No; it's derived from Latin:
Is there any connection between the word 'colony' and Cristobal Colon?
If you are interested in etymology, there is a very good on-line etymology dictionary. This is the listing for "colony":Originally Posted by WordTeacher
colony - c.1384, "ancient Roman settlement outside Italy," from L. colonia "settled land, farm, landed estate," from colonus "farmer, settler in new land," from colere "to inhabit, cultivate," from PIE base *qwel- "move around." Also used by the Romans to translate Gk. apoikia "people from home." Modern application dates from 1548. Colonize is from 1622; colonial first recorded 1776, coined by British statesman Edmund Burke (1729-97). Colonialism first attested 1886.
Advertising the opposition to dictionary.com?
It has its virtues.