In a bid to bolster social protection for grassroots communities, ASHA Microfinance Bank has launched its Lifecare Scheme, a new initiative aimed at providing insurance support for small businesses and low-income earners.
The launch was marked by a sanitation and health exercise at the Bola Ahmed Tinubu Ultra-Modern Market, Ilepo, drawing traders, community leaders, and bank officials together in a show of collective responsibility.
According to the Managing Director and CEO of ASHA MFB, Funmilola Paseda Oladoyimbo, the Lifecare programme seeks to cushion traders and families from financial shocks, a pressing need given that insurance coverage in Nigeria remains below three percent.
Speaking at the event, she emphasized the programme’s role in helping grassroots communities recover quickly from emergencies that could otherwise devastate livelihoods.
“Too many people are exposed to shocks that can wipe out their livelihoods. ASHA MFB Lifecare ensures traders and families at the grassroots have access to protection that helps them bounce back when challenges arise,” Oladoyimbo stated.
Other bank officials highlighted the initiative’s focus on social protection and community wellbeing. Mr. Andrew, Executive Director of Operations, noted that the programme reflects ASHA MFB’s commitment to blending financial services with the needs of communities.
Meanwhile, Mrs. Ijeoma Paul-Obi, Head of Risk Management and Sustainability, underlined the bank’s 16-year dedication to supporting women-led enterprises and advancing community health initiatives.
Traders were also encouraged to embrace health insurance and contingency planning as essential tools for mitigating risks associated with losses, theft, and health disruptions.
On his part, the Head of Operations Mr. Anaekwe Michael, advised participants to see insurance not as an expense but as a safeguard for sustainable livelihoods.
The launch concluded with a market clean-up exercise, in which traders, market leaders, and representatives from the Community Development Association (CDA) participated, symbolizing the synergy between healthy communities and economic resilience.
The ASHA MFB Lifecare Scheme is poised to offer a practical safety net for grassroots businesses, reinforcing the bank’s mission to empower low-income earners and strengthen Nigeria’s informal sector.