger number of Nigerians as well as other Africans along the West coast within the next few years, will impact their benefits on a greater number of people who need LAPO’s financial services.
This, they say is possible because LAPO has attained very high standards in terms of financial self-sufficiency and management. The organization targets the very poor who would not have access to credit from the mainstream financial system.
LAPO’s laudable efforts at combating poverty and as the organisation believes that since its inception in 1986, has aided it that to meet the millennium development goal of halving the proportion of people living in extreme poverty by 2015, poverty reduction strategies must be focused on women, who constitute the most vulnerable group in the society.
Upon getting license from the government of that country, the management dispatched its staff members there, including he designated general manager. LAPO has already started contributing to solving the unemployment situation in that country.
To this end, experts say there is no gainsaying the fact that Nigeria remains the economic hub of West Africa. As such, it is only appropriate that Nigeria’s private sector is taking the lead in exporting its commercial operations to assert its grandeur in the sub region.
It is further blieved that if the Nigerian private sector continues this trend of expanding across the sub region, it will not only have the impact of making the ECOWAS region more close knit economically and politically, but stand the chance to widen the labour market for Nigerians abroad.
Already, Nigerians, as well as nationals of other sub regional economies are freely transferring money across borders, making business easier than before. May the private sector is finally beginning to achieve the objective of knitting ECOWAS into an operational economic zone.
For example, Aig Imoukhuede, managing director of Access Bank said the bank’s branch in the Gambia made a profit much less than what their Benin branch, in Edo, would make.
And if to follow suit as the mega banks, Lift Above Poverty Organisation (LAPO), the foremost and the largest micro finance institution in West Africa begins its pioneer overseas activities in Sierra Leone this month.
The organization’s chief executive officer noted that they are very much determined to bring their expertise to bear in the development of the West African nation, as well as provide technical services for young indigenous institutions there.
Experts in the industry say that considering the sheer size, expertise and experience of LAPO, and the impact they have already made in eradicating poverty on the shores of Nigeria, they anticipate the organisation, which is a healthy institution in providing financial, social and health empowerment services to a larger number of Nigerians as well as other Africans along the West coast within the next few years, will impact their benefits on a greater number of people who need LAPO’s financial services.
This, they say is possible because LAPO has attained very high standards in terms of financial self-sufficiency and management. The organization targets the very poor who would not have access to credit from the mainstream financial system.
LAPO’s laudable efforts at combating poverty and as the organisation believes that since its inception in 1986, has aided it that to meet the millennium development goal of halving the proportion of people living in extreme poverty by 2015, poverty reduction strategies must be focused on women, who constitute the most vulnerable group in the society.
Upon getting license from the government of that country, the management dispatched its staff members there, including he designated general manager. LAPO has already started contributing to solving the unemployment situation in that country.
To this end, experts say there is no gainsaying the fact that Nigeria remains the economic hub of West Africa. As such, it is only appropriate that Nigeria’s private sector is taking the lead in exporting its commercial operations to assert its grandeur in the sub region.
It is further blieved that if the Nigerian private sector continues this trend of expanding across the sub region, it will not only have the impact of making the ECOWAS region more close knit economically and politically, but stand the chance to widen the labour market for Nigerians abroad.
Already, Nigerians, as well as nationals of other sub regional economies are freely transferring money across borders, making business easier than before. May the private sector is finally beginning to achieve the objective of knitting ECOWAS into an operational economic zone.
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