Business Reporter
THE Ecobank Group has launched a new programme called “Ellevate” aimed at empowerment of women-owned and women-focused businesses in Zimbabwe and across 33 markets in Africa.
The Pan-African banking institution, which also has operations in Zimbabwe, said the new programme was designed to help women reach their full potential by empowering, growing and supporting them with customised financial and value-added solutions.
Women constitute roughly half of the population in Africa while small to medium enterprises account for up to 90 percent of all businesses in Africa with women owning about a third of all registered African SMEs, said Ecobank in a latest media update.
“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,” said Josephine Anan-Ankomah, Ecobank group executive under commercial banking.
“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.”
She said Ellevate was 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 would 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 percent of our commercial banking loan portfolio to help bridge the financing gap.”
Establishing a healthy collaboration between governments and the private sector towards creating a conducive environment in which women businesses can thrive and succeed is paramount. As such, Ecobank has called for recognition of the strategic importance of women on the continent and the need to continually support them to reach their full potential.
The bank said the African continent was one of the highest in terms of women entrepreneurs across the world and yet the women-led economy represents a largely untapped market. It noted that its support will positively contribute to strengthening investments in women and the economic development and financial integration of the continent.