Over twenty two thousand people have benefited indirectly from the Household Economic Strengthening and Resilience, HEAR, project which empowered over five hundred direct beneficiaries who are women and young girls from five local government areas in Lagos.
The HEAR project executed in Somolu, Kosofe, Ikorodu, Surulere and Lagos Island was facilitated by an NGO, Humanity Family Foundation for Peace and Development, HUFFPED, with support from the French Embassy.
At a Stakeholders’ Consultation and Policy Dialogue on Women’s Economic Empowerment and Financial Inclusion held in Ikeja, stakeholders’ harped on the need to address cultural and social barriers that limit women’s financial inclusion for national development.
The facilitator who is a legal practitioner, Mr Ayo Adebusoye, identified some of the barriers to include limited awareness of government policies and financial programs, complex regulatory and compliance requirements as well as weak coordination of empowerment programs.
He recommended policy reforms, funding support and expanded digital financial inclusion programs to break the barrier to make women especially in the rural areas to be financially independent, while advocating more women representation in governance.
“Some of the barriers are gender bias in labor market, discrimination in access to finance and business opportunities, limited access to business networks and mentorship as well as impact of negative social media consumption which needed to be addressed” Adebusoye stated”.
The government, development partners, financial institutions and Civil Society Organizations need to collaborate more to provide institutional support, inclusive financial products, technical and financial support, advocacy, mentorship and information dissemination to break all the barriers for women’s financial inclusion because when you train a woman you train a nation, he said.
HUFFPED Executive Director Program, Mr Henry Adedigba, said the HEAR project aims to empower vulnerable women and adolescent girls in the five LGAs to promote financial empowerment as a pathway to broader economic resilience and livelihood improvement.
Mr Adedigba said the policy dialogue focuses on Pillar 2 which is Entrepreneurship and Pillar 3 which is Traditional Labor Market which aligns with the goals of HEAR Project.”
The pillars are aligned with the National Women’s Economic Empowerment, WEE Policy and Lagos State broader economic development and labour force strategies”.
On her part HUFFPED Executive Director, Admin and Finance Mrs Kemi Adeyeye, called on women to have respect for their husbands after being financially independent, noting that a supportive husband deserves to be treated with respect for a better society, while noting that HUFFPED has over twenty years being partnering with Lagos State government and other development partners to empower vulnerable people in the society.
She encouraged women to be informed about financial literacy, associate more with women of great skills and avoid being over dependent on their husbands, noting that going to parties and buying aso ebi on every occasion may make women go bankrupt but rather invest such money in good venture for economic turnaround.
The direct beneficiaries were put through one year training and capacity building on financial literacy, vocational skills, household empowerment, savings group through Village Savings and Loan Associations and Micro enterprise fundamental trainings.
Written by Yemisi Dada