Speaking during the presentation of financial support to women traders across markets in Abeokuta North on Wednesday, Hon. Lanre Oyegbola-Sodipo said the initiative was designed to move beyond grants and provide sustainable access to credit for small-scale business owners.
According to him, empowering women ultimately translates into empowering communities and the nation at large.
“There is a proven reality that once you empower a woman, you are ultimately empowering a nation. Over the last few weeks, we have introduced different intervention schemes because many of these women only need a little grant to expand their businesses and improve their livelihoods,” he said.
The chairman explained that the beneficiaries were selected from major markets across the local government, including Lafenwa, Olomore, Elega, Ita-Oshin and other trading centres.
“These women operate in our various markets and they require more than just little grants. What they truly need is access to structured financing that will give them the opportunity to grow their businesses sustainably,” he added.
He noted that one of the major barriers facing women in the informal sector is poor credit history, which often prevents them from accessing formal financial services.
“The challenge is that many women involved in informal trading do not have good credit records. This project is not only about providing access to finance, it is also about helping them resolve their credit challenges so they can qualify for future opportunities,” he stated.
He disclosed that through partnerships with Shecluded, a women-focused financial inclusion organisation, and Quickteller, the financial services arm of Interswitch, beneficiaries would enjoy access to loans at highly affordable rates.
“Today, it is difficult to find credit facilities anywhere in Nigeria at a three percent interest rate. Through this partnership, we have been able to facilitate access to financing at a single-digit rate, making it one of the most affordable opportunities available to small-scale traders,” he said.
The chairman revealed that about 200 women traders were profiled for the current phase of the programme, while plans were underway to help beneficiaries improve their financial standing.
“A total of 200 women have been profiled so far. Quite a number of them have credit-related issues arising from exposure to multiple banks and loan platforms. Our next assignment is to work with those who are interested and help them clean up their credit records so they can become eligible for more financial opportunities,” he explained.
Oyegbola-Sodipo further disclosed that the programme targets about 3,000 women during its lifespan, with over N500 million already committed towards supporting market women.
“Our partners are willing to support as many women as possible. The goal is to reach about 3,000 women over the lifetime of this scheme. We already have commitments of N500 million, but the beneficiaries must maintain good credit records, remain committed to their businesses and utilise the funds responsibly to ensure repayment and sustainability of the programme,” he said.
