(Ecofin Agency) – The banking group Ecobank announces the establishment of a financing and support program dedicated to African women entrepreneurs. Named Ellever, il aims to improve the cash flow of these companies and offer value-added services to their leaders.
Ellever, a fundraising initiative dedicated to African women entrepreneurs, is operational, Ecobank said. This program will offer financial solutions and value-added services to businesses headed by women, and operating in the 33 African countries in which the Lomé-based banking group is present.
The initiative will allow targeted companies “Improve their cash management, obtain loans at favorable interest rates as well as value-added services such as training, networking opportunities”, said Josephine Anan-Ankomah, executive director of commercial banking at Ecobank.
Happening Now ! Official launch of the “Ellevate by Ecobank” program. Join us on YouTube! https://t.co/fJ4Lh6otZb#The above #WomeninBusiness
— Ecobank Group (@GroupEcobank) November 27, 2020
The banking group founded in 1985 in Togo underlines the fact that SMEs represent 90% of businesses in Africa, and African women own about 1/3 of registered SMEs on the continent. In addition, one in four women in Africa is starting or running a business.
Apart from Ecobank, several institutions have announced initiatives to fund women entrepreneurs. Earlier this year, the International Finance Corporation launched a new program aimed at women entrepreneurs in emerging countries, which should enable them to obtain funds for the development of their businesses.