The Lagos State Government has announced a strategic partnership with three financial institutions to provide loans and financial literacy support to indigent women traders. This initiative is part of the state’s broader effort to enhance financial inclusion and empower underserved communities.
Boosting Financial Inclusion for Women Traders
Dr. Oreoluwa Finnih-Awokoya, Special Adviser to the Lagos State Governor on Sustainable Development Goals (SDGs), revealed the partnership during a press conference in Lagos. She explained that the initiative aligns with her office’s mandate to foster human capital development and uplift marginalized communities through targeted advocacy programs.
Flanked by representatives of the partnering financial institutions, Finnih-Awokoya emphasized the partnership’s goal of reducing financial exclusion across Lagos State.
“To benefit from the program, women traders must have a National Identification Number (NIN) and be registered with the Lagos State Resident Registration Agency (LASRRA),” she noted.
Collaboration for Human Capital Development
The initiative aims to create a Lagos where all residents, regardless of their circumstances, have the opportunity to thrive. “Collaboration is key to private partnerships, and we welcome other institutions to join this effort in promoting human capital development,” said Finnih-Awokoya.
Financial Institutions Drive Economic Empowerment
Mr. Adedotun Adekunle, a representative from OPAY, emphasized that the program seeks to integrate more individuals into the financial ecosystem. By offering financial services, the program will empower women traders to expand their businesses and improve their livelihoods.
Similarly, Mr. Oyeyinka Oyekan from Cowrywise highlighted that their core mission is to make savings and investment opportunities accessible to all Africans, regardless of socio-economic status. He noted that financial literacy is crucial for sustainable development and that this partnership will help extend financial services to underserved communities.
Promoting Financial Literacy and Economic Inclusion
The program aims to reduce economic barriers by promoting financial literacy, thereby enabling long-term participation in the financial sector for individuals and their families, especially in marginalized areas.
