Onome Amuge
Ecobank Transnational Incorporated (ETI) has agreed to sell its stake in Ecobank Mozambique (EMZ) to FDH Bank, a financial institution listed on the Malawi Stock Exchange, in a move to streamline its pan-African operations. The transaction, which has received all necessary regulatory approvals, is expected to be completed within the 2025 financial year.
The sale is part of Ecobank’s broader “Growth, Transformation, and Returns” strategy, which aims to ensure the bank remains a competitive and meaningful player across its key markets. According to Jeremy Awori, Ecobank Group’s chief executive, the decision to divest was made to drive sustainable growth while maintaining the group’s core mission of promoting Africa’s financial integration.
Ecobank has assured that the change in ownership and operational management will not disrupt banking operations, assets, or employees at its Mozambique unit. The bank, which has been operating in Mozambique since 2000, was acquired by ETI in 2014 and renamed Ecobank Mozambique S.A.
FDH Bank, a well-established institution in Malawi, will fully finance the acquisition using its retained earnings. The bank provides a wide range of services, including digital, personal, corporate, and institutional banking. Upon completion of the transaction, FDH Bank will assume effective control of Ecobank Mozambique.
Awori noted that the decision was carefully considered to ensure the best outcome for employees, customers and operations. He also revealed that Ecobank is exploring a strategic partnership with FDH Bank to ensure that Mozambique will continue to have access to Ecobank’s pan-African digital ecosystem for seamless cross-border payments.
“While our direct presence in Mozambique is changing, our unwavering commitment to driving pan-African financial integration and economic growth across the continent remains stronger than ever,” Awori stated.
