1
CHAPTER 1 –AN OVERVIEW OF ECOBANK ZIMBABWE
INTRODUCTION TO ECOBANK ZIMBABWE LIMITED
Ecobank Zimbabwe Limited (EZW) is a commercial bank in Zimbabwe licensed by the Reserve Bank of Zimbabwe. EZW is a growing financial services provider in Zimbabwe serving large corporate clients, upscale retail customers and medium to large business enterprises.
The bank was established in 2002 as Premier Finance Group, a merchant bank. In January 2011, Ecobank Transnational Incorporated (ETI) acquired majority shareholding in Premier Finance Group, at a cost price of ten million dollars. Following a change in ownership, the institution rebranded to Ecobank Zimbabwe Limited in May 2011. It also requested and was granted permission to change its merchant banking license to a commercial banking license. The Reserve Bank of Zimbabwe granted EZW a commercial banking license effective 15 May 2012. As of April 2014, the bank maintains a network of thirteen branches with its headquarters situated at Number 2 Piers Road in Borrowdale, Harare.
Ownership
EZW is a subsidiary of Ecobank Transnational Incorporated (ETI), the Pan-African bank with headquarters in Lome, Togo and a presence in over thirty-three African countries.
ETI, a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of The Economic Community of West African States (ECOWAS). In the early 1980’s the banking industry in West Africa was dominated by foreign and state-owned banks. There were hardly any commercial banks in West Africa owned and managed by the African private sector. ETI was founded with the objective of filling thi...
... middle of paper ...
...on and Mission of this department is to be a value adding strategic partner to all its stakeholders and to provide internationally acceptable, independent assurance and consultancy services to all EZW Limited activities. The Audit Services include Information Systems, Financial, Operational, and Compliance audits, Thematic and Assurance reviews.
Roles and Responsibilities
• Review and appraise the soundness, adequacy and application of accounting, financial, and other operating controls and promote effective controls at reasonable cost.
• Ascertain the extent of compliance with established Institutional policies, plans and procedures and all Laws and Regulations in the Country applicable to EZW.
• Determine the extent to which EZW’s assets are accounted for and safeguarded from losses of all kinds.
Fig 6: Internal Audit Structure and Reporting lines
The specific obligations in this case would include monitor corporate governance activities and compliance with organization policies, and assess audit committee effectiveness and compliance with regulations
The company has a responsibility to establish and implement internal and external controls for proper accounting reporting. Target Corporation has done a good job of developing these controls and thus the accounting has been reliable and accurate. To assist in a audit of the company, it must establish substantive procedures that can follow up on the EPS accounting policy. A testing to confirm events and their occurrence would be helpful to ensure that the events and transactions have actually occurred and are recorded in the financial statements accordingly.
the largest bank in Quebec. The bank is headquartered in Montreal, has branches in most
ensure that management is doing what it can to establish means of effective internal controls by having to report on them.
The directors need to be able to view the financial performance of the group in order to make relevant and informed decisions. In order to obtain this information the correct procedures, as mentioned, must be followed to ensure that assets are not overstated and liabilities
"Oxfam Response to Credit Suisse Global Wealth Report [press release]." Africa News Service 14 Oct. 2014. Opposing Viewpoints in Context. Web. 20 Sept.
Barclays is a major global financial services provider operating in Europe, Asia, the Americas and Africa. It moves, lends, invests and protects money for people worldwide. Barclays is present in over 50 countries and employs over 140,000 people.
Barclays group PLC is one of the largest financial providers in America, Europe, Asia, Australia, Africa and Middle East. , It which is mainly engaged deals with credit cards, retail banking, investment banking, corporate banking, and wealth management. The bank is made up of investment and corporate banking, global retail banking and wealth management, each of which has several business units (Burn, Cartwright &Maudsley, 2009).
The international community have highlighted the benefits that efficient and effective trade in Africa could potentially hold; the G8 in 2005 (and again in...
Main view of this report is to explain how the accounting plays a major role in banking, finance and other sectors of business. To decide this, the following questions are explained as follows:
April 18, 2014 marked the Republic of Zimbabwe’s 34th year of independence. As recently as February, the European Union indicated that they might soon relax sanctions imposed upon the nation. The current sanctions on Zimbabwe by both the European Union and the United States are the result of a long history of human rights abuses and political oppression committed by Robert Mugabe and his ZANU-PF government since the country gained independence in 1980. This paper will analyze the major human rights concerns committed by the Mugabe regime since 1980, provide context to their occurrence, and explain how Zimbabwe arrived at its current state of affairs and why the European Union would consider lifting their current sanctions.
... as Kenya Plans More EPZs.” East African 22 April 2002. 10 October 2002 <http://www.nationaudio.com/News/EastAFrican/29042002/Business/
Responsibility accounting is the practice that focuses on providing financial information useful in evaluating efficiency and effectiveness of managers or department heads, on the basis of financial performance directly under their control. Responsibility accounting is also based on the assumption that every cost incurred must be the responsibility of one person somewhere in the company. Examples could include; the cost of rent being assigned to the person who negotiates and signs the rental agreements; or the cost of an employee’s salary being the responsibility of that person’s direct manager, or human resources manager (S. Bragg, 2010).
· EFTPOS- Electronic Funds Transfer Point Of Sale (the same as EPOS with the capability to make transfers for customers to pay for goods via credit or debit cards. The checkout uses the ICC (integrated chip card which is very popular on the continent) or Magnetic strip on the card to request the information of the user to see whether or not they are eligible to make an EFT. The magnetic strip can only hold a limited amount of data such that an 11 or so digit code is sufficient to recall the same data from the bank servers. The ICC however can hold much more information and is much harder to copy or have data changed by criminals or hackers.
Ecobank is currently present in 35 African countries, making it one of the banks with large branch network in Africa. Ecobank also has representative offices in France, London, Dubai, Beijing and Johannesburg. However the main vision for Ecobank is Pan African. The shares for Ecobank are traded on 3 stock exchange markets and these are; the stock exchange in Ni...