Ecobank’s Ellevate empowers women businesses

Pan-African banking group Ecobank Group has launched Ellevate, a programme for women-owned and women-focused businesses across 33 markets.

The programme was designed to help women reach their full potential by empowering, growing and supporting them with customised financial and value-added solutions.

Launching Ellevate at a webinar last week, Ecobank Group Executive, Commercial Banking, Josephine Anan-Ankomah, said: “In developing Ellevate, we made time to understand the needs of women, what they really require from their bankers, and came up with practical solutions that will help bridge the identified gaps.”

She explained that Ellevate is an end-to-end comprehensive product suite that supports women-owned and women-focused businesses with differentiated business solutions that will unleash their potential.

“Ellevate by Ecobank is designed for businesses owned by women, managed by women, businesses with a high percentage of female board members or employees and companies that manufacture products for women.

“These businesses will benefit from smarter cash management solutions, favourable lending rates and value-added services such as leadership training and networking opportunities.

“All these will ensure that their businesses can scale and remain sustainable. We intend to allocate 10 per cent of our commercial banking loan portfolio to help bridge the financing gap,” Anan-Ankomah added.

Women constitute roughly half of the population in Africa. Small and Medium Enterprises (SMEs) account for up to 90 per cent of all businesses in Africa and women own about a third of all registered African SMEs.

Also, one in four of the adult female population in Africa starts or manages a business, making the African Continent one of the highest in terms of women entrepreneurs across the world.

Ecobank said women-led economy represents a largely untapped market, and that its commitment to positively contribute to the economic development and financial integration of the continent will be further strengthened by its investment in women.

The bank, however, noted that a healthy collaboration between government and private sector is critical for the creation of a conducive environment in which women can thrive and succeed.

Speaking during the webinar, the Minister of Grassroots Development, Youth and Youth Employment, Republic of Togo, Mrs. Myriam Dossou-D’ Almeida, stated: “The government recognises the contribution women are making to the socio-economic development of Africa. We believe women are the catalyst for change and prosperity.

“The Government of Togo continues to develop and implement policies and programmes that will promote the economic empowerment of women of all ages and social status. Togolese women have always played a critical role in the economy.

“We are pleased to see that the Ecobank Group, through the Ellevate programme, offers to women an opportunity to take their rightful place in the economic development of our country and indeed, across the continent.

“We will work with the private sector to tap into this great potential of African women and create inclusive business opportunities.”

On her part, the Founder, Graça Machel Trust and, Foundation for  Community Development, Graça Machel, said: “The empowerment of women is not only a developmental issue but very much an economic issue.

“Financial institutions that recognise the changes that are happening globally and are taking steps to ensure that they are participating in this emerging market will more fully reap the economic benefit of their investment.”