In a move set to significantly bolster Uganda’s economic landscape, Ecobank Uganda has proudly relaunched its Ellevate banking proposition.
This isn’t just another financial product; it’s a comprehensive, women-driven initiative designed to go beyond traditional banking, empowering women entrepreneurs and, in turn, accelerating national development.
“We are investing in the future of Uganda’s economy with one empowered woman at a time,” declared Muliisa Grace, Managing Director, Ecobank Uganda, during the relaunch.
This powerful statement highlights the core philosophy behind Ellevate, recognising that empowering women in business is a direct pathway to broader economic prosperity.
According to Muliisa, the relaunch signals Ecobank’s “renewed commitment to supporting the ambitions of women-led and women-owned businesses across Uganda.”
A key feature is the provision of unsecured financing of up to US$50,000 (over Shs180 million), directly addressing one of the most significant barriers faced by women entrepreneurs: access to adequate capital.
However, as Muliisa emphasised, “this is more than money; it is a platform for transformation.”
Addressing Needs of Women Entrepreneurs:
The challenges faced by women entrepreneurs in Uganda are multifaceted, extending beyond just financial access.
These include limited access to information, lack of networks, structural and social constraints, and often being overrepresented in low-profit sectors. Recognising these complexities, Ellevate introduces a full bouquet of tailored solutions built around four key pillars:
Access to Funding
Providing crucial capital, including the impressive unsecured financing option, to fuel business growth and expansion.
Capacity Building
Offering essential support through business masterclasses and mentorship programs. This is vital for equipping women with the knowledge and skills to manage, sustain, and scale their ventures effectively.
As Elizabeth Mwerinde Kasedde, Head of Commercial Banking, Ecobank Uganda, aptly put it, “Women want more than money. They want mentorship, learning opportunities, and community.”
Market Access
Facilitating visibility and opportunities for regional trade through various platforms, helping women entrepreneurs connect with new customers and expand their reach beyond local markets.
Preferential Support
Providing bespoke services such as wealth advisory and premier banking, ensuring that women entrepreneurs receive holistic financial guidance.
The relaunch event underscored this holistic approach with an engaging panel discussion hosted by Victoria Nyanzi.
Featuring prominent women leaders like Justine Nansubuga (Jubilee Insurance Uganda), Rosie Twine (Eco Group), Patricia Magoba (Lolo Treats), and Monica Acirocan (Head of Credit, Ecobank Uganda), the conversation provided honest and practical insights.
Topics ranged from the nuances of business growth and sustainability to the strategic role of insurance for longevity and the disciplined approach required for leveraging credit effectively.
Acirocan’s perspective on self-assessing risk and preparing for financing offered invaluable guidance on what banks seek during the loan evaluation process.
Collective Effort for National Prosperity
The significance of Ellevate extends beyond Ecobank itself, evident in the strong presence of aligned institutions and ecosystem partners at the relaunch. Organisations such as Private Sector Foundation Uganda (PSFU), Uganda Women Entrepreneurs Association Limited (UWEAL), Uganda Bankers’ Association, Women In Insurance (WIN), Uganda, Women in Hospitality Uganda, Women Entrepreneur Ecommerce Platform, Financial Sector Deepening Uganda (FSD Uganda), and I PROFILE FOUNDATION all demonstrated a shared vision.
Their engagement highlights a concerted effort to “create an enabling environment where women in business are seen, supported, and scaled.”
Empowering Women to Drive Economic Growth
The economic impact of empowering women entrepreneurs in Uganda cannot be overstated. It comes with several benefits, some of which include;
Significant Contribution to GDP
Women entrepreneurs already play a crucial role in Uganda’s economy. Studies show that women own a substantial percentage of businesses (some estimates put it as high as 38.2% of all businesses in the country, the highest on the continent) and contribute significantly to GDP, particularly through MSMEs.
By addressing the gender financing gap and providing comprehensive support, initiatives like Ellevate can unlock even greater contributions, potentially adding billions to the national GDP.
Job Creation
As women-led businesses gain access to financing and capacity building, they are better positioned to expand, leading to the creation of more jobs, especially for women and youth. This directly addresses unemployment challenges and improves household incomes.
Poverty Reduction
The growth and sustainability of women-owned businesses directly translate into increased financial stability for families, leading to improved living standards and a reduction in poverty levels across communities.
Innovation and Diversification
Empowering women to overcome barriers encourages them to venture into new sectors and develop innovative solutions, contributing to economic diversification and resilience.
Financial Inclusion
By tailoring solutions to women’s unique needs and offering accessible financing, Ellevate advances financial inclusion, bringing more individuals and businesses into the formal financial system.
As Muliisa stressed, Ellevate is more than a financial offering; “It is a movement that speaks to the changing landscape of women’s entrepreneurship in Uganda and across the continent.”
It affirms Ecobank’s belief that “when women are given the right tools and support, they build enterprises that uplift families, communities, and economies.”
Through Ellevate, Ecobank is thus not just empowering individual women; it is strategically investing in the very engine of Uganda’s sustainable economic transformation.