By Ishmael Sallieu Koroma
FREETOWN, June 30, 2025 – In a major push to bridge the gender financing gap and empower women-led businesses in Sierra Leone, Ecobank Sierra Leone has on Friday launched the Enhanced Ellevate by Ecobank Program at the New Brookfields Hotel in Freetown.
The event coincided with the global observance of Micro, Small and Medium Enterprises (MSME) Day, drawing high-profile government officials, women entrepreneurs, financial leaders, and development partners in a shared commitment to advancing women in business.
Victor Williams, Ecobank’s Head of Commercial Banking, underscored the program’s transformative potential, describing it as a “bank-wide offering tailored to the specific needs of women-focused businesses.”
“This launch is not just about expanding a product. It is about deepening our commitment to women entrepreneurs with solutions crafted specifically for them,” he said. “The women’s market is not simply a gender issue—it is an economic priority.”
Winston Williams, speaking on behalf of Managing Director Sebastian Ashong-Katai, who was unavoidably absent, echoed the bank’s vision of inclusive growth.
“Today marks a defining milestone in our journey as a financial institution committed to not just banking, but to building inclusive, sustainable growth across our communities,” Williams noted. “The Enhanced Ellevate Program is more than a product—it is a platform designed to empower, elevate, and transform the economic landscape for women-led and women-focused businesses.”
He cited striking global statistics, including the fact that women held an estimated $93 trillion in private wealth globally in 2024. Despite this, 68% of women-owned SMEs remain unserved or underserved in terms of financing, according to the International Finance Corporation (IFC). In Africa, women own about a third of registered SMEs, yet face a staggering $42 billion financing gap.
Williams said the Enhanced Ellevate Program addresses these barriers through access to unsecured loans of up to $50,000, a reduced track record requirements (two years instead of three) and a competitive interest rates and favorable collateral conditions.
“Non-financial support including mentorship, training, webinars, and capacity building workshops. Market access via Ecobank’s MyTrade Hub platform, which connects over 10,000 businesses across Africa.Exclusive benefits such as loyalty rewards, wealth management, and insurance through a one-stop bancassurance service,”
Drucila Coker, a lead coordinator of the Ellevate initiative, shared insights into the program’s local impact stating that as of April 2025, the bank had onboarded 832 new female-led businesses, disbursed US$5.8 million in loans, and generated US$4.4 million in deposits.
“The Enhanced Ellevate Program will not only cater to registered businesses but will also target informal women entrepreneurs—those selling in markets or operating from their homes. We want to formalize and elevate them,” Coker said.
She emphasized the value of mentorship and non-financial services in building resilient women-led businesses and nurturing future innovators.
Hon. Dr. Isata Mahoi, Minister of Gender and Children’s Affairs, delivered the keynote address, commending the program as a strategic intervention aligned with national laws and reforms, including the Gender Equality and Women’s Empowerment Act, 2022, the Customary Land Rights Act, 2023, and the Employment Act, 2023.
“This is more than just a launch. It is a signal of a paradigm shift—a pledge to elevate and amplify women’s enterprise as a cornerstone for national development,” Dr. Mahoi said.
She reiterated her ministry’s commitment to ensuring these legal frameworks translate into real empowerment for women, particularly in access to land, finance, and employment opportunities.
Originally launched across the continent in 2020, Ellevate by Ecobank has evolved into a recognized platform supporting African women in business. The enhanced version expands its reach in Sierra Leone to include women in both the formal and informal sectors, backed by flexible financing and risk-sharing support from development finance partners.
As the event concluded, Ecobank officials urged women entrepreneurs—whether formally registered or operating informally—to take advantage of the program.
“If we want a brighter future for Sierra Leone tomorrow,” Coker affirmed, “then we must look at women as the foundation of that future.”
