impactMarket’s Microcredit is Now Expanding to Nigeria!
After Brazil and Uganda, impactMarket’s Microcredit gives another step towards expansion at a global scale.
Nigeria shines as a standout in the African continent, boasting a dynamic culture and a rapidly expanding economy. It is the country where impactMarket is supporting more people in the world with Unconditional Basic Income (UBI), with over 7,500 beneficiaries.
Microcredit, impactMarket newest product in the pilot phase, has already demonstrated its effectiveness in providing microloans to underserved entrepreneurs in Brazil and in Uganda, enabling them to establish and grow their businesses. It was a matter of time to expand Microcredit to Nigeria. The blockchain scenario in this country is flourishing with countless projects being created across several areas, from DeFi to NFTs, and scaling fast in a country with a high demand for accessible financial solutions.
Read more: Microcredit as a key driver of Financial Empowerment
We are excited to announce a partnership between impactMarket and DO Take Action, an NGO focused on fostering economic empowerment and grassroots community development in Nigeria. This collaboration seeks to amplify the reach and impact of our Microcredit pilot by onboarding a diverse range of women entrepreneurs into the program. As advocates for sustainable and inclusive development, both impactMarket and DO Take Action recognize the immense potential that lies within women-owned businesses. By combining impactMarket’s innovative Microcredit with DO Take Action’s experience in promoting gender equality and community development, we aim to create a transformative opportunity for aspiring women entrepreneurs in Nigeria.
Until the end of August, we have onboarded 26 dynamic women entrepreneurs, and over $7000 in loans (around 5 million Naira) have been approved! These women run a variety of businesses including poultry farming, education, fashion design, fresh juice production, catering, stationaries, and grocery stores.
Some of these women are excited that the loans will help them to increase their stocks and goods while others are excited to use the loan to purchase some equipment needed for the maintenance and expansion of their businesses respectively.
Kingsley Godwin, Country Ambassador of impactMarket in Nigeria, expressed his excitement about the onboarding of the microcredit beneficiaries and mentioned that the Microcredit program would help these women have access to finance which is needed for small businesses to thrive.
These funds aren’t just figures; they’re life-changing opportunities, propelling these businesses toward unprecedented growth. This is more than money — it’s the impactMarket Human Empowerment Protocol in action! Unlocking opportunities for people to dream and thrive.
Microcredit isn’t just about funds; it’s about igniting potential. These aren’t just businesses; they’re dreams woven with dedication and ambition. By providing these women with the resources they need, we’re turning their dreams into a thriving reality.
With the support of DO Take Action’s extensive network and expertise in women’s empowerment, we are confident that this partnership will further enhance the pilot’s impact.
Together, we will identify, mentor, and empower women entrepreneurs across various sectors, enabling them to access financial resources and business support that will contribute to their economic self-sufficiency.
Our joint efforts will play a pivotal role in promoting sustainable development, reducing gender disparities, and fostering vibrant local economies.
If you liked this article, you will also like:
- Microcredit in Brazil: Overview and key takeaways.
- Microcredit in Uganda: Launch and first Progress Report.
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impactMarket (The Human Empowerment Protocol)
impactMarket provides accessible financial solutions to empower underprivileged people all over the world, unlocking opportunities and human potential. Our inclusive protocol is transparent, reliable, and borderless. It operates as a DAO on top of the Celo network, using $PACT as its governance token while running autonomously through smart contracts.
impactLabs (the company)
impactLabs Lda, based in Portugal, was founded in Nov 2020 by Marco Barbosa, Bernardo Vieira, Afonso Barbosa, and eSolidar. The company is focused on building accessible decentralized systems to unleash human potential and disrupt access to finance while driving DeFi adoption.
