Ecobank Appoints Josephine Anan-Ankomah As New MD

Ecobank Transnational Incorporated (ETI) has appointed Ghanaian career banker, Mrs. Josephine Anan-Ankomah as the Regional Executive, of Central, Eastern, and Southern African (CESA) and Managing Director, of Ecobank Kenya.

Her appointment has since received clearance from the Central Bank of Kenya. Mrs. Anan-Ankomah leaves her role as Ecobank Group Executive, Commercial Banking. She has served the Bank for the past 30 years in various capacities and replaces Mr. Cheikh Travaly who retired at the end of 2022 after attaining the mandatory retirement age of 60 years in accordance with Ecobank Group policy.

Josephine, who is a Fellow of the Association of Chartered Certified Accountants, holds an MBA in Finance and a Bachelor of Arts in Economics and Sociology, both from the University of Ghana. She will be responsible for leading and growing the Bank’s business in Kenya and the wider CESA region constituting 18 out of 33 Ecobank affiliates and one representative office.

Her career in Ecobank began at Ecobank Ghana in 1992 following her appointment as a Treasury Officer. She has held other senior positions within the bank, such as Managing Director for Ecobank Gambia, Regional Treasurer – (Ghana, Liberia, Sierra Leone, Guinea, and The Gambia), Chief Operating Officer – (Ecobank West African Monetary Zone/East & Southern Africa), Head of Corporate Strategy and Business Development (Ecobank Ghana) and Head – Investment Banking Group (Ecobank Ghana). Josephine wields a wealth of experience in treasury management, commercial banking, and investment banking and possesses a sharp business acumen that will immensely benefit the Bank.

“The Board of Ecobank Kenya congratulates Josephine on her appointment. We are confident that Josephine is the right person for the role and has what it takes to further boost the Ecobank brand in Kenya and the CESA region to even greater heights. She is a leader with a proven track record of execution, great leadership skills, and a deep understanding of customer dynamics, our products, and markets.” said Ecobank Kenya Board of Directors Chairman, Mr. Martin Mbogo.

Accepting her appointment, Mrs. Ankomah said: “It is an honor to serve as Ecobank Kenya’s Managing Director and Group Executive for the CESA Region. I look forward to working with the Board, management, and fellow Ecobankers to grow our business in Kenya and leverage the vast opportunities within the region to actualize Ecobank’s broader vision of fostering financial and economic integration.”

While thanking Mr. Travaly for his immense contribution and dedication to the Group for more than 21 years of service, outgoing Ecobank Group CEO, Ade Ayeyemi said the former Ecobank Kenya MD was instrumental in turning around the Kenyan and regional business, especially after the Covid-19 pandemic and a prolonged economic slowdown.

Mr. Ayeyemi said, “Ecobank’s performance in the CESA region is a testament to Cheick’s turnaround capabilities. Following Cheick’s restructuring efforts, CESA’s Return on Equity (ROE) rose from a low of 2.3 percent in 2016 to 22.3 percent in 2021. Under his leadership, Ecobank Kenya’s Profitability rose from KES 127 million in 2019 to KES 677 million in 2021. Josephine will be building on this performance to elevate Ecobank to a position of leadership in the region.”

On his part, Mr. Travaly said, “It has been a privilege serving Ecobank for over 21 years as well as leading the Kenyan team and the regional business back to steady performance. I wish Josephine great success as she assumes the leadership of Ecobank Kenya and the CESA region.”