Ecobank Ghana’s Ellevate Programme has disbursed GHS 4.07 billion in loans and secured GHS 3.78 billion in deposits for women-led and women-focused businesses as of the end of 2025. This initiative has reached almost 13,000 customers, addressing a major gap in financial services for women entrepreneurs.
The program's success demonstrates the strong creditworthiness of women-owned businesses, with non-performing loans consistently below the bank's broader SME portfolio average. This performance contradicts the common misconception that women entrepreneurs are riskier borrowers. The International Finance Corporation (IFC) and African Guarantee Fund (AGF) data support this trend across various markets.
Women own 44% of Ghana’s Micro, Small, and Medium Enterprises (MSMEs), according to the Ghana Statistical Service. However, roughly 70% of women-owned SMEs in developing countries receive inadequate financial services. The IFC estimates the financing gap for women-owned SMEs in Sub-Saharan Africa at over USD 42 billion. Addressing this gap could significantly boost Ghana’s economic growth.
The McKinsey Global Institute found that closing gender gaps in African economies could have added USD 316 billion to regional Gross Domestic Product (GDP) by 2025. Ecobank Ghana views financing women as a core strategic priority, not just a corporate social responsibility initiative. This strategy aligns with the bank's vision of contributing to Africa's economic development.
The Ellevate Programme has also supported over 2,350 entrepreneurs through market access activities, training, and capability-building sessions. These sessions cover essential business skills like Financial Management, Digital Marketing, and Cashflow and Budgeting. In March 2025, Ecobank Ghana refreshed the program to include collateral-free loans of up to GHS 570,000 (USD 50,000 equivalent).
Collateral requirements are a major barrier for women entrepreneurs seeking formal credit, as identified by the IFC. Removing this requirement opens doors for market women, traders, small-scale processors, and artisans. For example, Premier Oak Farms, supported by Ecobank in partnership with Mastercard Foundation’s BRIDGE-in Agriculture programme, saw its farming operations expand significantly and its loan interest rate drop from 31% to 5%.
This holistic approach, combining capital with training and mentorship, creates lasting impact. Bismark Owusu, a cocoa grower at Premier Oak, reported his salary nearly doubled. This shows how supporting women entrepreneurs can create a ripple effect, improving livelihoods for many others. Ecobank Ghana commits to deepening the Ellevate Programme and expanding its participation in the Affirmative Finance Action for Women in Africa (AFAWA) initiative.
Financial institutions are encouraged to view women entrepreneurs as a key driver of sustainable growth. Policymakers and regulators must strengthen the enabling environment, including gender-disaggregated reporting and modern collateral registries. Development partners play a crucial role in sharing risk through guarantee facilities and blended finance instruments to move capital at scale.