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This article was produced with the support of Ecobank
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.
Response to need
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.
The impact of the Ellevate initiative so far in Cameroon has been outstanding both in numbers and experience. Since its launch, at least 1,500 women entrepreneurs, businesses and associations have directly benefited from financial support of over $2m. The branch’s launch has generated another level of enthusiasm towards the Ellevate offer as it has served as a space where hundreds of women businesses and groups have received several leadership trainings and networking opportunities.
The Ellevate branch provides a competitive advantage for Ecobank in the Cameroonian banking space because it demonstrates the degree of our commitment towards empowering women and their businesses. Despite the presence of women business offers by other banks, the Ellevate branch launch demonstrated the desire of Ecobank to provide higher value to the market. The branch also provides the only banking space in the country where women can meet to discuss ideas related to access to finance for their businesses. It is also the only banking branch in the country where women businesses are served on priority.
Fostering inclusive economic growth
By empowering women and their businesses, this initiative is fostering inclusive economic growth and reducing gender disparities with respect to access to finance, training and mentorship. This consequently builds a more equitable and resilient community, thereby promoting sustainable development, financial inclusion and the attainment of the United Nations sustainable development goals (SDGs) 5, covering gender equality, and 8, covering decent work and economic growth.
The branch signals our deep commitment towards empowering women in business by enhancing their access to financial resources and fostering a supportive environment for their growth. Despite the challenges faced, women never stop reinventing themselves. And we are delighted to be working with our teams to put women at the heart of Ecobank’s financial inclusion policy.
Looking at the future, the short- to middle-term plan is to grow acquisition for the Ellevate offer by creating special Ellevate desks across our current branch network. The possibility of having more Ellevate branches in other cities is an idea which is being considered in the long term.
