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Ecobank is the main banking group active in WAEMU

06/11/2019
Source : Agence Ecofin
Categories: Economy/Forex

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With 13% of the market share of the West African Economic and Monetary Union (UEMOA), Ecobank, the pan-African banking group based in Lomé, is the main player in the banking sector in the sub-region in 2018. This is what revealed by the banking commission of the West African Monetary Union (UMOA), in a recent ranking which notes 29 banking groups active in the UEMOA space, at the end of 2018. Thus Ecobank, with its 8 establishments in the space, which cumulate 6.6% of counters and 12.6% of active bank accounts, comes ahead of the French Societe General, which for its part concentrates 10.1% of market share in the Union. In addition, the Lomé-based banking giant concentrates nearly 18% of the overall net income of the community space, according to statistics from the banking commission. These two behemoths are followed by the Moroccan groups Bank Of Africa, Atlantic Business International (ABI), and Attijariwafa Bank. The Ivorian NSIA Banque and the Burkinabé Coris Bank International come next. It should also be noted that Oragroup, another pan-African banking player based in Lomé, occupies 8th place in this very select top ten, with 4.8% of market share in the Union. For 2018, the Group (which also posted good profits in the third quarter of this year 2019), concentrated 2.9% of the counters of the Union, and 1.6% of the number of bank accounts opened.

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