It is no longer news that women are not expected or encouraged to have financial independence amidst mobility constraints that make it difficult to engage with financial institutions. In Ilorin South, Isin, Irepodun, and Oyun Local Government Area, Women who are marginalized in the society, financially dependent for their basic needs, and mostly subjected to poverty now have improved standard and quality of living 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.
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 quality of life for Women, children, and other vulnerable populations has leveled up as Women can now fend for themselves and support their families and wards in their little way. It is pertinent to note that continuous support and dedication to women will breed economic reliance and confidence among women and empower them to exercise their rights and make informed decisions.