Ecobank Targets 40m Women Businesses with New Product

Ecobank Nigeria Plc has announced a new initiative directed particularly at women-owned businesses and businesses that cater to the needs of women. Through this initiative, Ecobank seeks to position itself as the friendliest bank to what is considered a marginalized portion of the population. 

Named ‘Ellevate’, this new service will allow businesses owned and run by females and other female-centric businesses to easily access the financing they need to scale and expand.

Ecobank Nigeria’s MD, Mr. Patrick Akinwuntan, speaking at the launch of the product, stated that it is the bank’s best contribution so far to the restoration of gender balance in society. Through the initiative, Ecobank will empower over 40 million women, with over N100 million to support the Micro, Small, and Medium Enterprises (MSMEs).

Mr. Patrick Akinwuntan said, “For us, Ellevate seeks to bring financial support to over 20 million female-owned, managed MSMEs in Nigeria. Add to it businesses that serve women and we will be looking at an ecosystem that is close to 40 million as our target market. We want to be the most female-friendly bank in Nigeria.”