Ecobank, a pan-African banking group, has announced a $2.6 billion investment plan to support women's entrepreneurship and agribusiness development across Africa by 2030. The plan includes $2 billion dedicated to women's entrepreneurship and $600 million for agribusiness. This strategic move aims to foster economic growth, ensure food security, and accelerate continental integration under the African Continental Free Trade Area (AfCFTA) agreement.
The announcement was made during a press conference in Lomé, Togo, marking Ecobank's 40th anniversary. Jeremy Awori, Ecobank's Group CEO, emphasized that the bank's goal is to build African sovereignty, guarantee food security, and accelerate continental integration. Awori highlighted the importance of women's empowerment and access to capital, stating that Africa's industrialization and potential cannot be fully realized if women are excluded from accessing capital.
Ecobank's initiative, Ellever, aims to provide $2 billion in credits to women entrepreneurs by 2030. The program targets 400,000 women-led small and medium-sized enterprises (SMEs) and aims to support nearly one million micro-entrepreneurs through training and access to new technologies. The bank has already supported over 110,000 women-led businesses and plans to expand its reach through strategic partnerships with sustainable financing institutions.
In addition to supporting women's entrepreneurship, Ecobank will invest $600 million in agribusiness credits to small and medium-sized enterprises by 2030. The bank aims to support the entire agricultural value chain, from producers to exporters, and promote climate-resilient agriculture, digitalization of financial flows, and structured trade financing.
To facilitate access to markets and promote continental integration, Ecobank has established a platform that connects over 60,000 businesses and offers payment solutions across Africa. The bank's Trade Hub will integrate producers and women-led businesses into regional value chains, while its digital tools will formalize small activities and secure financial flows.
Ecobank's four-point plan to execute its strategy includes amplifying working capital and investment loans, developing cross-border trade, digitalizing agricultural value chains, and strengthening capacities. The bank's goal is to build a robust African banking institution that drives economic development and integration.
The investment plan aligns with Ecobank's 40-year vision of building an African bank, by Africans, for Africans. The bank's commitment to women's empowerment, agribusiness, and continental integration is expected to have a significant impact on Africa's economic growth and development.
Key points
- Ecobank commits $2 billion to women's entrepreneurship and $600 million to agribusiness by 2030.
- The bank aims to support 400,000 women-led SMEs and nearly one million micro-entrepreneurs through its Ellever initiative.
- Ecobank's investment plan is expected to drive economic growth, ensure food security, and accelerate continental integration across Africa.
