Ecobank Uganda launches “ellevate”

Pan African Bank Ecobank Uganda, has launched a new product dubbed “ellevate” to support only women-focussed businesses.

The Ecobank Managing Director, Grace Muliisa revealed that majority of women go through similar challenges when it comes to their economic well being and so the program will seek to support only businesses owned or managed by women to get funding and develop skills that will help them grow, as well as enterprises that deal  in products consumed by women.

“Women as far as business is concerned have struggled, because of a number of challenges and one of them has been access to finance and cost of financing, access to information and insights meant to build their businesses and the third that is equally important is access to markets for those in production, importing or manufacturing.”

The product is an innovative banking solution tool that helps businesses owned or managed by women get funding and develop skills that will help them grow, Muliisa added.

Key among the challenges that businesses face is unaffordable finance and with the “ellevate” program of the bank, it veers off from the traditional forms of collateral in a bid to benefit women entrepreneurs because banking especially dealing with the business community and women in particular has evolved.

“We have moved away from the old and traditional way of banking where collateral meant that you needed one to access financing. That has been informed by our approach to product development or the discipline around product solutions, that we have gone a step further to understand the individuals and the nature of their businesses in a unique way to appreciate then and so the need of physical collateral has to fall off.”   

Head, commercial/corporate banking ,Rushie Nylander Dufu , noted that all that is required is a Local Purchase Order, monthly savings, Identification documents of directors, company registration certificate or proof of existence to access up to a maximum of  175 million shillings or 50,000 US Dollars of the loan facility.

High interest rates continue to be a major setback for majority businesses in Uganda averaging 24%, however under the program, Nylander Dufu, revealed that they will be based on a reducing rate following personal or individual loan assessments with loan applicants.

The Ellevate Women Empowerment Programme has key advantages such as free banking, smarter cash management and collections, favourable interest rates and leadership and business skills training.

The event coincided with the international women’s day which ran under the theme, ”break the bias” and saw prominent women entrepreneurs, form a panel, amidst calls for cheap capital, financial literacy, networking, innovation and having a positive attitude. They included; Charlyn Kentaro, (Kentaro Handmade Organics) Monalisa Umutoni,(Mona Makeup Studio), Jennifer Mpyisi ( ODK Associates), Lydia Nakayenze-Schubert (Moo Me Gen-Oils of Hope) and Ritah Namayanja, a visual artist.

“We have moved away from the old and traditional way of banking where collateral meant that you needed one to access financing. That has been informed by our approach to product development or the discipline around product solutions, that we have gone a step further to understand the individuals and the nature of their businesses in a unique way to appreciate then and so the need of physical collateral has to fall off.”   

Head, commercial/corporate banking ,Rushie Nylander Dufu , noted that all that is required is a Local Purchase Order, monthly savings, Identification documents of directors, company registration certificate or proof of existence to access up to a maximum of  175 million shillings or 50,000 US Dollars of the loan facility.

High interest rates continue to be a major setback for majority businesses in Uganda averaging 24%, however under the program, Nylander Dufu, revealed that they will be based on a reducing rate following personal or individual loan assessments with loan applicants.

The Ellevate Women Empowerment Programme has key advantages such as free banking, smarter cash management and collections, favourable interest rates and leadership and business skills training.

The event coincided with the international women’s day which ran under the theme, ”break the bias” and saw prominent women entrepreneurs, form a panel, amidst calls for cheap capital, financial literacy, networking, innovation and having a positive attitude. They included; Charlyn Kentaro, (Kentaro Handmade Organics) Monalisa Umutoni,(Mona Makeup Studio), Jennifer Mpyisi ( ODK Associates), Lydia Nakayenze-Schubert (Moo Me Gen-Oils of Hope) and Ritah Namayanja, a visual artist.