EB-ACCION opened its doors on April 1, 2008, delivering micro-credit, savings and micro-insurance products to the Ghanaian market, thus helping small entrepreneurs to grow 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 be opened in Accra this year.
EB-ACCION expects to be the market leader, serving micro-entrepreneurs in Ghana by 2010.
Before the Ghana operation, ACCION, in collaboration with ECOBANK, and other foreign and local partners, had launched one of the biggest microfinance banks in Nigeria, AMfB, in 2007.
And 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, on April 2, this year, 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, said, “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 footprints throughout Africa, delivering key infrastructure to help build financial inclusion for the region’s entrepreneurial poor.”
Incorporated in 1985, ECOBANK Transnational Incorporated (ETI) is the parent company of the largest independent regional banking group in Africa.
The ECOBANK Group currently operates in 22 African countries, namely, Benin, Burkina-Faso, Cameroon, Cape Verde, Central African Republic, Chad, Congo-Brazzaville, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Malawi, Mali, Niger, Nigeria, Liberia, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, and Togo.
ACCION International is a private, non-profit organization with the mission of giving people the financial tools they need – micro-enterprise loans, business training and other financial services – to work their way out of poverty.
A world pioneer in microfinance, ACCION was founded in 1961, and issued its first micro-loan in 1973 in Brazil.
ACCION’s partner microfinance institutions today are providing loans, as low as $100 to poor men and women entrepreneurs in 25 countries in Latin America, Asia, Africa and the United States.
In the last decade alone, ACCION partners have disbursed more than 17.9 million loans totaling more than $12.3 billion - 97 per cent of the loans have been repaid.
Selected for the fifth consecutive year, for its pioneering approaches to poverty alleviation, ACCION was among 45 organizations awarded the 2008 Social Capitalist Award, by Fast Company Magazine/Monitor Group.
ACCION has also been awarded Charity Navigator’s highest rating – four stars – for efficiency and sound fiscal management.
ACCION® is a registered trademark of ACCION International.