From challenges to triumph: Agnes Kanziga's SME journey supported by Ecobank
Having started her career in the leather business in Kenya, Agnes Kanziga decided to relocate to Rwanda with the dream of establishing her own business in her home country. Determined to create employment opportunities and support the Rwandan economy, Agnes founded Saint Rita Shop in Rwanda in 2004 with just four employees. Over the years, her business, which specialises in leather-based products such as shoes, belts and bags, has flourished.
However, the COVID-19 pandemic dealt a severe blow to Agnes. The crisis forced her to downsize significantly. She effectively had to start over again, but in the aftermath of the pandemic, Agnes faced financial difficulties.
“After COVID-19, my business suffered a significant decline and I had to seek loans from various banks, most of which had high interest rates."
Like Agnes, African SMEs have dreams and ambitions that they want to fulfil. Unfortunately, they sometimes face huge challenges that can have a significant impact on their businesses. Small and medium-sized enterprises (SMEs) have long been touted as the lifeblood and engine of every economy, and particularly so in Africa. However, only 20% of African SMEs have access to financing via a financial institution[1] and women-led SMEs in Africa face a financing gap of US$42 billion[2]. With small businesses contributing a big proportion of the development of the continent, it is clear that a better Africa is one where they will have access to the resources that they need to thrive.
For this year’s UN SME Day, we put a spotlight on the inspiring story of Agnes Kanziga who, like many other African entrepreneurs, has transformed challenges into opportunities. At Ecobank, our mission is to help SMEs grow and realise their ambitions.
Discovering Ecobank's lifeline
The COVID-19 pandemic was a nightmare to thousands of small business owners like Agnes. During that challenging period, Ecobank launched its flagship gender-financing initiative ‘Ellevate by Ecobank ’.? Agnes was amongst the entrepreneurs who discovered the Ellevate by Ecobank programme and benefited from its numerous financial and non-financial solutions designed to support women entrepreneurs.
“I approached Ecobank, which through Ellevate, provided me with a loan at a low-interest rate, specifically designed to promote women in business.”
Ecobank recognises that women’s businesses play a crucial role in driving Africa’s economic development and providing employment. Unfortunately, women entrepreneurs have been historically underserved by the financial sector. Ellevate provides businesses with collateral-lite funding and smart cash management, as well as training, mentoring and other resources to support their growth.
Ellevate by Ecobank is just one example of how Ecobank supports SMEs to grow and succeed . As an institution, Ecobank not only focuses on financing African businesses but is equally passionate about achieving social impact. It has been this commitment that has led Ecobank to win the ‘Best SME Award’ three times in the past four years at the African Banker Awards.
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Driving growth across Africa
These accolades recognise the strength of Ecobank’s support for Africa’s SMEs, by enabling them to thrive and to grasp the immense intra-African trade opportunities created by the African Continental Free Trade Area’s single market. In addition to its comprehensive suite of banking, payments, collection and financing solutions, Ecobank also provides business leadership and skills training. The Ecobank Single Market Trade Hub , which is its innovative matchmaking platform, connects traders, buyers, sellers and suppliers across Africa.
Ecobank supports entrepreneurs, such as Agnes Kanziga, as they grow. Encouraged by the assistance from Ellevate, Agnes has been able to rebuild her business and is now seeking new markets in Africa and beyond.
“My dream is for my business to grow from Rwanda to Africa, Europe and all around the world.”
Through her resilience and determination, Agnes has turned her challenges into opportunities. Her story is a testament to the power of perseverance and the impact of targeted financial support for women entrepreneurs across Africa.
[2] African Development Bank’s Affirmative Finance Action for Women in Africa initiative