Ecobank Cameroon Opens Ellevate's First Women-focused Banking Branch

Cameroon's economic fabric is made up of 99.8 small and medium-sized enterprises SMEs, of which 79.32 are micro- enterprises MSME. Women, representing over 51 of the country's total population, have a huge potential to boost the country's economy as they are founders of 39 of Cameroon's more than 393,166 SMEs and occupy 43 of the leadership roles in the MSME segment.

However, these women-led enterprises do not enjoy equal access to high quality, demand-driven financial services and training. On the African continent as a whole women-led businesses face a 42bn financing gap: lack of access to financing is a common constraint on their business growth. The significant population size of these women and their involvement in business demonstrates a need for empowerment to give them equal chance to build strong and sustainable businesses.

In response to the growing interest in the Ellevate programme after its launch in 2021 and the need to champion the financial inclusion agenda with regard to financing for women, Ecobank Cameroon proceeded with the opening of the country's first banking space dedicated to women-focused businesses in March 2024.

At the inaugural ceremony Gwendoline Abunaw, Managing Director for Ecobank Cameroon and Economic and Monetary Community of Central Africa CEMAC Cluster Head, said "the launch of the first women-dedicated banking branch in Cameroon stems from a critical need to dismantle barriers obstructing gender-responsive financial inclusion. It symbolises our contribution towards fostering economic empowerment by making financial inclusion for women a reality."

The branch also seeks to create a unique space where women businesses, organisations and associations could access tailored services, network and empower each other through leadership trainings and mentorship initiatives. This aligns strongly with the Ellevate strategy to provide value-added solutions that will help the women-led and women-focused businesses reach their full potential and bolster the African economy.