Ecobank Group Launches Financing Initiative for Women Entrepreneurs in Africa

Ecobank Group Launches Financing Initiative for Women Entrepreneurs in Africa

The Ecobank banking group announces the implementation of a financing and support program dedicated to African women entrepreneurs. Called Ellevate, it aims to improve the cash flow of these companies and offer value-added services to their leaders.
Ellevate, a financing initiative dedicated to women entrepreneurs in Africa, is operational, Ecobank announced. The program will provide financial solutions and value-added services to women-led businesses in the 33 African countries where the Lomé-based banking group operates.
The initiative will enable the targeted businesses « to improve their cash management, obtain loans at favorable interest rates and value-added services such as training and networking opportunities, » said Josephine Anan-Ankomah, executive director of commercial banking at Ecobank.
The banking group founded in 1985 in Togo highlights the fact that SMEs account for 90 percent of businesses in Africa, and African women own about 1/3 of the SMEs registered on the continent. In addition, one out of every four women in Africa starts or runs a business.
Apart from Ecobank, several institutions have announced initiatives to finance women entrepreneurs. Earlier this year, the International Finance Corporation launched a new program aimed at women entrepreneurs in emerging countries to provide them with funds to develop their businesses.

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