Ecobank has successfully completed the acquisition of a 96% stake in Banco ProCredit Mozambique, creating the new Ecobank Mozambique.

Ecobank CEO Albert Essien says the new entity will play an important role in facilitating trade and cross-border transactions throughout the Southern African Development Community (SADC). “Mozambique holds a key position within the SADC, providing port access for all the landlocked member countries,” he says.

“Our overall objective is to advance financial inclusion for the people of Mozambique, providing them with accessible, convenient and reliable banking services, as well as leveraging regional trade corridors,” adds Essien.

Chief operating officer Evelyne Tall affirmed Ecobank’s commitment to develop Ecobank Mozambique into a major player in the local financial services market. “We are now beginning the integration of systems, people and clients in the Ecobank network. This will ensure that ProCredit Mozambique’s customers have access to the entire suite of products Ecobank has to offer,” she says.

Ecobank now has a presence in 36 African countries.