Ecobank gets Sh3.5b capital injection boost

Ecobank Kenya has strengthened its capital base with a $27 million (Sh3.5 billion) boost to support business growth in the country and the East African region.

The cash injection raises the bank's total capital to $65 million (Sh8.5 billion) as it seeks to meet the Sh10 billion core capital requirements by 2029.

Ecobank Transnational Incorporated Group Chief Executive Jeremy Awori was optimistic that the investment will enable the institution to support business expansion, facilitate regional trade, and promote financial inclusion.

With the additional capital injection, Ecobank Kenya also aims to strengthen its capacity to provide greater financing and support to more women entrepreneurs, further driving economic growth and sustainability. Since its launch in Kenya, the Ellevate by Ecobank programme has onboarded over 2,000 women entrepreneurs and provided capacity building to over 5,000 women nationwide.

"Kenya is a strategic market for the Ecobank Group and a key economic hub driving growth across East Africa. This capital reinforcement supports Ecobank Kenya's ability to seize new business opportunities and deliver long-term value for stakeholders-all in alignment with our Growth, Transformation, and Returns (GTR) strategy," Mr Awori said in a statement.

Ecobank Kenya is also aiming at empowering emerging industries like green energy, transport and logistics, healthcare, and retail and trade, focusing on sustainable development in Kenya and East Africa.

Ecobank Kenya Managing Director and Regional Executive for Central, Eastern, and Southern Africa Josephine Anan-Ankomah (pictured) said the capital reinforcement strengthens their ability to serve as the financial partner of choice for international organisations, regional businesses, SMEs, and FinTech's.

She also said it strengthens the women-led enterprises while further cementing leadership in regional trade and payments across Central, Eastern, and Southern Africa.