By Jackson Okoth
The Togolese-based Ecobank Kenya has received fresh capital injection of Sh2.1 billion ($25 million) from its parent company and majority shareholder, Ecobank Transnational Incorporated.
The move signals the West African bank’s determination to increase its foothold in the competitive Kenyan banking sector.
The funds will help the bank continue with its expansion programme and business growth objectives.
This development come days after Ecobank launched its new promotional campaign aimed at encouraging a savings culture. This was to reward the bank’s customers and increase deposits.
The campaign focuses on savings and current accounts. “We are delighted to receive these funds which will undoubtedly help our bank continue with our expansion, business growth and address challenges associated with rising cost of funds”, announced the Bank’s Managing Director, Tony Okpanachi.
Ecobank Kenya’s total assets stood at Sh27.2 billion as at December 31, last year, while profitability rose to Sh202 million from Sh125 million made over the previous financial year.
