EB-ACCION Microfinance, a microfinance institution (MFI) formed by ACCION International, a nonprofit organization with partner MFIs in over 20 countries, and Ecobank, a pan-African bank with a network of over 500 branches in 27 countries, recently launched its first two branches in Cameroon. The International Finance Corporation (IFC), a member of the World Bank Group, will have a 15 percent stake in EB-ACCION, and ACCION Investments in Microfinance, SPC (AINV) will have a 30 percent stake.
Mr Arnold Ekpe, CEO of Ecobank, said, “Working with our partner, ACCION, we have made progress in other parts of Africa. The launch of EB-ACCION Cameroon marks the beginning of our objective to reach out to the underbanked population in Central Africa.” ACCION has previously partnered with Ecobank in Ghana and Nigeria.
By Stefanie Rubin, Research Associate
About ACCION International:
ACCION International is a private, U.S. based nonprofit organization with the mission of giving people the financial tools necessary for poverty alleviation, such as microenterprise loans, business training and other financial services. ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions today are providing loans as low as USD 50 to poor men and women entrepreneurs in 23 countries in Latin America, Asia, Africa and the United States. In the last decade, ACCION partners have disbursed more than 28.5 million loans totaling USD 23.4 billion; 97 percent of the loans have been repaid.
About Ecobank Transnational Incorporated (ETI):
Ecobank is a pan-African bank with a network of over 500 branches in 27 countries. By year end 2008, Ecobank had USD 8.3 billion in assets, USD 1.16 billion in equity and USD 5.8 billion in deposits. Its return on equity (ROE) was 17.1 percent and its return on assets (ROA) was 1.5 percent.
As of July 2009, ETI’s shares are held by more than 170,000 private and institutional shareholders throughout the world.
Additional Resources:
Source Article: PR Newswire: ACCION Launches Microfinance Operations in Cameroon
MicroCapital Universe: ACCION International
MicroCapital Universe: Ecobank Transnational Incorporated (ETI)
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