EB-ACCION Savings and Loans (EB-ASL), a Ghanaian microfinance institution, and ACCION Microfinance Bank (AMfB) of Nigeria, have recently won awards commemorating their contributions to providing microfinance services to low-income entrepreneurs. Both organizations count EcoBank, a Togo-based banking group, and US-based nonprofit ACCION International as investors.
EB-ASL, based in Accra, won the 2011 “Microfinance Project of the Year Award” from African Banker magazine for creating an inclusive financial platform for low-income and under-banked individuals in the Accra metropolitan area. These services include small loans, remittance products, debit cards and savings facilities.
AMfB, a microfinance provider based in Lagos, was recognized as the 2011 “Best Microfinance Bank of the Year” during the Lagos Enterprise Awards for its contribution to the economic development of Nigeria. AMfB operates primarily in the Lagos metropolitan area, providing a range of microfinance services to microentrepreneurs and low-income households.
About Ecobank: Ecobank is a Togo-based banking group with a presence in 30 African countries. Its customers primarily operate in the wholesale and retail sectors, and it reported revenue of USD 873 million in 2009.
About EB-ACCION Savings and Loans (EB-ASL): EB-ACCION Savings and Loans Company Limited is a microfinance institution (MFI) headquartered in Ghana. It was formed in 2006 through a partnership between Ecobank Transnational Incorporated (Ecobank)of Togo and US-based nonprofit ACCION International (ACCION). Ecobank has a 70-percent stake in the company, and ACCION holds a 30-percent stake through its investment subsidiary, ACCION Investments in Microfinance, SPC. As of October 2011, it has an active portfolio equivalent to USD 6.7 million with approximately 7,430 borrowers.
About ACCION Microfinance Bank (AMfB): ACCION Microfinance Bank Limited, a partner of US-based nonprofit ACCION International, was incorporated in May 2006 to offer microbanking in Nigeria and was granted an operating license by the Central Bank of Nigeria in April 2007. As of October 2011, it has an active portfolio equivalent to USD 6.6 million with approximately 9,420 active borrowers.
Sources and Additional Resources:
[1] AllAfrica.com, Oct 10 2011. http://allafrica.com/stories/201110102140.html
MicroCapital.org story, March 28, 2011, “MICROCAPITAL BRIEF: Microfinance Institution (MFI) EB-ACCION Microfinance of Cameroon Forecasts Serving 70k Savers in First Five Years,” https://www.microcapital.org/microcapital-brief-microfinance-institution-…
MicroCapital.org story, November 1, 2010, “MICROCAPITAL BRIEF: CARE, Barclay’s, Oxfam, EcoBank, Others Collaborate to Expand Financial Services to Sub-Saharan Africa’s Poor,”
https://www.microcapital.org/microcapital-brief-care-barclays-oxfam-ecoba…
MicroCapital Universe Profile: Ecobank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eco…
MicroCapital Universe Profile: EB-Accion Savings and Loan, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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