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Yes! I want to support microfinance and empower people to work their way out of poverty.

EB-ACCION Savings & Loans

Managing Director: Mrs. Frances Adu-Mante
Active Borrowers: 5,340
Active Portfolio: $5,016,000
Average First Loan: n/a
Portfolio at Risk > 30 Days: 8.96%
Savers: 27,281
Savings Balance: $3,310,000
Statistics as of May 2010

Mission: EB-ACCION Savings & Loans, a unique microfinance partnership between ACCION International and West Africa’s principal regional bank, Ecobank, currently operates in Accra, Ghana. The bank offers microfinance services – including loans as low as US $40, savings and remittances products – to merchants, manufacturers and other microentrepreneurs to help them develop their businesses and lift themselves out poverty. EB-ACCION pursues innovative and efficient ways of distributing these tailored financial services to their clients, including debit cards and remittances.

History: The Ecobank Group is the leading independent regional bank in Africa and is considered by many investors as a gateway to the West and Central African financial markets. In 2006, ACCION International entered into an agreement with Ecobank to create microfinance institutions through which to offer financial services to low-income entrepreneurs in West and Central Africa. As part of the agreement, ACCION brings its technical expertise and leadership in the microfinance sector, while Ecobank offers the opportunity to leverage its infrastructure and extensive network of banks to help standardize and deliver high-quality financial services.

At the end of 2006, Ecobank and ACCION launched EB-ACCION Savings & Loans Company in Ghana – an institution jointly owned by Ecobank (70% shares) and ACCION (30% shares) through its investment subsidiary, ACCION Investments. The new entity received its license from the Bank of Ghana in March 2008 and commenced lending the same month at two branches in the markets of Tudu and Abeka Lapaz. EB-ACCION Savings & Loans serves as the template for future microfinance institutions created in Africa through the Ecobank / ACCION partnership.

ACCION’s Role: ACCION provided extensive support to Ecobank in preparation for the launch of EB-ACCION Savings & Loans, including training for loan officers, and now serves in the role of Head of Credit and Branch Operations at the bank. ACCION’s goal is to offer tailored financial services to low-income entrepreneurs in other countries in Ecobank’s network through the creation of additional subsidiary companies.

What’s New: Since launching lending operations in March 2008, EB-ACCION Savings & Loans in Ghana has experienced significant growth, now serving clients through a network of six branches and two satellite kiosks. Through these branches, based in markets throughout Accra, EB-ACCION provides the working poor with access to credit and savings products, along with debit cards for use across the country. In particular, EASL has successfully launched six savings products covering a variety of needs. ACCION helped conduct extensive quantitative and qualitative market research to determine clients’ savings needs and demand, which has contributed to the success of the deposit portfolio’s initial growth.

Program Growth: