Between July 10 and 17, Spaces for Change|S4C and the Communities Alliance Against Displacement (CAD) disbursed zero-interest loans to twenty low-income women operating small businesses in Lagos informal communities popularly known as slum areas. Against the backdrop of the recent demolition spree that forcefully displaced residents of several informal communities in Lagos, the financial empowerment scheme specifically targeted women in Ago-Egun, Isale-Akoka, Ebute-Ilaje, Igbo-Alejo, and Ifesowapo communities affected by mass eviction exercises, leaving them homeless, distressed and without any means of livelihood.
Lagos has recently witnessed a significant surge in demolitions ordered by state authorities for various reasons ranging from regulatory contraventions, urban renewal and other environmental considerations. Often executed with little or no warning nor provision for resettlement, the demolitions have left hundreds of families homeless, exacerbating the already dire conditions in which they live. The ripple effects of this upheaval are profound, leading to increased poverty, displacement, and social instability. In response to these trends, S4C-CAD’s Womenpowa Loan Program was launched in 2018 to address displacement-induced poverty which disproportionately affects women residing in informal settlements. This initiative provides revolving zero-interest micro-loans enabling them to either start new trades or revive their small businesses destroyed during mass demolition exercises.
The rising inflation, economic hardship and the notable rise in the number of women adversely affected by displacement-induced poverty prompted S4C-CAD to increase the loan amounts and the number of beneficiaries from 10 to 20 women. By taking this approach, S4C-CAD reached more women in great need, providing them with the critical economic support they need to overcome the harsh effects of economic instability. The beneficiaries expressed their gratitude to Spaces for Change|S4C and CAD for the financial assistance they received at a time of severe economic difficulty. Aside from the loans, the Womenpowa Loan Program also exposes beneficiaries to financial literacy programs, ensuring that they are not just recipients of loans but are equipped with the necessary skills and knowledge to run smart and lasting businesses.
