(Corrects name of French development institution in paragraph 1 to Proparco, from Propaco)
LAGOS, Dec 2 (Reuters) - Africa’s Ecobank said on Monday it had signed a $50 million loan agreement for ten years with French development institution Proparco, to support the growth of its local banking network.
Ecobank, which operates in 35 African countries, said in a statement that the loan would fund regional expansion, including targeting customers on the continent who do not yet have bank accounts.
“Pan-African banking groups ... are entering new market segments, targeting those previously excluded from the banking system,” it said. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks and Mark Potter)