Ecobank is launching a dedicated agriculture strategy to capitalize on its strong financial performance and tap into a massively underinvested sector. The pan-African lender reported an 18% revenue jump to $1.8 billion for the first nine months of the year, its fastest growth in a decade.
CEO Jeremy Awori identified agriculture, which the World Bank calls Africa’s “sleeping giant,” as a key opportunity. Despite accounting for a third of output in many African nations, the sector receives minimal bank financing. Ecobank’s new, coherent strategy will focus on specific crops and countries, supported by in-house agronomists.
This move also helps future-proof the bank. While high interest rates currently boost profits, Ecobank is preparing for a shift. The agriculture sector provides a natural hedge; people need to eat and banks need to serve core economic sectors, even amidst political instability in some of its 34 operating countries. The strategy aims to build resilience by investing in a fundamental pillar of the African economy.
