Ecobank Kenya Limited, part of the leading pan-African Ecobank Group (http://www.Ecobank.com), is launching its flagship ‘Ellevate’ Women’s Program to empower and support women led and/or focused on the financial and solutions aspects of added value that will help your business reach its full potential and succeed.
Small and medium-sized enterprises (SMEs) make up about 90% of all businesses in Africa and women own about a third of all registered African SMEs. In fact, one in four (25.9%) of adult women in Africa start or run a business.
However, women have not enjoyed equal access to high-quality, demand-driven financial services and it is estimated that women-owned SMEs face a financing gap of US$42 billion., which makes lack of access to finance a common limitation to growing your business.
Ecobank Kenya Managing Director Cheikh Travaly said: “The growth of women-led and women-focused businesses has long been hampered by a variety of impediments, including access to finance.
We have designed Ellevate especially to meet the needs of women entrepreneurs by providing comprehensive, personalized and tailored solutions that include favorable loan rates, smart cash management enablement and a suite of value-added services, such as leadership training, mentorship and networking opportunities.
Ecobank Commercial Bank is allocating a minimum of 10% of its loan portfolio to women’s businesses.
“Women-led businesses are a largely underserved market and Ecobank Kenya is determined to help them reach their potential, seize business opportunities and become scalable and sustainable.
This will enable them to play an important role in Africa’s social and economic development, as well as creating thousands of the jobs needed by this and future generations of Kenyans.”
Cheikh was speaking at Ecobank’s formal launch of Ellevate in Kenya at the Nairobi Serena Hotel.
Since Ecobank Group launched the program in 2020, the Bank has so far made $208 million in loans and raised $337.7 million in deposits.
On average, this financial support has created an average of between 90,000 and 150,000 jobs in Africa, mainly in the areas of education, agribusiness, hospitality, retail and distribution.
The product has also won notable awards such as Best New Product Launch of the Year 2021 (Middle East and Africa Retail Banking Innovation Awards); Impact Award 2021 (Financial Alliance for Women); Outstanding Crisis Finance Innovation Award 2021 (Global Finance Innovators Awards).
During the event, Ecobank Kenya also donated over 6,700 sanitary napkins to County Girls High School and Immaculate Hearts Don Bosco Center to support young girls from needy backgrounds.
To learn more about Elevate, visit https://bit.ly/3SH6thX
| African Development Bank – Building today, a better Africa tomorrow (afdb.org) (https://bit.ly/3y6XFtZ)