Ecobank to Expand Ellevate Programme to Bridge Financing Gap for Women-Owned Businesses
To bridge the gender financing gap for Africa’s women entrepreneurs, Ecobank, the leading pan-African financial services group has announced significant enhancements to its multi-award-winning gender-financing solution – ‘Ellevate by Ecobank’. The improvements will strengthen Ecobank’s commitment to women-owned, women-led, and women-focused businesses, while reinforcing its market competitiveness.
The World Bank estimates that closing the gender gap in Africa could add $2.5 trillion to the continent’s GDP by 2025, underscoring the urgency of investing in women – not just for social justice, but for a more prosperous and equitable future for all Africans. In response, Ecobank’s enhanced Ellevate programme is now more ambitious and inclusive, designed to address the diverse challenges faced by women entrepreneurs. The programme is being extended from new and existing Commercial Banking customers to include new and existing Consumer Banking and Corporate Banking customers, as well as female business leaders, with Corporate Banking customers serving as a pool of mentors. With this expansion, individual entrepreneurs – including those in the formal and informal sectors – can now fully benefit from its enhanced financial and non-financial solutions.
Chief Executive Officer, Ecobank Group, Jeremy Awori noted that the Bank recognised and applauded the role that women entrepreneurs play in driving socio-economic impact across Africa, adding that “we 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.”
“Today, the new Ellevate 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.”
With its latest enhancements, the Ellevate programme now offers increased access to finance with unsecured loans of up to US$50,000, competitive interest rates, and more flexible collateral requirements. It also accommodates customers with a two-year track record instead of the industry-standard three years. Additionally, the programme helps women entrepreneurs expand their businesses by facilitating market access through Ecobank’s MyTradeHub platform, while also providing training, leadership development, wealth management services, insurance solutions, and a loyalty programme with exclusive discounts.
