In its first five years of operation, EB-ACCION Microfinance, a microfinance institution (MFI) based in Cameroon, expects to open 71,000 savings accounts, accumulating total deposits of USD 30.8 million while serving 28,400 borrowers with an outstanding loan portfolio of USD 32 million [1]. EB-ACCION Microfinance offers microcredit and savings products to microentrepreneurs and other Cameroonians who cannot access financial services from commercial banks.
EB-ACCION Microfinance was formed by a partnership between ACCION International, a nonprofit organization with operations in approximately 20 countries, and Ecobank Transnational Incorporated (Ecobank), a pan-African bank with a network of approximately 500 branches in 27 countries [2]. The launch of EB-ACCION Microfinance represents the continued collaboration between ACCION and Ecobank which launched EB-ACCION Savings and Loans Company in Ghana in 2008 [3].
In 2009, EB-ACCION Savings and Loans Company Limited reported to the nonprofit, US-based data provider Microfinance Information Exchange (MIX) total assets of USD 6.51 million, a gross loan portfolio of 4.5 million and 4,800 borrowers. Information on EB-ACCION Microfinance is not available.
By Jacqueline Foelster, Research Associate
About EB-ACCION Microfinance: EB-ACCION Microfinance is a microfinance institution based in Cameroon that was formed through a partnership between ACCION International and Ecobank Transnational Incorporated (Ecobank). It offers microcredit and savings products to microentrepreneurs and other Cameroonians who cannot access financial services from commercial banks. The International Finance Corporation (IFC), a member of the World Bank Group, will have a 15-percent stake in EB-ACCION Microfinance and ACCION Investments in Microfinance, SPC (AINV) will have a 30-percent stake. Financial information on EB-ACCION is not available.
About EB-ACCION Savings and Loans Company Limited: 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) and ACCION International (ACCION), whereby Ecobank has a 70-percent stake and ACCION has a 30-percent stake through its investment subsidiary, ACCION Investments in Microfinance, SPC (AINV). In 2008, it received its operating license from the Bank of Ghana. In 2009, it reported to the nonprofit, US-based data provider Microfinance Information Exchange (MIX) total assets of USD 6.51 million, a gross loan portfolio of 4.5 million and 4,800 borrowers.
About ACCION International (ACCION): ACCION is a private, US-based nonprofit organization with the mission of alleviating poverty by providing financial products such as microenterprise loans, business training and other financial services to its clients. ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions provide loans to men and women entrepreneurs in 23 countries in Latin America, Asia, Africa and the United States. As of 2009, ACCION’s network serves 3.3 million active clients and has an aggregated gross loan portfolio of USD 31.8 billion.
About Ecobank Transnational Incorporated (Ecobank): Incorporated in 1985, Ecobank is a pan-African bank with a network of approximately 700 branches in 29 countries. It is a full-service bank that provides wholesale, retail, investment and transaction banking services and products. By year-end 2009, Ecobank had USD 9 billion in assets, USD 1.24 billion in equity, USD 6.48 billion in deposits, return on equity (ROE) of 5.6 percent and return on assets (ROA) of 0.7 percent.
Sources and Additional Resources:
[1] ACCION, “EB-ACCION”, http://www.accion.org//Page.aspx?pid=2067&srctid=1&erid=3922812
[2] MicroCapital.org Brief, May 11, 2010, “ACCION International and Ecobank Partner to Form EB-ACCION Microfinance in Cameroon”, https://www.microcapital.org/microcapital-brief-accion-international-and-ecobank-partner-to-form-eb-accion-microfinance-in-cameroon/
[3] MicroCapital.org Brief, April 3, 2008, “Non-Profit ACCION International and Africa’s Ecobank Group Launch Microfinance Institution (MFI) in Ghana”, https://www.microcapital.org/microcapital-story-non-profit-accion-international-and-africa%E2%80%99s-ecobank-group-launch-microfinance-institution-mfi-in-ghana/
MicroCapital Universe Profile: EB-ACCION Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Microfinance
MicroCapital Universe Profile: EB-ACCION Savings and Loans Company Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Savings+and+Loans+Company+Limited
MicroCapital Universe Profile: ACCION International, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACCION+International
MicroCapital Microfinance Universe Profile: Ecobank Transnational Incorporated (ETI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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