The multi-award-winning gender-financing solution of Ecobank Group, Ellevate by Ecobank, has been fortified with new features to bridge the gender financing gap for Africa’s women entrepreneurs.
The financial institution said it has increasing access to finance with unsecured loans of up to $50,000, with competitive interest rates and favourable collateral requirements.
In addition, it has allowed it to accommodate customers with a two-year track record instead of the industry-standard three years, helping them to find new customers and access new markets across Africa through its innovative online matchmaking MyTradeHub platform.
Further, it now has a one-stop shop to meet insurance needs and a loyalty programme to provide exclusive offers and discounts at select retail stores and recreation centres.
Ecobank said it increased the benefits as part of its commitment to women-owned, women-led, and women-focused businesses, while reinforcing its market competitiveness.
This was done to coincide with the celebrations of the International Women’s Day and would be launched by nine of its affiliates (Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo and Zimbabwe) by the end of March 2025.
It will then be rolled-out in phases across all other sub-Saharan African affiliates throughout the year, a statement from the lender 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 $200 million in loans, providing business networking opportunities, and offering leadership and capacity-building training for businesswomen.
“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,” the chief executive of Ecobank, Mr Jeremy Awori, said.
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.