African banking group Ecobank has announced that its current CEO Ade Ayeyemi will retire after he turns 60 years old, which is in line with the company policy, a press release said.
Succeeding him will be Jeremy Awori, the release said. Alain Nkontchou, Ecobank Group Chairman, said Awori is a “highly respected leader” in the banking industry.
Awori’s past includes work with Absa Bank Kenya for almost a decade, and he has a 25-year career in banking overall.
Ade said it had been a “privilege to lead an amazing team of Ecobankers in bringing the Ecobank Group back to growth and continuing to realise our commendable pan-African mandate.”
“Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth,” Nkontchou said. “Ade’s deep knowledge, unrivaled vision, commitment and infinite passion made all the difference. It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”
In February, Ecobank went on record as saying there could be mass innovations in payments in the region, PYMNTS wrote.
Read more: Ecobank Says Africa’s Payment, FinTech Future is Bright
According to Oashon Akpata, head of consumer payments with Ecobank, there have been various shifts for years such as telco-led mobile money, and more automation.
“In the 2010s, we started to see more automation in clearing houses across the continent,” Akpata told PYMNTS in an interview. “Nigeria launched the interbank settlement system in 2011, which began the period of faster settlement of transactions and a focus on interoperability.”
There’s now also much more blockchain technology, and crypto use, particularly in emerging markets like Nigeria — which is happening because of the challenges with foreign currency transactions. Akpata said startups are building new solutions to add payment opportunities and cut down on friction — with more innovation expected amid a high level of venture capital investment.
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