Yoruba Progressive (YP) has expanded its successful interest-free microcredit scheme, disbursing a fresh round of loans to small-scale traders across Southwest Nigeria. The program, which specifically targets women and youth entrepreneurs, continues to strengthen its mission of liberating local traders from predatory lending practices.
The initiative, which has already benefited nearly 100 traders since its inception in 2019, was recently expanded to include beneficiaries in Aiyetoro and Ijebu Ode, Ogun State. The latest disbursement focused on 20 deserving women from the Alajapa Traders Association in Aiyetoro.
Speaking about the inspiration behind the program, YP Co-founder and financier of the project, Otunba Sotilewa Osifeso shared his emotional connection to the cause. “My heart breaks when I see our hardworking traders struggling just to keep their businesses afloat. That’s why this initiative means so much to me. Working alongside my esteemed partner in progress, Alhaja Fatimoh Muhammed, has been truly worthwhile – her passion and dedication to this cause are remarkable. Together, we’re witnessing real change in our communities. But this is just the beginning. Our vision extends far beyond what we see today. We aim to reach every market, every community in Yorubaland, because every trader deserves the dignity of fair financing. With more partnerships and expanded funding, we believe we can touch millions of lives across Nigeria. When we lift up our traders, we lift up the entire nation.”
Similarly, Alhaja Fatimoh Muhammed, Co-founder, shared her personal connection to the cause. “Growing up as the daughter of a petty trader, I witnessed firsthand the devastating impact of loan sharks on small businesses,” she revealed. “My mother, like many traders of her time, had no choice but to resort to these predatory lenders. The interest rates were so excessive that these hardworking women’s entire profits would go toward loan repayments.”
“Even more disturbing,” Alhaja Fatimoh continued, “was seeing children of defaulters being detained in toilets and bathrooms as collateral. These childhood experiences drove me to establish this micro-scheme, aiming to rescue as many traders as possible from such exploitative practices.”
The organization, registered with Nigeria’s Corporate Affairs Commission as a non-profit, has secured partnerships with several institutions including Wamufat Farms and Go Architects. Operating as the Nigerian representative face of Egbe Omo Yoruba, Southern California Chapter (OY), the initiative focuses on three core areas: youth empowerment, women’s engagement in governance and leadership, and rural development.
A unique aspect of the program is its self-management structure, where beneficiary associations set their own financing terms. The foundation, which operates both in the USA and Nigeria, projects available funding between ₦10 million and ₦50 million for various projects.
The program draws inspiration from Yoruba Koya, the Pan-Yoruba self-determination group, and embodies the Yoruba principle of “Agbajo Owo ni a fi ngbe eru de ori” (collective effort leads to success).
Through its strategic partnerships with organizations like Wamufat Farms, led by Alhaja Fatimoh, and GO Architects, under Otunba Sotilewa Osifeso, the initiative represents a significant step toward sustainable economic development in Yorubaland, particularly focusing on traditionally underserved segments of the population.
The scheme’s zero-interest policy and community-based management approach mark a departure from conventional microfinance models, potentially setting a new standard for grassroots economic empowerment in Nigeria.