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LSETF, MamaMoni sign MoU to empower 100 women start-ups

In line with its access to finance programme which provides funding for Micro, Small and Medium Enterprises (MSMEs), as well as capacity building to boost their businesses, the Lagos State Employment Trust Fund (LSETF) has signed a partnership agreement with Mamamoni Limited to empower poor rural and urban women with free vocational skills and mobile loans. There was a signing of a Memorandum of Understanding (MoU) on the partnership followed by a courtesy visit to the Mamamoni newly opened innovation hub in Amuwo Odofin, Lagos where the skills acquisition training for the rural women will take place.

Under this partnership tagged the ‘Mamamoni Women Empowerment Project’, LSETF will provide ₦5,000,000.00 to train and provide funding to 100 women to enable them become distributors of Mamamoni’s locally produced Levantar Liquid Dish Wash, a fast selling consumer good in the local market. The beneficiaries of the initiative will get funding of ₦50,000.00 each with a loan tenure of 12 months. To qualify for this loan, the applicant must have gone through the skill acquisition training and certification organized by Mamamoni Limited.

FROM LEFT: Funsho Alabi, Head, Micro Enterprise Start-Ups, Lagos State Employment Trust Fund (LSETF), Omowunmi Olarinre, Head, Strategy, Research and Policy, LSETF; Oluwatoyin Sanni, CEO Emerging Africa Capital Group; Teju Abisoye, Acting Executive Secretary, LSETF; Nkem Okocha, Founder, Mamamoni Limited, Okhai Olaghere, Director, Fosad Consulting and Jessica Aletor, A.g Head, Communications, Stakeholder Management & Promotions, LSETF; during the Memorandum of Understanding (MOU) signing between LSETF and Mamamoni Limited on empowering 100 women startups held at the LSETF Secretariat Ikeja Lagos.

Commenting, the Acting Executive Secretary of the LSETF, Teju Abisoye said; “We are pleased to enter into this agreement with Mamamoni as it aligns with our mandate for creating opportunities for Micro-Enterprises to create wealth within the Lagos local economy. In targeting women, we connect to the well-researched philosophy that when you empower women, you empower the community. We are confident that with the track record of Mamamoni in executing similar interventions, this partnership will help create a new pipeline of successful Micro-Entrepreneurs who will contribute significantly to family and community building, whilst creating jobs for the young ones.”

In her remarks, the founder Mamaoni Limited, Mrs. Nkem Okocha said; “I am very proud to be collaborating with the LSETF, renowned for their unbiased, open and accessible programmes. We are determined to lift more women from the poverty lines, engineer economic growth and societal development. This partnership with LSETF allows us the opportunity as a brand to fulfil this objective.”

“This arrangement states that we provide necessary training and visibility for the women and their businesses as well as logistics support to all beneficiaries, while the LSETF will provide access to affordable funding through a loan programme for the start-ups. I am very excited at the prospect of this intervention and the opportunities it offers our women to grow themselves and groom others”, Mrs. Okocha added.