ACCION Savings & Loan, a microfinance bank formed through a partnership between ACCION(R) 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."
Via: (ACCION Savings & Loan)