In a major move to empower women in Africa and unleash their potential to contribute to the economic development of the continent, Ecobank Group has launched ‘Ellevate’, a programme for women-owned and women-focused businesses.
Ellevate By Ecobank is designed to help women reach their full potential by empowering, growing and supporting them with customized financial and value-added solutions.
Welcoming participants to the virtual event to launch the programme over the weekend, the Group CEO of Ecobank, Mr. Ade Ayeyemi, explained that the bank was focused on empowering women for Africa’s development because women represent a massive and largely untapped group in the continent.
He noted that women face gender gap in education, health, financial inclusion and political participation, in spite of the potentials they posses, adding that there are “Unnecessary barriers limiting their ability to fully participate in the economy, including access to external finance, self-perceived lack of credit worthiness, credibility as business owners or managers, cultural and gender discrimination and violence against women.”
Mr. Ayeyemi said Ecobank was committed to supporting women-led businesses because the bank feels that the largely untapped potential of women-owned and led businesses can play a significant role in driving Africa’s economic development and providing employment.
He continued: “Women-led businesses are more likely to be financially disciplined and less likely to default on their loans. We have identified women-led businesses as an important way to further diversify our revenue stream, while empowering women in Africa”.
To help women in Africa to run successful businesses, Ecobank has developed a suite of solutions, including discount financing allocating a minimum of 10% of its loan portfolio to women businesses. There are also other value added services like training and mentoring opportunities.
In her keynote address as the chief launcher of Ellevate By Ecobank, Madam Graça Machel, widow of both former Presidents Samora Machel of Mozambique and Nelson Mandela of South Africa, and Founder, Graça Machel Trust and Foundation for Community Development, said that the empowerment of women is not only a developmental issue but also very much an economic issue.
In her address on the topic, ‘How African Women In Business are Contributing to the Continent’s Economic Development and The Challenges they Face’, she noted that 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 definitely reap the economic benefit of their investment.
She commended Ecobank for its initiative to assist African women achieve their full potential.
Another contributor was Mrs. Myriam Dossou-D’ Almeida, the Minister of Grassroots Development, Youth and Youth Employment, Republic of Togo who said that, “The Government of Togo 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”.
She expressed delight that the Ecobank Group, through the Ellevate programme, is offering to women an opportunity to take their rightful place in the economic development Togo and across the continent, promising that the government will work with the private sector to tap into the great potential of African women and create inclusive business opportunities.
Ecobank’s Group Executive, Commercial Banking, Josephine Anan-Ankomah explained 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. 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”.
Women constitute about half of the population of Africa. SMEs account for up to 90% of all businesses in Africa and women own about a third of all registered African SMEs. 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 globally.
The event was moderated by Nana Araba Abban, Ecobank Group Consumer Banking Head.
IMAGE CREDIT: YouTube
