(Business in Cameroon) – Ecobank Cameroon announced last week it has provided over $2 million in funding to women entrepreneurs and women-led or women-focused businesses over the past year. According to Gwendoline Abunaw, CEO of Ecobank Cameroon and head of the CEMAC cluster, these results were achieved since the launch of the Ellevate by Ecobank Agency in March 2024.
“At least 1,600 women entrepreneurs, businesses, and associations have directly benefited from financial support totaling more than CFA 1.2 billion ($2 million). Cameroonian businesswomen have already realized the immense value of the pan-African Ellevate by Ecobank program, dedicated to women entrepreneurs across Africa,” she said during the presentation of an enhanced version of the program in Douala.
With this latest funding, the total amount granted to targeted businesses since the launch of Ellevate in 2021 now exceeds CFA 3 billion (over $4.8 million).
According to Ecobank Cameroon’s leaders, the new version of Ellevate, called “Ellevate 2.0,” was launched in response to the success of the initial version. The idea is to expand the program to more beneficiaries and make it more inclusive and versatile. It targets women in both the informal and formal sectors.
The program aims to improve cash flow management, provide access to value-added services such as training, networking opportunities, and offer loans at favorable interest rates. According to Ecobank Cameroon, it gives access to financing with unsecured loans of up to $50,000.
This funding is especially important in a context where SMEs, particularly those owned by women, struggle to secure financing. According to World Bank studies and government data, women lead 23% of manufacturing SMEs in Cameroon, even though they make up 51% of the population. More broadly, they account for 38% of businesses in the country, with a strong presence in micro-enterprises (39%) and lower participation in large companies (14%).
