Ecobank Kenya has received a Sh4.325billion ($47.9 million) capital boost from parent firm Ecobank Transnational Incorporated (ETI). The fund will double its lending capacity.
“We are extremely delighted to receive these funds which will boost our lending capacity, aid business growth in line with our strategy and critically address the problem of high cost of funds,” said Ehouman Kassi, Ecobank Kenya Managing Director.
A regional expansion
With opportunities for regional trade increasing daily, and East Africa fast becoming an investment hotspot following the discovery of commercially viable oil and gas deposits in Kenya, Uganda and Tanzania, the new funding will position the bank for better business opportunities.
Already, Ecobank Kenya and EBI investment Corporate, the Investment banking arm of the Ecobank Group in Kenya, are embarking on three key structured transactions worth over $400 million.
“We have reviewed our personal banking products in addition to deploying our electronic platform for internet banking and regional collections for our corporate clients,” said Kassi, who stressed the bank’s efforts in capacity building.
He added that the bank intends to ride on its footprint, “the robustness of this system and our flexibility to provide financial solutions to our retail and corporate clients here in Kenya and regionally.”
The MD noted that Ecobank has developed innovative products for other nationals living in Kenya, as well as for Kenyans in other African countries where the bank operates.
Ecobank has one of the largest banking networks in Africa, with presence in 35 countries. Ecobank Kenya has 29 branches across the country. (VENTURES AFRICA)
