Freetown, 18th May 2026- In Africa’s banking sector, risk assessment has long hinged on collateral property or assets pledged to secure loans. For many women entrepreneurs, systemic barriers to property ownership have meant exclusion from finance. Now, a new model is reshaping that reality.
Ecobank, the pan‑African banking group operating in 33 countries, has partnered with the African Development Bank Group’s Affirmative Finance Action for Women in Africa (AFAWA) initiative to expand access to credit for women‑led businesses.
Through AFAWA’s “Guarantee for Growth” mechanism, up to 75 percent of the risk on loans to women entrepreneurs is covered. This allows Ecobank credit officers to focus on business performance and cash flow rather than collateral.
“The guarantee materially influences decision‑making. It makes officers more open to approving loans that might otherwise be declined,” explained Carol Oyedeji, Ecobank’s Group Commercial Banking Head.
The partnership also delivers capacity‑building support, shaping Ecobank’s internal processes and product development. New offerings include contract‑based financing, merchant cash advances, and Ellevate, a program tailored to women‑led businesses.
One success story is Fatima Sesay, founder of freight forwarding company Unimax in Sierra Leone. Despite a strong track record, Sesay struggled to access finance until she joined Ellevate. Backed by AFAWA’s guarantee, she secured funding based on confirmed contracts.
Sesay used the financing to scale her operations, winning contracts with the World Health Organization, DHL, and other clients. She purchased four trucks, hired drivers and apprentices, and expanded her staff by 13. Ecobank’s support grew from an initial loan of USD 5,000 to USD 40,000.
“I feel my performance contributed to breaking some of the stereotypes of women in business,” Sesay said.
For Ecobank, the results have been transformative. Its portfolio of women‑led businesses grew from 9,400 in 2021 to more than 83,000 by the end of 2024, with lending reaching USD 265 million.
The model demonstrates that expanding finance for women entrepreneurs is not only a matter of equity but also a commercial opportunity. In recognition, Ecobank was named “AFAWA Bank of the Year” at the African Banker Awards in May 2025.
