IN a major step toward financial inclusion, Ecobank Côte d’Ivoire has launched West Africa’s first Gender Bond, a pioneering financial instrument designed to support women-owned and women-led businesses.
The $16.5 million bond, named ‘Ellever Gender Bond 6.5% 2024-2029’, aims to address financing inequalities and boost inclusive economic growth by channelling capital into businesses run by women. The initiative is part of Ecobank’s broader commitment to empowering women entrepreneurs and enhancing their access to financial resources.
This marks the second bond issuance by Ecobank Côte d’Ivoire, following its first fundraising effort in 2013. The new Gender Bond aligns with international sustainable finance standards and has received independent verification from Morningstar Sustainalytics, reinforcing its compliance with global best practices in responsible investment.
Bridging the gender financing gap
Despite the increasing recognition of women-led businesses as key drivers of economic growth, access to financing remains a major challenge. In West Africa, less than 20 percent of women-owned SMEs secure adequate funding, limiting their ability to expand and thrive.
Ecobank’s ELLEVER programme, launched to support women entrepreneurs, has already made a tangible impact. In 2024 alone, 3,465 businesses registered under the programme, benefiting from $21.88 million in disbursed loans. However, the demand for gender-specific financial solutions continues to outpace supply, highlighting the urgent need for innovative funding mechanisms like the Gender Bond.
Globally, Gender Bonds accounted for just 1.5 percent of the sustainable bond market in 2023, amounting to $14.5bn. Ecobank’s latest initiative seeks to expand this emerging financial segment, ensuring that women entrepreneurs receive the capital they need to scale their businesses and drive economic transformation.
A powerful tool for economic empowerment
According to Paul-Harry Aithnard, Managing Director of Ecobank Côte d’Ivoire, the Ellever Gender Bond represents a tangible solution to the financing challenges faced by women entrepreneurs.
‘Women-led businesses are recognised for their resilience and performance, yet they remain significantly underfunded. This Gender Bond reaffirms our commitment to building an ecosystem where women have full access to financial resources. It is a powerful tool to transform access to financing and accelerate the growth of women-led businesses sustainably.’
The five-year bond offers an attractive annual interest rate of 6.5 percent, with a two-year grace period on capital repayment. A total of one million securities, each with a nominal value of $16.52, have been issued to mobilise funding for women-led enterprises.
All funds raised will be fully allocated to expanding the ELLEVER programme, ensuring tailored financial and technical support for women entrepreneurs.
Combining financial performance with social impact
Roseline Abé, CEO of EDC Investissement Corporation, the brokerage and asset management arm of Ecobank, emphasized the dual benefits of the bond for investors and social impact.
‘We have structured this bond to be attractive to investors while delivering a strong impact on women’s empowerment. This is a unique opportunity to combine financial performance with social inclusion,’ she said.
By bridging the gender financing gap, the Ellever Gender Bond strengthens Ecobank’s position as a leader in sustainable finance and inclusive economic development.
Paving the way for a more inclusive financial system
With this initiative, Ecobank Côte d’Ivoire sets a precedent for gender-focused financial instruments in West Africa. However, the bank’s ambition extends beyond this issuance.
Paul-Harry Aithnard sees the Gender Bond as the first step in a long-term strategy to promote inclusive and sustainable financial solutions.
‘This issuance is just the beginning. We will continue to develop tailored solutions that enhance women’s participation in the economy and encourage other financial institutions to follow this path.’
Through the Ellever Gender Bond, Ecobank Côte d’Ivoire is not just mobilising funds—it is transforming access to finance and driving a shift toward greater gender equality in the financial sector.
By breaking down funding barriers, this initiative is set to empower thousands of women entrepreneurs, fuel economic growth, and pave the way for more inclusive investment opportunities in the region.
