Boston-Based ACCION International Partners with Togo-Based Ecobank Transnational Incorporated to Expand into Western Africa

Accion International, a private US-based nonprofit microfinance network that partners with 22 microbanks globally which held a total, collective loan portfolio of USD 1.34 bn in 2005, partnered with Ecobank Transnational Incorporated (Ecobank), an independent regional West African bank based in Togo. The two organizations will work together over the next three to five years to deliver products such as microcredit, business training and other financial services through Ecobank’s existing branch network. These products will also be available through Ecobank’s ATMs, point-of-sale terminals and phone banking system. With the support of Accion, Ecobank will now offer financial services such as savings and insurance products and loans as low as USD 100.