Ecobank’s Growth Journey Under Jeremy Awori
When Jeremy Awori took the helm as Group Chief Executive Officer of Ecobank in 2021, he inherited a pan‑African bank with a presence in 34 countries but uneven performance across key metrics. Awori, who previously led retail banking operations at Standard Chartered and held senior roles at the African Development Bank, framed the challenge as constructing a “100‑story skyscraper”: each floor representing a layer of growth, transformation, and sustainable returns.
Three years into his tenure, the bank’s scorecard shows measurable progress. According to Ecobank’s 2024 Annual Report, the consolidated balance sheet expanded from US $20 billion to US $25 billion, while total revenue rose 17 % year‑on‑year and reached 23 % in the first quarter of 2025. Net interest margins improved, and the bank’s market capitalisation on the Nigerian Stock Exchange climbed from roughly ₦45 to ₦80 per share (approximately US $0.05 to US $0.09).
Back to the Basics of Banking
Awori attributes much of this turnaround to a deliberate return to core banking fundamentals:
- Prudent balance‑sheet management – tightening asset‑liability matches and optimising capital allocation.
- Pricing discipline – revising loan and deposit rates to reflect risk while remaining competitive.
- Process efficiency – streamlining workflows to reduce friction for both customers and staff.
One concrete outcome was a 20 % increase in deposit mobilisation over the last fiscal year. The bank achieved this by overhauling the account‑opening journey: the number of required forms was cut from eight to three, and average waiting time fell from two days to under two hours. Front‑line staff were empowered to flag service bottlenecks in real time, enabling rapid corrective action.
Awori emphasizes a simple mantra for the team: “Track, monitor, and act quickly.” By increasing the proportion of front‑line employees in the total workforce and investing in digital tools that automate routine tasks, Ecobank has been able to devote more human attention to complex customer needs.
Technology as an Enabler
Across the global banking sector, technology spending is projected to exceed US $600 billion annually by 2030, driven by modernization, AI adoption, and cybersecurity hardening (World Bank, 2023). Ecobank mirrors this trend, allocating a significant portion of its capital budget to technology initiatives.
In 2025 alone, the bank rolled out more than 500 new automated teller machines (ATMs) across its network, with a similar expansion planned for 2026. Concurrently, Ecobank is building enterprise‑wide data centers, upgrading its core banking software, and designing a scalable digital architecture that can accommodate future growth in all 34 markets.
Awori stresses that technology must serve people, not replace them. At the most recent board meeting, directors spent an entire day reviewing the bank’s technology roadmap—deciding where to invest, divest, partner, or build in‑house. The resulting framework balances hardware upgrades with software innovation, ensuring agility in an environment where a three‑year return on investment is often the threshold for relevance.
Artificial intelligence is already embedded in several operational streams:
- Anti‑money‑laundering (AML) transaction monitoring systems that flag suspicious patterns in real time.
- AI‑driven fraud detection models that reduce false positives while catching emerging threats.
- Credit‑scoring algorithms that leverage alternative data to expand lending to underserved segments.
Nevertheless, Awori warns that cybersecurity remains the bank’s top risk. As digital channels now handle over 70 % of transactions globally, protecting customer data and maintaining trust is non‑negotiable.
People First: Balancing Talent and AI
When asked to weight the contributors to Ecobank’s success, Awori offers a rough split: 50 % people, 30 % technology, and 20 % process refinement. This perspective aligns with research showing that institutions that combine skilled talent with appropriate technology outperform peers on both profitability and customer satisfaction (McKinsey Global Banking Review, 2022).
The bank’s talent strategy focuses on three pillars:
- Continuous upskilling – regular training programs on digital tools, data analytics, and regulatory compliance.
- Front‑line empowerment – giving branch staff decision‑making authority to resolve customer issues without excessive escalation.
- Leadership development – cultivating a pipeline of leaders who understand both the financial and technological dimensions of modern banking.
By nurturing a workforce that can interpret AI outputs, design customer‑centric use cases, and maintain robust controls, Ecobank aims to turn technology into a differentiator rather than a commodity.
Looking ahead, Awori remains clear about the bank’s horizon: “We’re here for the long haul. As the continent and its economies grow, we need a strong foundation, solid capitalization, and the agility to adapt.” The ongoing construction of that 100‑story skyscraper is therefore less about reaching a specific height and more about ensuring each floor is built to last.
