ABEOKUTA — In a major move to deepen financial inclusion and stimulate grassroots economic growth, Abeokuta North Local Government has partnered with Shecluded and Quickteller to provide market women with access to single-digit interest loans, a development expected to empower thousands of small-scale traders across the council area.
The initiative, unveiled on Wednesday during the presentation of financial support to women traders drawn from major markets in Abeokuta North, is aimed at moving beyond traditional grant-based interventions by creating sustainable access to affordable credit for women entrepreneurs.
Speaking at the event, the Chairman of Abeokuta North Local Government, Hon. Lanre Oyegbola-Sodipo, described the programme as a strategic intervention designed to strengthen women-owned businesses, improve livelihoods and drive community development.
According to him, women remain central to economic growth and social progress, stressing that empowering women ultimately translates into empowering families, communities and the nation.
"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 support to expand their businesses and improve their livelihoods," he said.
The chairman disclosed that beneficiaries were selected from key markets and trading hubs within the local government area, including Lafenwa, Olomore, Elega, Ita-Oshin and several other commercial centres.
He explained that while grants may offer temporary relief, sustainable economic growth requires access to structured financing that allows entrepreneurs to expand their operations over time.
"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," Oyegbola-Sodipo stated.
Highlighting one of the major obstacles confronting women in the informal sector, the council boss noted that poor credit histories often prevent traders from accessing formal financial services and loan facilities.
"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 explained.
Through the collaboration with Shecluded, a women-focused financial inclusion organisation, and Quickteller, the financial services platform of Interswitch, beneficiaries will have access to loans at highly affordable rates.
Oyegbola-Sodipo described the facility as one of the most competitive financing opportunities currently available to small-scale traders in Nigeria.
"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 approximately 200 women traders have already been profiled in the first phase of the programme. He added that the local government and its partners are working to assist beneficiaries in improving their financial records and creditworthiness.
"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 said.
Oyegbola-Sodipo further disclosed that the scheme is designed to reach about 3,000 women during its implementation period, with over N500 million already committed to supporting female traders across the local government.
According to him, the success and sustainability of the programme will depend largely on responsible utilisation of the loans and timely repayment by beneficiaries.
"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 added.
The initiative is expected to boost entrepreneurship, improve household incomes and strengthen economic activities across markets in Abeokuta North, while also creating a pathway for more women to participate in the formal financial system.
Observers have described the programme as a significant step toward reducing financial exclusion among women in the informal sector and expanding access to affordable capital for small businesses, a key driver of local economic development. :::
