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LASG partners private sector on reward programme

By Kehinde Olatunji
04 November 2021   |   3:00 am
Lagos State Government (LASG) has launched a Universal Patronage Cash Reward system, tagged the "Eko Token" Programme, which would offer automatic weekly rewards of between

FILES] Sanwo-Olu. Photo/FACEBOOK/ jidesanwooluofficial

Lagos State Government (LASG) has launched a Universal Patronage Cash Reward system, tagged the “Eko Token” Programme, which would offer automatic weekly rewards of between N5, 000-N100 million from a raffle draw to customers.

The Universal Patronage Cash Reward system, which was launched in partnership with CashToken Africa and Businesses, would offer customers rewards for patronage from businesses enlisted under the scheme.

According to Lagos State Governor, Mr. Babajide Sanwo-Olu, the system will be sustainable, given that it was built on mutual benefits between the businesses and the people as facilitated by the EkoToken initiative.

The potential of the Lagos State Universal Patronage Cash Reward, the Eko Token, spanning over a period of five years “is to see to it that an average of 10 per cent of consumer expenditure is offered back as rewards to Lagosians in a system that is profitable,” Sanwo-Olu said.

Other benefits expected of the initiative include, increase in patronage of Lagos businesses between five to eight per cent; the creation of about 10,000 direct and indirect job opportunities; and receiving minimum cash reward from participating businesses across multiple industries.

The Token covers, airtime, electricity, transportation, food, insurance, petrol, entertainment, financial services and fast-moving commodities, among others.

Governor Sanwo-Olu, who was represented by the State’s Commissioner for Women Affairs and Poverty Alleviation (WAPA), Mrs. Bolaji Dada, said: “it a healthy innovation to complement other initiatives and measures that have been put in place by this administration to cushion the effect of COVID-19 pandemic on citizens and businesses in the State.

“It is a unique partnership with the private sector that will foster a new era of sustainable tripod relationship among businesses, government and the good people of Lagos State.”

He added that it would improve the “turnover of businesses and the economic prosperity of the people of the State.”

“Lagos Government is encouraging, championing, and pioneering a new era for development of social smart business order that connects prosperity and successes of the private sector, profitably to direct social impact,” Governor Sanwo-Olu said.

Lagos State Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, assuring the sustainability of the system said the idea is timely for social inclusion and cash transfer to cushion the economic impacts of the COVID-19 pandemic

“That is why Mr. Governor has keyed into this (Eko Token Programme), especially to cushion the effects of the pandemic. It’s a beautiful idea; if a Lagosian goes to any store, he can get rewarded. This is why we see it as a good initiative and we have keyed into it.

“Mr. Governor has seen the relevance at a time like this and he has given approval for its implementation. It is sustainable because it’s a way for companies to say thank you to their customers for being part of their successes,” the Commissioner said.

Chairman of the event and former Governor of Lagos State, Otunba Olufemi Pedro, said the development heralds a new era of a strong creative economic alignment between the people and the Government of Lagos State.

According to him, the initiative is a creative system of synergistic endeavors to bring people together and create wealth for them.

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