By Aduragbemi Omiyale

The multi-award-winning gender-financing solution of Ecobank Group, Ellevate by Ecobank, has been fortified with new features to bridge the gender financing gap for Africa’s women entrepreneurs.

The financial institution said it has increasing access to finance with unsecured loans of up to $50,000, with competitive interest rates and favourable collateral requirements.

In addition, it has allowed it to accommodate customers with a two-year track record instead of the industry-standard three years, helping them to find new customers and access new markets across Africa through its innovative online matchmaking MyTradeHub platform.

Further, it now has a one-stop shop to meet insurance needs and a loyalty programme to provide exclusive offers and discounts at select retail stores and recreation centres.

Ecobank said it increased the benefits as part of its commitment to women-owned, women-led, and women-focused businesses, while reinforcing its market competitiveness.

This was done to coincide with the celebrations of the International Women’s Day and would be launched by nine of its affiliates (Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo and Zimbabwe) by the end of March 2025.

It will then be rolled-out in phases across all other sub-Saharan African affiliates throughout the year, a statement from the lender stated.

“We recognise and applaud the role that women entrepreneurs play in driving socio-economic impact across Africa and are committed to supporting them at every stage of their entrepreneurial journey.

“Since the launch of the Ellevate programme we have made significant progress, disbursing over $200 million in loans, providing business networking opportunities, and offering leadership and capacity-building training for businesswomen.

“Today, Ellevate 2.0 heralds in a new era for gender financing. It is bigger, better and more inclusive, delivering exceptional value to female entrepreneurs and women business leaders. Enhancing our products and solutions for women entrepreneurs to position Ecobank as their bank of choice is an integral component in accelerating the success of our Growth, Transformation and Returns strategy’s objectives.

“It also supports our Group-wide objective of promoting gender equality and contributing to sustainable development,” the chief executive of Ecobank, Mr Jeremy Awori, said.

The World Bank estimates that closing the gender gap in Africa could add $2.5 trillion to the continent’s GDP by 2025, underscoring the urgency of investing in women – not just for social justice, but for a more prosperous and equitable future for all Africans.

By Adedapo Adesanya

The Economic Community of West African States (ECOWAS) has announced that the single regional currency named Eco will be launched by 2027.

This was disclosed in a statement signed by the FCAI, Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, on Monday, as financial leaders gathered in Abuja for the 11th ECOWAS Convergence Council meeting.

The meeting, which brought together Ministers of Finance and Central Bank Governors, focused on strategies to fast-track the much-anticipated launch of the Eco currency to boost economic integration and financial stability in West Africa.

Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stressed the importance of monetary and fiscal discipline in achieving the Eco currency.

He highlighted the impact of security challenges, inflation, and global economic disruptions as key obstacles slowing down progress toward full monetary convergence.

However, Mr Edun pointed to Nigeria’s recent economic reforms, including foreign exchange market reforms to stabilise the naira, tax policy enhancements to improve revenue generation, and fuel subsidy removal to enhance fiscal sustainability.

According to him, these measures have contributed to GDP growth of 3.4 per cent in 2024, setting a positive trajectory for regional economic stability.

The Minister stressed the importance of stronger regional economic coordination and ECOWAS’ role in shaping global financial policies.

He emphasised ongoing engagements with South Africa’s G20 presidency, which present a strategic opportunity to align West Africa’s economic agenda with broader African economic objectives.

“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Mr Edun concluded.

The proposed Eco currency aims to foster greater economic integration among ECOWAS member states by facilitating trade through a unified payment system, enhancing price stability and reducing inflationary pressures.

The single currency is also aimed at attracting foreign direct investment (FDI) by presenting a more stable economic bloc, and improving cross-border transactions, making it easier for businesses to operate seamlessly across West Africa.

By Modupe Gbadeyanka

To bridge the financial inclusion gap in Nigeria, Moniepoint Incorporated will leverage its extensive reach and robust infrastructure to distribute about 5 million AfriGO cards.

AfriGO is Nigeria’s national domestic card scheme designed by a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), Afrigopay Financial Services Limited (AFSL).

It is an innovative solution which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.

AfriGO aims to deepen financial inclusivity by utilizing innovative products, a customer-focused approach, and cutting-edge technology.

By reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.

“This partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions.

“With AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk.

“Backed by robust technology infrastructure and effective liquidity management, AfriGO ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion.

“Moniepoint’s extensive agent network will play a key role in expanding this reach, supporting local businesses and delivering essential banking services, including purchases, deposits, withdrawals and money transfers.

“Together, we are creating a more connected and inclusive financial ecosystem, making transactions faster, more reliable and widely accessible to Nigerians,” the chief executive of AFSL, Mrs Ebehijie Momoh, stated.

Her counterpart at Moniepoint, Mr Tosin Eniolorunda, said, “Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency and security with contactless payments.

“The Moniepoint/AfriGO card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system.

“Building on Moniepoint’s impressive track record, this partnership will offer Nigerians a more affordable payment option while ensuring instant transaction settlement through AfriGO. Additionally, it will further drive financial inclusion across the country.

“The benefits of contactless payments are far reaching and will be great for our ecosystem. There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions.”