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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Pan African Resources plc    PAF   GB0004300496

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Ecobank signs agreement with OiLibya to distribute digital financial services

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05/22/2017 | 04:27pm CEST

May 22, 2017

Source: thebftonline.com l Ghana

Ecobank Transnational Incorporated, the parent company of Ecobank, the Pan-African banking group, has signed an agreement with OiLibya, the Pan-African oil and gas downstream company, for the distribution of digital financial services.

The contract empowers OiLibya’s teams to distribute a variety of digital financial services across the continent in partnership with Ecobank in accordance with local regulations.

Ecobank leverages the power of digital to deliver convenience to its customers. Ecobank Mobile App, Ecobank Masterpass Merchant QR, Ecobank XpressAccount, Internet banking, Pan African Card, Automated teller Machines, Points of Sale are just some of the digital services that Ecobank has created to make banking easier, more accessible and cost-effective than ever before.

Ecobank Group CEO Ade Ayeyemi said: “This partnership with OiLibya demonstrates our commitment to bring affordable banking to the doorstep of every African, as we seek to serve 100 million customers by 2020.

Ecobank believes it is the right of every African to have access to financial services and we are leveraging digital, mobile and retail chains across Africa to provide ubiquitous e-banking.

This will help unlock opportunities for small and medium African entrepreneurs, eliminate inefficiencies, unleash productivity and spread opportunities across society to speed up growth.”

Libya Oil Holdings Ltd CEO Ibrahim Bugaighis said: “We are pleased to partner with Ecobank to bring financial services to customers more conveniently through our network of service stations, and thus help improve their accessibility.

OiLibya is a leading distributor of petroleum and convenience products on the African continent. This partnership with Ecobank is in line with our vision of contributing to the economic and social development of Africa.”

OiLibya service stations are increasingly evolving to become multi-service destinations, offering not only fuels and lubricants but also auto care services, convenience stores, restaurants, cash points and much more.

Giving easy access to financial services has the potential to unlock enormous lifestyle, business and other financial opportunities to our customers and partners across Africa.

In Africa, where virtually everyone has a mobile phone, OiLibya is partnering with Ecobank to enable customers to safely make digital financial transactions and help open up reliable, innovative and convenient financial services to population centres with limited banking facilities.

Ecobank and OiLibya have large and growing pan-African footprints. Ecobank has a presence in 33 African countries with over 1200 branches and OiLibya operates in 18 countries with a network of more than 1000 service-stations.

OiLibya has been present in Africa for more than 20 years and yet its heritage supporting the growth of the continent extends over a century in several countries. With the expansion of its multi-services offer, OiLibya will continue supporting African growth and development through the provision of the energy and services people and businesses need.

(c) 2017 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( GBP)
Sales 2017 205 M
EBIT 2017 38,5 M
Net income 2017 33,5 M
Debt 2017 9,81 M
Yield 2017 4,76%
P/E ratio 2017 7,29
P/E ratio 2018 5,29
EV / Sales 2017 1,79x
EV / Sales 2018 1,74x
Capitalization 358 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 0,23  GBP
Spread / Average Target 41%
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NameTitle
Cobus Loots Chief Executive Officer & Executive Director
Keith Cousens Spencer Independent Non-Executive Chairman
Anaki Karigeni Chief Operating Officer
Gideon Petrus Louw Finance Director & Executive Director
Hester Helena Hickey Independent Non-Executive Director
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