Financial systems in Africa have grown from being underdeveloped into a booming industry that has contributed to trade, investment, and economic development. According to The World Bank, “Economic growth in Sub-Saharan Africa is projected to accelerate from a low of 2.6% in 2023 to 3.4% in 2024.” Many key figures across the continent have contributed to this financial growth, including Josephine Anan-Ankomah, Managing Director of Ecobank Kenya.
Josephine Anan-Ankomah was born and raised in Ghana, where she developed a natural talent for numbers and problem-solving from an early age. Her exceptional skills in mathematics and business-related subjects during high school paved the way for a successful career in finance.
She earned her Bachelor’s degree in Economics from the University of Ghana before pursuing a Master’s degree in Business Administration (MBA) with a focus on Finance from the prestigious University of Manchester in the United Kingdom. To further enhance her expertise in the financial sector, she became a fellow of the Association of Chartered Certified Accountants (ACCA), solidifying her credibility and professional standing.
Anan-Ankomah is an accomplished international banker and executive leader with nearly 30 years of experience in banking and finance. As the Managing Director of Ecobank Kenya Limited, she also serves as the Regional Executive for the Central, East, and Southern Africa regions of Ecobank Group, overseeing 18 different operations across these regions.
Career milestones
In the early years of her career, Anan-Ankomah was moulded by seasoned professionals. These mentors refined her skills and deepened her understanding of the industry. She was equally exposed to complex financial environments, which allowed her to interact with industry leaders.
Her career took off in the early 1990s as a management trainee at Ecobank Ghana. Over the years, she has held several key roles across the pan-African bank group. Notably, she served as the Head of Corporate Banking, Managing Director of Ecobank Gambia, and later, the Group Executive for Commercial Banking. In each of these roles, she efficiently grew and improved customer satisfaction.
As the Managing Director of Ecobank Gambia, she oversaw remarkable growth, establishing the bank as the dominant banking brand in The Gambia. The bank moved from third place in 2015 to first place in 2017, clinching its position as a market leader.
Under her leadership as Group Executive for Commercial Banking, Ecobank expanded its services across multiple African countries and improved access to finance for businesses and individuals alike.
Furthermore, she led the Ellevate by Ecobank campaign to support women-led businesses and SheBlooms, offering scholarships and mentorship to girls in The Gambia. This shows her dedication to nurturing future female leaders. Anan-Ankomah’s involvement in digital banking and finance also earned her recognition as one of Africa’s most influential women in finance in 2024.
Contributions to the Financial Sector
During her tenure as Group Executive for Commercial Banking at Ecobank, she spearheaded programs that expanded the bank’s reach to underserved markets, particularly in rural areas that lacked banking services. Furthermore, she launched credit facilities for African small and medium-sized enterprises (SMEs) so they could scale and impact the African market.
She also participated in introducing and advancing financial technology (fintech) in Africa. Under her leadership, Ecobank launched several fintech programs, including mobile banking apps and digital payment options, making banking more accessible and convenient for millions of Africans.
Anan-Ankomah strongly advocates inclusion, particularly in empowering women within the financial sector. As a firm leader, she believes in leading by example and setting high standards for herself and those she works with.
