The Ecobank Group introduces ‘Ellevate,’ a programme designed to help women reach their full potential by empowering, growing and supporting them with customised financial and value-added solutions.
This programme specifically targets women-owned and women-focused businesses across 33 markets as women constitute roughly half of the population in Africa. Small to Medium-scale Entities (SMEs) make up most of thebusinesses in Africa.
One in 4 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 revealed.
Josephine Anan-Ankomah, Ecobank Group Executive, Commercial Banking posits that “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. 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”.
“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,” Josephine Anan-Ankomah remarked.
According to the Ecobank Group, the women-led economy represents a largely untapped market driving it’s commitment to positively contributing and investing into the economic development and financial integration of the continent with women at the forefront to further strengthen the economy.
“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.
“The Government recognises the contribution women are making to the socio-economic development of Africa,” and believe women are the catalyst for change and prosperity requiring a healthy collaboration between Government and Private sector is critical for the creation of a conducive environment in which women can thrive and succeed, Ecobank opined.
Mrs Myriam Dossou-D’ Almeida, the Minister of Grassroots Development, Youth and Youth Employment, Republic of Togo sharing her thoughts said “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,” Myriam added.
Commenting on the innovative intiative of Ecobank Group to empower women, Graça Machel, Founder of Graça Machel Trust and Foundation for Community Development said “The empowerment of women is not only a developmental issue. It is 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”.
The Ecobank Group recognises the strategic importance of women on the continent and the need to continually support them to reach their full potential.
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