Business Headlines

Ecobank to disburse $3.5m capital in 2017

ECOBANK managing director Kola Adeleke stresses a point during a press briefing in Lusaka on Friday. Looking on are bank’s country head compliance Effie Gray and Journalist Hannock Kasama. PICTURE: CHANDA MWENYA

KALONDE NYATI, Lusaka
ECOBANK Zambia will next year receive a capital injection of about US$13.5 million from its shareholders to boost the bank’s liquidity, managing director Kola Adeleke has disclosed.
The bank has also, as at third quarter, disbursed over K600 million worth of loans with small and medium-scale enterprises (SMEs) accounting for 45 percent of the total disbursement as the bank aspires to support an SME-led economic growth.
Mr Adeleke said the bank’s board has since approved the capital injection, which will enable it to boost its capital adequacy ratio.
“We have the capacity to maintain our liquidity ratio, as we speak, the shareholders of the bank have just approved additional capital to a tune of US$ 13.5 million for Ecobank Zambia, and that money will be coming in next year. These are measures to reaffirm that in terms of liquidity ratio, we have no challenges,” he said.
He told journalists at a press briefing on Friday that the bank is also expected to expand its network through the digital platform.
The bank, currently, has four branches in the country.
Mr Adeleke said investment in technology will go a long way in reaching the unbanked communities.
On support to SMEs, Mr Adeleke said the bank will continue to provide funding to the sector as it remains key to economic transformation of the country.
He said of the total K640 million disbursed to the public as at the end of last quarter, SMEs accounted 45 percent.

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