Ecobank Group has expanded its gender-financing solution, ‘Ellevate by Ecobank,’ to help more women entrepreneurs in Africa access funding. The new program aims to bridge the gender financing gap and support women-led businesses.
The bank has improved the program to include more women-focused businesses. Ecobank will now offer financial and non-financial solutions to female entrepreneurs in both the formal and informal sectors.
A Stronger Commitment to Women Entrepreneurs
The World Bank says closing the gender gap in Africa could add $2.5 trillion to the continent’s economy by 2025. Investing in women will create a more equal and prosperous future.
Jeremy Awori, Chief Executive Officer of Ecobank Group, said: “We recognise and applaud the role that women entrepreneurs play in driving socio-economic impact across Africa and are committed to supporting them at every stage of their entrepreneurial journey. Since the launch of the Ellevate programme we have made significant progress, disbursing over US$200 million in loans, providing business networking opportunities, and offering leadership and capacity-building training for businesswomen.”
The Ellevate program has now been extended beyond Commercial Banking customers. It will now include new and existing Consumer Banking and Corporate Banking customers. Female business leaders will also benefit, with Corporate Banking customers acting as mentors.
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New Benefits for Women Entrepreneurs
Ellevate 2.0 offers increased access to funding, training, and networking opportunities. The enhancements include:
- Unsecured loans of up to $50,000.
- Competitive interest rates and lower collateral requirements.
- Eligibility for customers with a two-year track record instead of three.
- Business matchmaking via the online platform, MyTradeHub.
- Training, webinars, and leadership programs.
- Customised wealth management services.
- A one-stop shop for insurance needs.
- A loyalty program with discounts at select retail stores and recreation centres.
Awori added: “Today, Ellevate 2.0 heralds in a new era for gender financing. It is bigger, better and more inclusive, delivering exceptional value to female entrepreneurs and women business leaders. Enhancing our products and solutions for women entrepreneurs to position Ecobank as their bank of choice is an integral component in accelerating the success of our Growth, Transformation and Returns strategy’s objectives. It also supports our Group-wide objective of promoting gender equality and contributing to sustainable development.”
International Women’s Day Launch
Ecobank will launch the new Ellevate program in nine countries by March 2025. These countries include Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo, and Zimbabwe.
The bank plans to roll out the program in other sub-Saharan African countries throughout the year. This initiative reinforces Ecobank’s commitment to supporting women entrepreneurs and driving Africa’s economic growth.
With these enhancements, Ecobank is making it easier for women to access funding, grow their businesses, and gain new opportunities.