Page 99 - Ecobank Gambia Annual Report 2020

11.43 Related party transactions

Ecobank Gambia Ltd has the following ownership structure as at year-ended 31st December 2020.

Place of incorporation Ownership interest

Name Type Togo 2020 2019
Ecobank Transnational Incorporated (ETI) Parent Company The Gambia 97.37% 97.37%
Gambia Investment Group Non-controlling Interest
2.63% 2.63%

Transactions with other related parties

The following transactions occurred with the parent Company related party

As at 31st December

2020 2019

D’000 D’000

*Purchase of Management Services from Parent Company 51,152 41,553
**Purchase of technological Services from Parent Company 69,206 66,327
***Dividend paid
124,897 94,783

245,255 202,663

* Ecobank Gambia enjoys the services and support of the Group Office by way of overall strategic guidance, business and
support functions that are centralized both the Group Office and the Regional clusters.
**Ecobank Group has a centralized technological infrastructure located in Ghana and Nigeria, this is in line with the
Group’s strategy of ‘manufacture centrally and distribute locally.’ This cost relates the service charges to Ecobank Gambia
for the use of this services.
***Dividend amount represents the net payments (after taxes) made to Parent company based on the dividend approved
and paid relating to prior financial year.

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