Ecobank Group partners with Computershare

Ecobank Group joins force with Computershare
…to offer investor services across the continent

eProcess International, from South Africa, and member of Ecobank Group has entered into a joint venture agreement with Computershare Limited to provide shareholder registry and custody services to its clientele across the African continent.
A Memorandum of Understanding (MOU) was signed on Tuesday in Accra to signify the pact.
This initiative would reduce the difficulties that investors go through in the process of buying shares on the stock market.
The two corporate bodies seek to initially offer registry services in three markets where Ecobank is listed on the respective Stock Exchanges (Ghana, Nigeria and Cote d’Ivoire), with a view to expand across the entire continent.
Business Development Consultant for Computershare, Africa; Kojo Adomakoh told this paper that the decision to partner Ecobank stemmed from the fact that the bank has an in-house registry business which they want to improve upon.
Under the agreement, clients of Ecobank would enjoy a specialised value-added Investor Service that include custody service which is aimed at facilitating investors in the continent’s increasingly vibrant capital market.
On his part, Group Executive Director of Operations in charge of Technology/Transaction Bank and Retail Bank at Ecobank, Patrick Akinwuntan said it took the initiative on grounds of providing convenient, accessible and reliable banking services for its clientele across the continent.
“The setting up of a joint venture company to deliver cross-border registry and custody and settlement system will leverage on our knowledge and experience of the African market as well as our unique technology and shared services platform”, he said.
Under the joint venture company, anyone who wants to buy shares in any company listed on the stock exchange of the countries mentioned above would have to get an account with Ecobank, and then give an instruction of which company he/she wants to invest in.
The bank then processes it under the joint venture agreement, with Computershare ensuring that the registration of the shares is properly done. The Bank then provides the response back to the client after the successful completion of the transaction.
Commenting on the joint venture, Stan Lorge, Chief Executive Officer of Computershare Limited, South Africa, noted that“we are delighted to have found a partner like Ecobank with whom we can now truly realise our African strategy. Looking at the focus of the joint venture, we could not get a better partner. Ecobank brings unrivalled market access across Africa, whilst Computershare adds technology, product knowledge and expertise developed across the world over the last thirty years”.
According to Arnold Ekpe, Chief Executive Officer of Ecobank Group, the joint venture further demonstrates the commitment of his outfit to leveraging strategic global alliances to provide convenient, accessible and reliable services to its clientele who will then derive immense value from the registry and custodial services of the joint venture company.