EB-ACCION Savings & Loans, a microfinance bank formed through a partnership between ACCION International and ECOBANK, the leading pan-African bank, has received its license to begin microfinance operations in Ghana.
EB-ACCION opened it's doors April 1st, delivering microcredit, savings and micro-insurance products to the Ghanaian market, thus helping small entrepreneurs to expand their businesses and improve their standard of living. EB-ACCION clients will be served by two branches in Accra, located in the marketplace neighborhoods of Tudu and Lapaz. Two more branches are scheduled to open in Accra this year. EB-ACCION expects to be the market leader serving microentrepreneurs in Ghana by 2010.
Over the next few years, the 2 partners, Accion and Ecobank, plan to open microfinance banks in at least 20 countries across Africa, thereby creating the largest regional platform for offering comprehensive financial services to the vast population of informal sector players that have been largely unbanked and underbanked. A statement by Ecobank said, when fully implemented, the plan has the potential of becoming one of the largest bank downscaling efforts in the world.
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