In many communities, women remain financially dependent on their spouses, often limiting their autonomy and ability to escape situations like gender-based violence. This dependence, compounded by poverty, leaves them vulnerable and trapped in cycles of inequality. At South Saharan Social Development Organization (SSDO), we believe that empowering women economically is a powerful way to break these chains, fostering independence, confidence, and long-term sustainability.
One of the initiatives SSDO employs to achieve this is the Jacob’s Well Micro-Credit Scheme. This program provides low-interest loans to women in cooperatives, enabling them to start or expand their businesses. By leveraging social trust within these cooperatives, women can access financial support without the burden of collateral, making it accessible to those who need it most.
The Role of Business Verification
A key component of ensuring the success and integrity of this program is the verification and evaluation exercise. Before loans are approved, SSDO’s micro-credit officers conduct a thorough verification process, visiting applicants’ businesses to assess their structure, credibility, and potential for growth. This step is essential in determining eligibility for a loan and deciding how much each applicant should receive.
In August and September 2024, SSDO’s Micro Credit Officer, Stella Ani, embarked on a verification exercise, visiting 71 business locations across communities in Enugu State. This process allowed SSDO to better understand the applicants’ businesses, verify their legitimacy, and assess the progress of previous loan recipients.
Building Trust Through Transparency
The verification exercise is more than just an administrative procedure—it builds trust between SSDO and the women who rely on these loans to secure their futures. By taking the time to visit each business, our team can ensure that the loans are being used effectively, promoting accountability and encouraging responsible borrowing. It also helps SSDO gain insights into the challenges these women face in running their businesses, informing future improvements to the micro-credit scheme.
Fostering Women’s Financial Independence
At its core, Jacob’s Well is about more than just providing financial assistance; it’s about fostering independence. By supporting women-owned businesses, SSDO is helping women take control of their financial future, reducing dependency on spouses or other family members, and allowing them to achieve self-sufficiency. For many of these women, a successful business means not only supporting their families but also being able to reinvest in their communities, contributing to the broader goal of poverty alleviation.
Going Forward
SSDO’s commitment to empowering women through initiatives like Jacob’s Well is stronger than ever. We will continue to provide resources and support for women to succeed in business, ultimately transforming their lives and communities. The recent verification exercise serves as a reminder of the tangible impact of micro-credit programs in helping women build sustainable livelihoods.
As SSDO moves forward, we remain dedicated to providing innovative and inclusive solutions that address the unique challenges women face, particularly in economically disadvantaged communities. Through financial empowerment, we can help women break the cycle of poverty and dependency, unlocking their full potential to lead, grow, and thrive.
