In some communities, based on historical marginalisation of women in economic independence, women’s control over resources are limited. This sometimes transcends into national spaces such as financial institutions that have stringent conditionalities that hinders/constraints women’s capability to access financial credits. In Ilorin South, Isin, Irepodun, and Oyun Local Government Area, women who hitherto had limited access to financial independence are now empowered from the age-long hold through the Village Savings and Loan Scheme (VSLA) provided by Global Hope for Women and Children Foundation (GLOHWOC) through ActionAid Nigeria’s Women’s Voice and Leadership Nigeria project, funded by Global Affairs Canada (GAC)
Contributing to the development, empowerment, and growth of rural women, the village savings and loan scheme (VSLA) encourages them to develop a saving habit and make affordable contributions that will not affect their business in return.
Horned with this knowledge, 240 beneficiaries of the Village Savings and Loan Scheme (VSLA) from the above Local Government Areas have generated a substantial amount of capital with new business emerging from the financial support and existing business expanded through progressive contributions and savings amongst members. Continuous revolving loans among 8 groups led to 25 successful new business start-ups and growth in 215 existing businesses.
“I appreciate the dedication, commitment, and support of members of the Village Savings and Loan scheme, who through their support and guidance, I was able to access loans at a low-interest rate and have expanded my business and support my family. Being a hairdresser, I can stock my shop and do other relevant business by the side. I also appreciate the support of Global Hope for Women and Children Foundation and their donors ActionAid Nigeria and Global Affairs Canada for this initiative” Iya Arike a beneficiary of the program said.
With this development and support from GLOHWOC, through the WVL-N project, the economic dependence of these groups of women has broken with access and control of their capital, the quality of life for them and their children is changing for the better.
