The Africa Experts

Nigeria is the second largest film producer in the world

Ecobank is present in Nigeria and in more countries in Africa than any other bank in the world

Benin • Burkina Faso • Burundi • Cameroon • Cape Verde • Central African Republic • Chad • Congo (Brazzaville) Congo (Democratic Republic) • Côte d’Ivoire • Gabon • Gambia • Ghana • Guinea • Guinea-Bissau • Kenya Liberia • Malawi • Mali • Niger • Nigeria • Rwanda • Sao Tome and Principe • Senegal • Sierra Leone • Tanzania Togo • Uganda • Zambia • Zimbabwe International offices: Dubai • Johannesburg • London • Luanda • Paris www.ecobank.com African Banker 2nd QUARTER 2012

3

United Kingdom IC Publications 7 Coldbath Square London ec1r 4lq tel: +44 20 7841 3210 Admin FA X: +44 20 7713 7898 Editorial FA X: +44 20 7841 3211 E-mail: icpubs@africasia.com w.africasia.com

France IC Publications 609 Bat A , 77 Rue Bayen, 75017 Paris tel: +33 1 44 30 81 00 fax: +33 1 44 30 81 11 email: info@icpublications.com w.icpublications.com

FOUNDER Afif Ben Yedder Directeur de la publication (benyedder@africasia.com) Group Publisher Omar Ben Yedder (o.benyedder@africasia.com) Editor Anver Versi ART DIRECTOR Karishma Mehta Editorial Consultant Christian Udechukwu Corespondent-at-large Stephen Williams Editorial Asistant Carole Lambert ASSOCIATE EDITOR Alexa Dalby GENERAL MANAGER Leila Ben Hassen (l.benhassen@africasia.com) DEVELopment director Patricia Bonnin p.bonnin@africasia.com group sales director Tibor Fuchsel advertising@africasia.com Advertising Sales Directors Medrine Chitty Elisée Marie Ndiana Matthew Darren Moore Nick Rosefield istribution William Pearson production Sandra Segade Printers Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH Indexed and abstracted in PAIS International and included in one or more of the Information Access Company full text reference databases. Microfilms available from Xerox University Microfilms, 399 N. Zeeb Road, Ann Arbor, Michigan 48106, USA. Indexed by UMI/Data Courier, PO Box 327770, Louisville, KY 40232-2770 USA.

All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2012 IC Publications Ltd

COVER STORY LEGENDARY BANKER SAYS FAREWELL

04 Editorial

Salute to top banker 06 African Banker’s World

Round-up of the last quarter in Africa’s banking industry 12 New Apointments

Who has moved where 14 Cover Story

Arnold Ekpe – Ecobank legend says farewell 22 CURRENCIES

Heated activity on Africa’s FX markets 24 SPECIAL REPORT

Banking in West Africa 24 Nigeria – Winners and losers 28 Ghana – Unite or be swallowed 30 Era of mobile banking

32 INTERVIEW

Xavier-Luc Duval, Finance Minister and Vice-PM, Mauritius 36 RESEARCH

Majority of S Africans financially included 38 INTERVIEW

r Ahmed Heikal, Founder and CEO, Citadel Capital 44 TECHNOLOGY

Innovations propel African systems to the top 50 LETTER FROM MAURITIUS

‘Phishing’ claims first victims