Ecobank Kenya has increased its capital base to Sh8.5 billion following a fresh injection of Sh3.5 billion, positioning itself to meet the new minimum core capital requirements set by Kenyan regulators.
The Business Laws (Amendment) Act mandates large financial institutions to raise their minimum core capital to Sh10 billion by 2029, a move aimed at strengthening the banking sector’s resilience and capacity for growth.
Jeremy Awori, Group CEO of Ecobank Transnational Incorporated, emphasized the importance of the capital boost: “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.”
The additional capital is expected to facilitate business expansion, promote regional trade, and enhance financial inclusion. Ecobank Kenya plans to use the funds to empower key economic drivers, including SMEs, FinTechs, and women-led enterprises.
It also aims to strengthen its presence in high-impact sectors such as agriculture, manufacturing, ICT & innovation, payments & remittances, and tourism & hospitality.
Furthermore, Ecobank Kenya is focusing on emerging industries like green energy, transport & logistics, healthcare, and retail & trade as part of its commitment to sustainable development in Kenya and East Africa.
Ecobank Transnational Incorporated (ETI), which owns Ecobank Kenya, recorded a profit before tax of $324 million in the six months ending June 2024—a 5% increase compared to the previous year—highlighting its strong financial performance across Africa.
This capital injection reflects Ecobank’s broader strategy to align with regulatory changes while driving economic growth in Kenya and beyond.
