Breaking Barriers: Ecobank’s Initiative for Women Entrepreneurs

Breaking Barriers: Ecobank’s Initiative for Women Entrepreneurs

Ecobank Nigeria has introduced Ellevate, an empowering platform dedicated to unlocking greater opportunities for women entrepreneurs across Africa. Recognizing that women-owned businesses need more than just funding to thrive, Ellevate offers essential access to finance, mentorship, and business support, fueling their growth and scalability.

The platform was unveiled in Lagos at an event themed “Her Voice. Her Power. Her Growth,” where entrepreneurs and industry leaders highlighted the need for stronger financial inclusion, improved access to business capabilities, and broader networks to help women-led businesses succeed.

Victoria Igun, Ellevate manager, Ecobank Nigeria explained that Ellevate 2.0 is Ecobank’s enhanced and expanded solution designed to empower women‑led and women‑focused businesses with stronger tools, deeper support, and greater opportunities for growth. Building on the success of the original Ellevate program, this upgraded version provides improved access to financing, capability‑building programmes, business advisory support, Mentorship and a wider ecosystem of networks and partnerships. “Ellevate 2.0 reflects our commitment to advancing women’s economic empowerment by addressing the real needs of women in business today. It is not just a financial offering, it is a holistic platform that connects women to knowledge, markets, visibility, and opportunities that help them scale sustainably. With Ellevate 2.0, we are creating a more inclusive environment where women can grow, expand, and lead with confidence across Africa,” she said.

Speakers at the event included Adenike Ogunlesi, founder of Ruff ‘n’ Tumble; Bode Abifarin, founder and chief executive officer of technology advisory firm Strata; Titilayo Adesoga, a business executive and financial strategist; and Subuola Oyeleye, founder of beauty retail and distribution company Beauty Hut.

The panelists said that although access to capital for women entrepreneurs has improved in recent years, sustainable growth depends on a broader ecosystem that combines funding, skills development, and professional networks.

Ogunlesi, who built Ruff ‘n’ Tumble into one of Nigeria’s most recognisable fashion brands, recalled the difficulties she faced securing financing in the early years of her business.

According to her, when she started the company nearly three decades ago, the creative industry lacked reliable data, making banks reluctant to support fashion entrepreneurs.

“There was no business data on the creative industry in Nigeria thirty years ago,” she said. “I refused to take no as an answer. I built my business case, my personal brand, and a product that banks could not ignore until one of them eventually supported me.”

However, Ogunlesi said access to funding alone does not determine a business’s success, stressing that execution remains the most critical factor.

Money is never the biggest problem. Ideas are never the problem. Execution is everything,” she said. “Growing a business depends on your ability to build and lead a team that can deliver results even when you are not present.”

She also spoke about the psychological challenges many women face in leadership positions, including imposter syndrome, recalling her experience as the only woman on a corporate board.

Breaking Barriers: Ecobank’s Initiative for Women Entrepreneurs

“When I first entered that boardroom, my seat felt uncomfortable,” she said. “But I had to remind myself that I belonged in that room.”

Ogunlesi added that African entrepreneurs face structural barriers when expanding across borders, particularly in payments and logistics.

She called for digital platforms that allow businesses to accept payments in local currencies across African markets as well as stronger logistics networks that can support cross-border trade.

Abifarin said digital platforms have played a growing role in enabling women entrepreneurs, particularly during the pandemic when many small businesses moved online.

She cited an example of an online store tool launched during the lockdown that allowed small merchants to create digital storefronts within minutes.

“Within a few months, almost seventy percent of the businesses using the platform were owned by women,” she said.

Despite the growing role of technology, Abifarin said many women entrepreneurs struggle to scale their businesses because they undervalue their ideas when seeking funding.

“Men walk into a room and ask for $100 million to expand into multiple countries,” she said. “Women sometimes hesitate to ask for ten million.”

She advised entrepreneurs to focus on building structured businesses by documenting processes, maintaining proper financial records, and establishing clear operational systems.

“Even if your business is small, you must create systems,” she said. “Investors want to see structure and a clear history of how your business operates.”

Adesoga highlighted similar challenges in agriculture, noting that many women farmers operate informally and remain excluded from the financial system.

According to her, many female farmers rely on cash transactions and rarely keep financial records, which makes it difficult for them to access credit from financial institutions.

“They work very hard but they do not calculate profit or loss,” she said. “Without records or bank accounts, it becomes difficult for them to access financing.”

Adesoga said initiatives that help rural women farmers collect production data and formalise their businesses could help bridge the gap between farmers and financial institutions.

Oyeleye said limited access to collateral is one reason many female entrepreneurs turn to venture capital instead of traditional bank loans.

“When I started the business as a young founder, I did not have collateral,” she said. “Banks usually require assets such as property, which many young entrepreneurs do not have.”

She said venture capital enabled Beauty Hut to invest heavily in technology, marketing, and expansion, allowing the company to grow faster than it would have through traditional debt financing alone.

According to Oyeleye, businesses should consider adopting a blended financing strategy, combining equity funding for expansion with debt financing for operational needs such as inventory.

She also stressed the importance of continuous learning for entrepreneurs.

“Your business can only grow as much as you grow,” she said. “If there is something you do not know, you must learn it.”

Across the discussion, the speakers agreed that mentorship, professional networks, and supportive communities are critical for women entrepreneurs navigating the challenges of building businesses.

Abifarin said strong networks often determine whether entrepreneurs are able to overcome difficult phases in their businesses.