Ecobank Ghana has taken steps in advancing financial inclusion and economic empowerment for women with the expansion of its flagship gender-financing programme, Ellevate by Ecobank.
Initially designed for women-led and women-focused SMEs, the programme now extends its reach to cover large corporations, sole proprietors, and even informal sector traders. This strategic move aims to provide tailored financial and non-financial solutions that address the unique challenges faced by women entrepreneurs across all business segments.
The enhanced Ellevate programme comes with improved financial offerings, making it more accessible and beneficial to a broader range of women-led businesses. One of its key features is the provision of unsecured loans of up to $50,000, which eliminates a major hurdle many women entrepreneurs face—lack of collateral.
The programme also offers competitive interest rates and has reduced the minimum business track record requirement from three years to two years, enabling more women to qualify for financial assistance at an earlier stage of their business journey.
Moreover, Ecobank has introduced MyTradeHub, an online matchmaking platform that connects women entrepreneurs with new markets across Africa. This initiative seeks to bridge market gaps and expand business opportunities for women-led enterprises beyond Ghana’s borders, fostering regional trade and business growth.
Significant Impact Since Inception
The success of Ellevate since its launch is evident in the impressive numbers shared by Ecobank Ghana PLC’s Managing Director, Abena Osei-Poku, at the programme’s relaunch event.
“Since its launch, Ellevate has onboarded about 10,000 customers, disbursed $84 million in loans, and attracted $173 million in deposits. We have also trained over 2,000 women entrepreneurs. The enhanced programme strengthens our commitment to being the bank of choice for women entrepreneurs.”
Abena Osei-Poku
These figures underscore the programme’s tangible impact in bridging the financing gap for women-led businesses while fostering financial growth and stability.
Recognizing that financial support alone is not enough, the expanded Ellevate programme also offers a range of non-financial services designed to empower women entrepreneurs. These include:
Business Training: Entrepreneurs receive targeted training sessions to enhance their business management skills, financial literacy, and leadership capabilities; Wealth Management Services: Ecobank provides advisory services to help women entrepreneurs manage and grow their wealth efficiently.
Insurance Solutions: Tailored insurance products are available to protect businesses from unforeseen risks, ensuring business continuity; Loyalty Programme: Women entrepreneurs who join Ellevate enjoy exclusive retail discounts and other benefits that enhance their business profitability.
These initiatives align with Ecobank’s broader commitment to creating an enabling environment for women entrepreneurs to thrive.
A Strong Commitment to Women’s Economic Empowerment
The relaunch of Ellevate saw the presence of key government officials, women business leaders, and Ecobank executives, reflecting the programme’s importance in Ghana’s economic landscape. By extending its support beyond SMEs to large corporations and informal sector traders, Ecobank is reinforcing its role as a leading financial institution championing women’s financial empowerment.
Women entrepreneurs play a crucial role in Ghana’s economy, contributing significantly to job creation and economic growth. However, access to finance and business development support has often been a challenge. With Ellevate, Ecobank is providing a holistic solution that addresses these challenges, ensuring that more women-led businesses can scale up and succeed.
The expansion of Ellevate by Ecobank marks a significant milestone in the bank’s ongoing efforts to promote gender-inclusive financing and economic growth. By offering increased financial support, business training, market linkages, and wealth management services, the programme is set to empower even more women entrepreneurs across Ghana.
With its track record of success and the new enhancements, Ellevate reaffirms Ecobank Ghana’s position as a leading advocate for women’s financial empowerment. As more women gain access to essential resources and opportunities, the programme is expected to drive economic transformation, fostering a more inclusive and resilient business environment in Ghana and beyond.
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