In a bid to bolster social protection for grassroots communities, ASHA Microfinance Bank (the Nigeria subsidiary of ASA International Group) has launched its Lifecare scheme, a new initiative aimed at providing insurance support for small businesses and low-income earners.

According to the Managing Director and CEO of the microfinance bank, Funmilola Paseda Oladoyinbo, the Lifecare programme seeks to protect traders and families from financial shocks, emphasising that the partnership aims to embed the scheme into ASHA’s loan products, offering protection against financial shocks and increasing financial resilience for its customers.

She further emphasised that the essence of the launch was to help clients understand the impact of having to safeguard themselves against losses.
Besides, Oladoyinbo said that the scheme was developed to ensure that people at the grassroots have access to protection that helps them recover when emergencies strike. Other speakers at the event stressed the importance of social protection in safeguarding small traders.

They, however, encouraged traders to embrace backup plans, such as health protection and insurance, to limit exposure to losses, theft and health-related disruptions.

The event, however, ended with a cleanup exercise, in which traders, market leaders, and representatives of the Community Development Association (CDA) took part, reinforcing the link between healthy communities and sustainable livelihoods.