Traders and community leaders at the Bola Ahmed Tinubu Ultra-Modern Market, Ilepo, collaborated with ASHA Microfinance Bank for a sanitation drive and health screenings as the bank launched a new social protection scheme, ASHA MFB Lifecare.

The initiative aims to provide insurance support for small businesses and low-income earners, particularly traders and grassroots families who often face financial shocks without safety nets.

Speaking during the launch, the Managing Director and Chief Executive Officer of ASHA MFB, Funmilola Paseda Oladoyimbo, explained that the Lifecare scheme was developed to ensure that people at the grassroots have access to protection that helps them recover when emergencies occur.

“Insurance coverage in Nigeria remains less than three per cent, which is a worrying figure. Too many people are exposed to shocks that can wipe out their livelihoods. ASHA MFB Lifecare is about ensuring traders and families at the grassroots have access to protection that helps them bounce back when challenges arise,” she said.

Other speakers at the event emphasised the importance of social protection in safeguarding small traders. Mr. Andrew, Executive Director of Operations, said the programme reflects a commitment to integrating financial services with community wellbeing, while Mrs. Ijeoma Paul-Obi, Head of Risk Management and Sustainability, noted that ASHA Microfinance Bank has, for 16 years, focused on women-led enterprises and community health initiatives.

Also addressing the participants, Head of Operations, Mr. Anaekwe Michael, encouraged traders to adopt backup plans, such as health protection and insurance, to mitigate exposure to losses, theft, and health-related disruptions.

The launch event concluded with a clean-up exercise, in which traders, market leaders, and representatives from the Community Development Association (CDA) participated, reinforcing the connection between healthy communities and sustainable livelihoods.