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Ecobank injects Sh1.1b in Kenya

NAIROBI, Kenya, Mar 29 – Ecobank Transnational Inc has injected Sh1.15 billion into its Kenyan operation, Ecobank Kenya, to bolster business growth.

This latest injection of funding brings the total amount received within the last 12 months to Sh2.3 billion.

Ecobank Kenya Managing Director Tony Okpanachi said the bank would  utilise the additional funding to broaden its IT infrastructure as well as increase its product portfolio to customers.

“This is an indication that the Ecobank Group believes in the Kenyan market and that we are committed to offering quality and custom made financial solutions to our customers,” Mr Okpanachi said.

Since the entry of the Togolese based bank into the country in 2008 following the acquisition of the East African Building Society (EABS), the bank has grown steadily increasing its local footprint to 18 branches, 40 ATMs and hopes to increase its customer base by over 200 percent by the end of 2010.

“Ecobank Kenya will roll out its country strategy immediately with an increased capital base of Sh3.3 billion, the bank now in a better position to boost its lending capacity together and also increase its product portfolio,” he said.

One of the key project implementations for the Kenyan market is the connection to the Group switch, which will allow customers to access their funds across the continent, via over 1000 ATMs across 29 affiliates in Africa in line with the Group’s vision to have seamless banking for all its customers across the countries it operates.

Ecobank Kenya is re-launching its mortgage product by end of second quarter to tap into the high demand of housing in the country, together with Rapid Transfer, the funds transfer service, in the country and within Africa. Internet and Mobile Banking services are also available to customers.

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