Ecobank

Press release

January 25, 2022

FinDev Canada and the Ecobank Group create new opportunities for SMEs in Africa with US$ 20 million loan to Ecobank

Press Releases

FinDev Canada announced today a US$ 20 million loan to Ecobank Transnational Incorporated

Expected Development Impact

MARKET DEVELOPMENT

Support jobs in low‑income countries: this transaction supports a strong pan-African franchise with a presence in 18 low-income countries (“LICs“) in SSA. Additionally, at least 50% of the loan proceeds will be used in LICs.
Providing digital solutions: ETI is increasing the number and reach of its digital products, including e-commerce solutions, digital payments and lending, and mobile apps. This will help the Bank to reach customers that have traditionally been underserved by financial institutions. Its flagship products such as EcobankPay, a scan and pay service that allows customers to conveniently make payments using a merchant’s unique QR Code and OmniLite an online payment platform specifically designed to meet the needs of SMEs are available at no upfront or service costs. ETI is also collaborating with fintech companies to continue developing value-added products and services for its clients, such as timely digital lending solutions.
Expanding regional trade in Africa: with a broad presence in 35 countries across SSA, ETI is well positioned to help businesses expand across the continent with the coming of the African Continental Free Trade Area.

Women's Economic Empowerment

The Bank increased the number of women in its workforce from 43% in 2018 to 46% in 2019 and aims to reach gender parity in line with the African Union’s 50/50 goal.

WOMEN’S ECONOMIC EMPOWERMENT

Addressing barriers faced by women entrepreneurs in accessing funding: ETI launched a new program called “Ellevate by Ecobank”, which is specifically designed to support women entrepreneurs and tackle gender gaps such as the difficulty for women-owned businesses in SSA to access funding. The Ellevate program includes gender-smart financial products, such as lower collateral requirements and favourable lending conditions for women, and non-financial services, including leadership training, mentorship and networking opportunities.
Supporting quality employment for women: the Bank increased the number of women in its workforce from 43% in 2018 to 46% in 2019 and aims to reach gender parity in line with the African Union’s 50/50 goal. In addition, ETI has a Women Development Program to increase the proportion of women in leadership positions, centered around three pillars: succession planning, leadership development and mentoring & coaching.