Microfinance and poverty alleviation

Ecobank is committed to being in the forefront of providing financial services to poor and low-income men and women who are economically active in micro and small enterprises in Africa. We believe this sector is very important to the growth and development of Africa, and that it is the bed-rock of national economies, as it provides a livelihood for millions of Africans who lack access to financial services.

Ecobank has a dual objective in serving this market. The market is largely un-tapped, has tremendous potential and presents a business growth opportunity for the group. It also provides a significant platform to empower African entrepreneurs to upscale their operations, expand income generation and pull themselves out of poverty.

To pursue the vision the bank and its partner, Accion International, a global leader in microfinance, are working to establish microfinance banks across Africa with a plan to launch operations in 20 countries by 2012. The bank, Accion and other partners launched one of the biggest microfinance banks in Nigeria in 2007, launched another bank in Ghana in 2008 and have a plan to increase the footprint to eight countries in 2009.

To complement the direct retail approach, Ecobank also acts as banker to microfinance institutions in the countries in which it operates. We presently support over 250 microfinance institutions with wholesale loans and other products in a manner that enhances their capacity to expand delivery of services to their customers

We believe the prospects remain very bright for the microfinance sector, which is arguably larger than the traditional banking sector.