By MSN Reporter
Pan African lender Ecobank has shored up its Kenyan arm working capital. In a statement to newsrooms, the lender says it injected Ksh3.5B more to bring its total capital to Ksh8.5B.
The bank says the additional capital will be critical in upping its role in supporting regional trade as well as promote financial inclusion.
At the core of this plan will be lending to FinTechs, women-led enterprises and a choice of SMEs.
“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.” Says CEO Jeremy Awori.
Though still Ksh1.5B shy of the regulator’s capital adequacy requirement, Ecobank Kenya says it aims at empowering emerging industries like the green energy, transport and logistics as well as healthcare.
“This capital reinforcement strengthens our ability to serve as the financial partner of choice for international organizations,” notes Josephine Anan-Ankomah, managing director Ecobank Kenya.
Kenya requires lenders to raise their core capital to Ksh10B by 2029 from the current Ksh1B. The directive being implemented in phases the regulator says is to strengthen the financial stability of Kenyan banks, protect lenders against risks, and enable them to expand regionally.