In a bid to promote startups’ access to funding, the Lagos State Government is making efforts towards empowering up to 100 women entrepreneurs through a new micro-credit scheme called Mamamoni Women Empowerment Project.
What beneficiaries stand to gain: The initiative is expected to not only provide beneficiaries access to finances that will aid their businesses to grow, but also afford them a platform to acquire the requisite vocational skills such businesses need to thrive.
To accomplish this, the government, through the Lagos State Employment Trust Fund (LSETF), is collaborating with Mamamoni Limited, a Fintech Social Enterprise that is committed to providing mobile loans to rural and urban slum traders in Nigeria.
Procedure for taking the loan: Mamamoni’s contribution to the partnership requires it to organise a skill acquisition training for the beneficiaries. This will qualify them for certification, which is the basic prerequisite for accessing the loan from LSETF.
The LSETF was set up in 2016 under the Lagos State Employment Trust Fund Law 2016. Its aim is to provide financial support to Lagos residents through job creation among other functions.
Details of the loan scheme: According to a statement by the LSETF, the sum of N50,000 would be disbursed to each of the 100 loan beneficiaries; all summing up to N5 million in funding.
The idea is to enable beneficiaries to meet the capital requirement for the distributorship of Mamamoni’s Levantar Liquid Dish Wash. The product is currently making waves in the washing up liquid market. The credit facility is repayable over a 12-month period.
According to Teju Abisoye, the Acting Executive Secretary of the LSETF;
“We are pleased to enter into this agreement with Mamamoni as it aligns with our mandate for creating opportunities for micro-enterprises to create wealth within the Lagos local economy.
“In targeting women, we connect to the well-researched philosophy that when you empower women, you empower the community.”