Ecobank scales its women’s empowerment programme 

The Ecobank Group is driving a shift in women empowerment in Africa with its Ellevate initiative, which has already led it to extend loans of more than $250m to women entrepreneurs across the continent – and it is looking to scale this up significantly in the next few years.

This will be done in partnership with selected development institutions with the same objective of supporting female-owned or led businesses, Carol Oyedeji, head of group commercial banking for Ecobank, tells African Business.

“The proposition is sector-agnostic and spans various sectors, including education, hospitality, the health sector, general commerce, mine support services, construction, agri-business and others, reflecting the diverse entrepreneurial spirit of African women,” says Oyedeji, who was previously the deputy managing director at Ecobank Nigeria. 

The programme was rolled out from 2020 to the 33 African countries in which Ecobank has a presence, with the Ellevate Leadership Training Programme launched in 2022 in partnership with the Global Business School Network.

Intangible challenges

Although access to finance remains one of the main barriers to women entrepreneurs, there are many more intangible challenges, such as cultural biases and stereotypes, Oyedeji says.

“These often undermine their entrepreneurial efforts, leading to limited business networks and mentorship opportunities.” 

Others include lack of financial literacy, lower education and even restrictions on property rights in certain places. Balancing work and family responsibilities is another potential handbrake on success. Women also have limited access to markets and may struggle to enjoy wider patronage due either to limited mobility or lack of general market awareness. 

Ellevate helps to address these challenges in various ways. For example it provides tailored solutions and services to women entrepreneurs, which assists them to participate in the financial space. 

It also offers training and mentorship programmes to enhance business skills, and facilitates access to broader markets through digital platforms and networking opportunities.

“The initiative was launched to empower women-led and women-focused businesses by providing comprehensive financial and non-financial solutions. It is described as a proposition rather than a product because it offers a multi-pronged approach, addressing various aspects of business growth and sustainability.”

A role for technology

Technology plays a crucial role, enabling digital financial services, online training and networking platforms. This helps women entrepreneurs to manage their businesses more efficiently and access resources remotely.

Products such as the digital payments and collections platform Omni Lite and the Single Market Trade Hub, which allows businesspeople to explore market opportunities across Africa, are examples of such technology offerings and are also aimed at ensuring convenience for clients.

Ellevate also addresses intangible factors such as confidence and mindset, which can hold back women in realising their ambitions. Through leadership training and mentorship programmes, the initiative empowers women to overcome societal biases and self-limiting beliefs. 

“Building confidence and fostering a growth mindset are crucial for women to navigate and succeed in a tough business environment,” says Oyedeji.

“Our women have benefited from courses on emotional intelligence, leading with authenticity, defining their strategic and leadership approach, and so on. We are convinced that through these programmes they have not only gained knowledge and skills but also boosted their confidence, allowing them to forge ahead.”

She says Ellevate promises an end-to-end partnership in which women can get access to financial services specially tailored for them, with loans at special terms and discounts. 

They can get fixed deposit investments at special premium rates and benefit from zero account maintenance fees, continuous financial education and capacity building under the Ecobank/ AUDA-NEPAD MSME academy. 

They can also access networking opportunities and access markets by leveraging the bank’s various e-commerce solutions.

Oyedeji’s passion for empowering women in business is informed by some of her own personal challenges and achievements as she made her way up the corporate ladder. 

“In the course of my career I have encountered challenges such as navigating cultural biases and breaking through traditional gender stereotypes, which often limit women’s advancement in the corporate world. 

A source of motivation

“However, these experiences have also been a source of motivation, driving me to advocate for greater inclusivity and support for women in successful careers or running their businesses.

“Throughout my journey, I have been both surprised and inspired by the resilience and ingenuity of women workers and entrepreneurs across Africa. Despite systemic challenges, they continue to innovate and drive economic growth in their communities. 

“This resilience underscores the importance of tailored support programmes that recognise and address the unique challenges they face.

“Fortunately, Ecobank recognises the strong contribution of women to the economies of the countries in which we do business in, and the bank remains at the forefront of advancing various programmes in support of this within the continent. 

“Ellevate is an example and one of my achievements has been driving an initiative that directly addresses the barriers faced by female entrepreneurs, providing them with the tools and resources needed to thrive. 

“I also mentor several younger colleagues both formally and informally, either within finance or operating small businesses. 

“I am greatly encouraged by several of these ladies, who have grown their businesses or advanced their careers.”

Track record

Ecobank has a proven track record of supporting small and medium enterprises in general, and Oyedeji says the group has long had a commitment to supporting African trade. 

The previous year, the bank was named Africa’s Best Bank for SMEs in Euromoney’s Awards for Excellence 2023.

Oyedeji, who has held a number of executive positions at Ecobank, and at Standard Chartered, where she previously worked, commented on the increasing number of women in executive roles within Africa’s banking sector.

“This is a result both of deliberate efforts and of evolving societal norms. Initiatives aimed at promoting gender diversity and inclusion have played a significant role in this progress. 

“While the financial services sector has made notable strides, other industries are also beginning to recognise the value of diverse leadership. But continued advocacy and targeted programmes are essential to sustain and accelerate this positive trend across all sectors.” 

She said women in senior positions in companies have typically faced a raft of biases in the workplace but as more ascend to powerful positions, this is naturally abating.