Ecobank Group has expanded its gender-financing initiative, “Ellevate by Ecobank,” to provide broader financial and non-financial solutions to women entrepreneurs across Africa. The initiative, which previously focused on corporate businesswomen and small and medium-sized enterprises (SMEs), will now extend to individual entrepreneurs in both the formal and informal sectors.
Bridging the gender financing gap
Ecobank, a leading pan-African financial services group, aims to close the gender financing gap and improve access to resources for women-led businesses. The World Bank estimates that addressing gender disparities in Africa could add $2.5 trillion to the continent’s GDP by 2025. The expansion of “Ellevate by Ecobank” aligns with this economic potential, ensuring that women entrepreneurs receive the necessary financial and business support.
The programme will now serve a wider customer base, including new and existing Commercial Banking, Consumer Banking, and Corporate Banking clients. Corporate Banking customers will also serve as mentors for women entrepreneurs, fostering business growth and professional development.
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Commitment to women entrepreneurs
Jeremy Awori, Chief Executive Officer of Ecobank Group, reaffirmed the bank’s dedication to empowering women in business. He stated, “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.”
He further highlighted the impact of the enhanced programme, saying, “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.”
Key features of the enhanced Ellevate programme
The updated programme introduces several new features designed to provide greater financial support and business opportunities for women entrepreneurs:
- Unsecured loans of up to US$50,000, increasing access to finance.
- Competitive interest rates and flexible collateral requirements.
- A two-year track record requirement instead of the industry-standard three years.
- Access to new markets through Ecobank’s “MyTradeHub” online matchmaking platform.
- Business training, knowledge-sharing webinars, and leadership development opportunities.
- Customised wealth management services.
- A one-stop shop for insurance needs.
- A loyalty programme offering exclusive discounts at select retail stores and recreation centres.
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Launch and rollout plan
To coincide with International Women’s Day celebrations, Ecobank will launch the enhanced “Ellevate by Ecobank” programme in nine countries by the end of March 2025. These countries include Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo, and Zimbabwe. The programme will then be gradually introduced across other sub-Saharan African markets throughout the year.
Ecobank’s commitment to supporting women entrepreneurs reflects the bank’s strategy to drive financial inclusion and economic empowerment across Africa. The expansion of “Ellevate by Ecobank” is expected to provide more women-led businesses with the tools and resources they need to grow and thrive in competitive markets.
