Ecobank Kenya is entering the wealth management business by the end of this month, joining the growing list of lenders banking on this segment for growth.
The wealth management business will be alongside revamping the mortgage business as it seeks growth in the market.
The planned new products come months after its parent firm injected Sh3.5 billion into the Kenyan subsidiary to bolster its capital position to boost its lending capacity and also increase its product portfolio.
Ecobank Kenya consumer banking director Jane Jelagat said in an interview the bank sees opportunities in serving the growing number of expatriates in the country as well as the rising middle class seeking investment opportunities.
“To manage and grow your wealth, we offer a wide range of solutions ranging from bespoke investment portfolios, insurance products, wealth structuring, legacy planning and lending,” said Ms Jelagat.
Other banks offering wealth management services include NCBA Group and Standard Chartered Bank Kenya which has one of the largest assets in the business after decades of catering to rich clients.
Ecobank Kenya is also set to relaunch its mortgage product before the end of June, in a bid to tap into the rising demand for housing.
“We are launching our mortgage product by the end of June 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,” said Ms Josephine Anan-Ankomah, the managing director for Ecobank Kenya.
She added that the mortgage solution enables Ecobank to offer long-term mortgage facilities to customers with adequate cash flow in order to acquire property, renovate or refinance self-owned property.
