Ecobank Transnational Incorporated stands out as a pan-African leader in small and medium-sized enterprise (SME) banking, delivering growth in client volumes, expanding its digital ecosystem and embedding partnerships that strengthen financial access across its vast network of 35 African markets. Despite a challenging macroeconomic backdrop, Ecobank’s commitment to scale, digital enablement and regional integration enabled it to deepen support for more than 1.3 million SME clients in 2024.
Ecobank’s SME services are housed within its commercial banking division, which delivered a resilient financial performance in 2024. As of 30 September 2024, gross loans grew by 4.2% year-on-year to $1.765 billion, while deposits rose by 4.5% to $5.09 billion. SME customer numbers increased by 5.7%, reaching 1.33 million clients across the continent. Net loans also edged up by 2.9%, highlighting the bank’s ongoing effort to extend credit to growth-oriented businesses.
Part of this credit expansion was driven by Ecobank’s flagship Ellevate programme, which supports women-owned and women-led businesses with tailored financing and non-financial services. Since its launch in 2021, the programme has grown to serve over 82,000 businesses, with lending increasing from $68 million to $265 million, reflecting both demand and the programme’s sector-agnostic flexibility.
Digital innovation played a critical role in Ecobank’s SME success. The Omni Lite internet banking platform for SMEs processed $8.5 billion in total transactions in 2024, with 45,000 new clients onboarded, bringing total users to 406,000. Merchant activity also surged: the bank added 12,600 new point-of-sale terminals, supporting $568 million in transaction volume, while EcobankPay – its push-payment digital collection solution – attracted 39,000 new merchants and handled $193 million in transactions, up 35% year-on-year.
Ecobank combined financial scale, product diversity and digital transformation to offer one of the most attractive SME banking propositions in Africa
Ecobank’s new partnerships with two Singaporean fintech firms further enhanced its SME value proposition in 2024. Its collaboration with Nium enables businesses to make real-time cross-border payments to over 100 countries, simplifying treasury operations and settlement processes for African SMEs engaged in international trade. Separately, its partnership with TransferTo is designed to enhance cross-border payment access and financial inclusion by enabling faster, more secure international transfers to African businesses and underserved communities. Together, these partnerships expand Ecobank’s global reach while removing frictions that have traditionally hampered SME participation in cross-border commerce.
In addition, Ecobank launched a new account opening portal to replace its legacy SME onboarding systems. The portal allows new clients to open accounts digitally in as little as two days, with step-by-step guidance, secure document uploads and integration with other digital banking services. This streamlined process removes longstanding pain points around account opening and enhances accessibility for SMEs across diverse geographies.
In 2024, Ecobank combined financial scale, product diversity and digital transformation to offer one of the most attractive SME banking propositions in Africa. Its pan-regional reach, commitment to inclusion and willingness to invest in infrastructure continue to position it as a standout SME banking partner for the continent.
