Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking corporation, with banking operations in thirty-six (36) African countries. It is the leading self-governing regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains divisions in Eastern and Southern Africa. ETI has representative offices in China, Dubai, France, South Africa, Angola, and the United Kingdom.
The Ecobank Development Corporation (EDC) Ghana Fixed Income Fund is a unit trust that pools money from unit holders and invests in fixed income securities like Treasury Bills and Bonds, Corporate Bonds, Fixed Deposits among others, on behalf of the unit holders.
The EDC Ghana Fixed Income Fund is managed by EDC Investments Limited, the asset management subsidiary of Ecobank Capital. The fund invests in fixed income securities such as corporate bonds, fixed deposits and Government debt instruments among others. To invest, one needs minimum initial investment amount of GH¢50. It has minimum top up investment amount of GH¢20.
The modes of payment are cash and cheque payment at EDC or any Ecobank branch nationwide, standing order from investor’s bank account to EDC Ghana Fixed Income Fund, Funds transfer, and Post-dated cheques for periodic payments.
An individual can invest in the fund for as long as he or she wishes. Withdrawals can be made in part or full with no penalty. Nonetheless, there is a front load charge of 0.5% on all deposits. One can invest in the EDC towards Home Purchase or Mortgage or Vehicle acquisition, Financing of children’s education, Retirement plan, Starting a business etc.
Ghanaian blogger, philanthropist, digital marketer, and founder and owner of the blog; Kobbykyeinews.com, Augustus Koranteng Kyei, popularly known as Kobby Kyei in Ghana has shared his displeasure about the Ecobank EDC Ghana Fixed Income Fund on twitter.
The main issue isn’t known, but it appears he has really regretted engaging in such an investment as he tweeted. This makes one to doubt the authenticity of the EDC. Some individuals who have invested in the EDC and commented on his tweet believe it’s a scam. I hope whatever problem he’s facing would be attended to by Ecobank.
See his tweet below;
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