Lagos partners financial firms to empower traders

The Lagos State Government has partnered with three financial institutions to make loans available to indigent women traders in the state.

This is to enable them to boost their business capital and be financially literate and key into the state’s financial inclusion system.

The Special Adviser to the Lagos State Governor on Sustainable Development Goals, Dr Oreoluwa Finnih-Awokoya, disclosed this at a press conference in Lagos, on Thursday.

She said it was part of the responsibility of her office to promote human capital development through advocacy programmes, especially in areas where they lack assistance.
Finnih-Awokoya, flanked in her office in Ikeja by the representatives of the financial institutions partnering with the government, said it was the overall mandate of her office to eliminate financial exclusion.

She said to benefit from the programme, the women traders must have National Identification Numbers, and the Lagos State Resident Registration Agency ID.

“Collaboration is evidently the major approach to a private partnership, and this is why the SDG approached these relevant institutions. Nevertheless, we extend an invitation to all institutions to join us in this meritorious human capital development generally.
“Human capital development matters reflect the strength and growth of the society, but it was meant to implement the growth of the society.
“It is going to be two sums, these two sums are a success factor for sustainable development growth. We can accomplish an equitable Lagos where every human thrives irrespective of their circumstances.”

The representative of OPAY financial institution, Adedotun Adekunle, said the essence of the programme was to get a lot of people into the financial ecosystem.

He said it was the nexus of what they were doing as a corporate financial organisation to get as many men and women into the financial ecosystem, to get them educated and empower them to do business so they can earn a living.

The representative of Cowry Wise, another financial institution, Oyeyinka Oyekan, said the core objective of Cowrie Wise since its establishment in 2017 was to make savings and investment accessible to all Africans, regardless of their socioeconomic background.

He said, “We are eager to partner with the office of the Sustainable Development Goals to inculcate financial integrity into indigent saturated areas of Lagos State through the human capital development initiative, we believe that financial integrity is not a privilege but a fundamental human right.

“Furthermore, financial literacy is the sustainable part of sustainable development growth, even more significant, this partnership which makes each initiative ignorant significant, this partnership will enable us to extend financial institutions to those who need it most, because of their financial future, and by extension contribute to our great state Lagos.”
He noted that by fostering financial literacy, they aimed to reduce barriers to economic participation and enable long-term participation for individuals and their families, particularly in underserved communities.