Olori Janet Afolabi, Queen of Apomu Kingdom, has given interest-free loans to market women in Apomu, as part of measures to help grow their businesses.
The loan was given to the women at Alapomu Palace Hall, Apomu, Isokan local government area of Osun state.
Addressing the women, Olori Janet Afolabi said they should use the money for the purpose for which it was given, adding that the money is meant to help them expand their petty businesses or start new ones.
The 50 women were randomly selected and shortlisted by Women Leaders in the community, led by the highest female Chief, Christiana Akinlabu, the Otun Iyalode of Apomu Kingdom. The loan is expected to be paid back over five months.
Olori Janet said empowering women is crucial for ending hunger and poverty in rural communities.
“Poverty eradication is key to helping women escape poverty. Many of the world’s poorest people are women. Empowering them is essential not just for rural but national development,” she added.
The free-interest loan was initiated by Olori Janet Afolabi in 2020 to mitigate the economic risks of COVID-19 on women’s businesses.
“I came up with the No Collateral, No Interest Loan as my flagship empowerment project for rural women,” she added.