ECOBANK and ACCION Launch Microfinance Operations in Ghana

Apr 2008
Accra, Ghana, April, 01 2008 - EB-ACCION Savings & Loan, a microfinance bank formed through a partnership between ACCION International, a pioneer in microfinance program development, and ECOBANK, the leading pan-African bank, has received its license to begin microfinance operations in Ghana.

EB-ACCION will open its doors today, April 1st, delivering microcredit, savings and micro-insurance products to the Ghanaian market, thus helping small entrepreneurs to expand their businesses and improve their standard of living. EB-ACCION clients will be served by two branches in Accra, located in the marketplace neighborhoods of Tudu and Lapaz. Two more branches are scheduled to open in Accra this year. EB-ACCION expects to be the market leader serving microentrepreneurs in Ghana by 2010.

In 2007, ACCION, in collaboration with ECOBANK and other foreign and local partners, launched one of the largest microfinance banks in Nigeria, ACCION Microfinance Bank (AMfB) Ltd. The birth of EB-ACCION has further brightened the vision of both institutions to build a leading regional network of microfinance banks in Africa.

Arnold Ekpe, chief executive officer of the ECOBANK Group commented, "We are positive on Africa and we are committed to supporting African small businesses. With EB-ACCION, we intend to achieve not only a social investment but also a real commercial success."

Carlos Castello, ACCION executive vice president and head of international operations, added, "We're tremendously excited to be offering the fruits of this unique partnership, which combines ECOBANK's strong local presence with ACCION's international expertise in commercial microfinance. We look forward to rapidly expanding EB-ACCION's footprint throughout Africa, delivering key infrastructure to help build financial inclusion for the region’s entrepreneurial poor."

Source : CSR Wire

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More