Ecobank's microfinance initiatives gain international recognition

ECOBANK Group's microfinance affiliates in Ghana and Nigeria have both recently won prestigious awards for their contribution to empowering low-income but economically active entrepreneurs by providing tailored, accessible microfinance services.In Ghana, Ecobank's subsidiary, EB-ACCION Savings & Loans ('EB-ASL'), a joint venture with Accion Investments and the IFC, has won African Banker's 2011 'Microfinance Project of the Year Award' for creating a platform for financial inclusion for the un-banked, under-banked and low income earners.This included a mass savings scheme, started in 2010 with the financial backing of the Bill and Melinda Gates Foundation. To augment its seven branches in Ghana, EB-ASL has adopted a branchless banking model, supported by Ecobank's robust IT platform and utilising a number of distribution channels including a team of 185 roving agents, Ecobank's network of over 100 ATMs throughout Ghana, a free customer deposit mobilisation scheme via POS terminals and SMS banking services. This has enabled the company to service more than 60,000 clients and to break-even within three years.Ecobank's affiliate in Nigeria, ACCION Microfinance Bank ('AMfB'), a collaboration with Accion Investments, the IFC and other Institutional investors, also has won the 2011 'Best Microfinance Bank of the Year' in the Lagos Enterprise Awards, which recognise leading companies that have contributed significantly to the economic development of Nigeria. AMfB is a Nigerian microfinance provider that operates twelve branches throughout Lagos and has more than 57,000 customers. AMfB is a market leader in Nigeria in the provision of microfinance and related financial services to micro-entrepreneurs and low-income earners.Ecobank also provides loan finance and banking services to more than 700 other microfinance institutions in Africa on a wholesale basis. The Group is creating Africa's largest regional microfinance platform, offering comprehensive financial services to informal sector players who have been largely underserved in the past. Ecobank now has microfinance subsidiaries and associated companies in five countries (Burkina Faso, Cameroon, Ghana, Nigeria and Sierra Leone), servicing 171,000 microfinance clients.
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