Ecobank Kenya has bolstered its capital base with a Ksh 3.5 billion (US$ 27 million) injection, bringing its total capital to Ksh 8.5 billion (US$ 65 million). This move positions the bank well on track to meet the Ksh 10 billion capital requirement by 2029.
The capital injection comes at a time when the Governor of the Central Bank of Kenya, Dr Kamau Thugge, informed the National Assembly Finance and National Planning Committee that 24 out of 39 banks have been given until 1 April to submit board-sanctioned capital-raising plans, outlining their path to compliance with the Ksh 10 billion core capital threshold by 2029, as mandated by the Business Laws (Amendment) Act, 2024.
While the National Treasury initially sought immediate compliance, MPs opted to stagger the requirement over six years to prevent the potential collapse of small lenders or their forced participation in mergers and acquisitions. Previously, the core capital requirement stood at Ksh 250 million.
Ecobank Kenya stated that the capital injection would support business expansion, facilitate regional trade, and promote financial inclusion. The additional capital will benefit key economic drivers, including regional businesses, SMEs, FinTechs, and women-led enterprises while enhancing the bank’s presence in high-impact sectors such as agriculture, manufacturing, ICT and innovation, payments and remittances, tourism and hospitality.
Furthermore, Ecobank Kenya aims to empower emerging industries such as green energy, transport and logistics, healthcare, and retail and trade, focusing on sustainable development in Kenya and East Africa.
Jeremy Awori, Group CEO of Ecobank Transnational Incorporated, stated: “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.”
Josephine Anan-Ankomah, Managing Director of Ecobank Kenya and Regional Executive for Central, Eastern, and Southern Africa (CESA), added:
“This capital reinforcement strengthens our ability to serve as the financial partner of choice for international organisations, regional businesses, SMEs, FinTechs, and women-led enterprises while further cementing our leadership in regional trade and payments across Central, Eastern, and Southern Africa.”
She further emphasised, “We will leverage our pan-African payment platform to accelerate innovation and position ourselves as the partner of choice for FinTech and cross-border payments. Beyond financing, our focus is on providing businesses with the capital and expertise they need to scale, create jobs, and drive sustainable economic transformation.”
Reaffirming the bank’s strong commitment to financial inclusion, Josephine announced the launch of the enhanced Ellevate by Ecobank in Kenya, designed to provide financial and non-financial support to a broader range of women entrepreneurs, including those in the informal sector.
With the additional capital injection, Ecobank Kenya is strengthening 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.
