Meaza Ashenafi, head of Enat Bank the first bank owned by women in Ethiopia.
Ethiopian women traditionally suffer sociocultural and economic discrimination and have had fewer opportunities than men for personal growth, education, and employment. But over the years there have been some drastic changes for women in urban areas, where education, health care, and employment are more available.
And in 2013 about 11 women whom most of them had already made a name for themselves, made a decision to launch a bank in Ethiopia. They founded Enat Bank the first bank owned by women in Ethiopia.
Sitting at the helm of this reservoir of wealth is Meaza Ashenafi, she is the Founding Chair of the Bank’s Board of Directors. Ashenafi worked as a women’s rights activist for many years and she is also the founding Executive Director of the Ethiopian Women Lawyers Association. She holds an LLB from Addis Ababa University of School Law and an MA in international Relations and Women’s studies.
Among accolades bestowed on her we can mention the ‘International Women of Courage Award for Ethiopia from the US government. She is quoted by Ventures Africa saying: “When we came up with this idea, many people thought it was a joke, because when people of women and banking , they usually think in terms of micro-finance.”
Enat means mother in Amharic. At all level of Enat’s management women dominate. Women hold 65 percent of the bank’s shares. Enat bank was established with subscribed capital of $19 million.
The bank also reported to have a special wing that supports women, responsible mainly to advance their financial literacy.
Enat bank is expected to improve access to financial services to women and women entrepreneurs, and also impact on the perception and reality of women status in Ethiopia .
During an interview with Marcopolis early this year Ashenafi also revealed: “This project has a lot of sympathy from the public, the government has also encouraged us, the presence of the Prime Minster and the First Lady of our country at the launching ceremony of the Bank is a demonstration of their commitment to women’s economic empowerment as a key input to national development.”
The bank provides regular banking services including credit, deposit facilities, and saving facilities, and there a special window for women.
“If we require 100% collateral for a man who walks in to submit a project for a loan, we require only 70% for women. We also have plans to establish a risk fund in the future, so if women come up with an innovative idea they should be able to get the loans that they require when the bank builds up this capital base.”