Traders hail Gbonse Foundation’s impact as organisation marks first anniversary

Traders benefiting from Gbonse Foundation for Economic Development have praised its accessible loans and low interest rates, saying the financial support has helped them grow their businesses and encouraged them to introduce other traders to the organisation. The traders spoke at the foundation’s first anniversary celebration held on Friday at its Igando office in Lagos, where beneficiaries shared their experiences and commended the organisation for its financial support.

A foodstuff trader, Mercy Okoh, said she was happy to be associated with the foundation because its loans were genuine and had helped her business. “If you collect their N50,000, the money will multiply. This one year they have been wonderful. I have brought people to join the foundation and they have never regretted,” she said. Similarly, Tope Gbuyiwo, a trader in plastics and kitchen utensils at the foundation’s Ijegun branch, praised its low interest rates, saying she had benefited from successive loans.

“I initially collected N200,000 and I’ve paid back. Now I’ve taken N250,000 loan. If I didn’t make profit, I wouldn’t see the advantage. So, I’ve brought people to join the foundation,” she said. Another beneficiary, Maureen Enaninhian, who trades in shoes and operates a point-of-sale business, said the foundation’s affordable lending conditions changed her perception of borrowing.

“I don’t usually take loans. But the low interest rate Gbonse Foundation offers triggered me. It’s like they’re giving us free money and we don’t struggle or borrow to pay back,” she said. Established on October 25, 2025, Gbonse Foundation has supported individuals, families, traders, church members, women and schoolchildren across Igando, Egan, Odo, Ikotun and Ijegun communities through free medical outreaches, welfare assistance, educational initiatives and accessible loan services.

Speaking at the event, business leader and keynote speaker from the foundation’s head office, Imafidon Omorodion, said the organisation was looking forward to expanding its operations and reaching more beneficiaries in the coming years. “The future is looking bright and we expect that this one year serves as a learning curve for the foundation and for the team at large.

In the coming years, we expect expansion, hope to have more branches and overall meet more prospective beneficiaries of this laudable project,” Mr Omorodion told journalists. He acknowledged that the foundation’s collaboration with market associations and unions had yet to reach its desired level but described the relationship as progressive. “Our partnership with market associations and unions is not where we want it to be but it has been a progressive one.

We are hoping it gets better in the coming years and we’re able to empower more women and have a wider reach to cover more demographics,” he added. Omorodion encouraged traders’ associations and individual beneficiaries to sustain mutual support within their business communities. He also cautioned beneficiaries against borrowing beyond their repayment capacity, stressing that qualifying for a particular loan amount did not necessarily mean taking the full amount was advisable.

“They might be qualified for loans for a certain amount, that doesn’t mean they should take that much loan. You really should take what you can manage and pay back in good time,” he said. The foundation’s group lead and branch head, Susan Aigbe, described its first year as fruitful, noting that the organisation had recorded growth in its clientele, membership, workforce and loan portfolio.

“Today marks a special day in Gbonse Foundation. We’re celebrating the first anniversary of the foundation after running 365 days. The foundation was given birth to on the 25th of October 2025. “One year for Gbonse has been fruitful and advantageous because we have increased in number, client-based, staff-based, portfolio-wise,” she said. According to the foundation, it recorded 261 clients and 300 members within its first year, while its workforce increased from five to 13 employees.

Its lending operations have also expanded from group loans to individual loans, giving members more flexible access to financial assistance. Aigbe, however, identified loan defaults as one of the major challenges confronting the organisation, particularly when beneficiaries encounter difficulties in their businesses. “For any organisation or foundation that gives out small loans, business may not be smooth all the time, so when it comes to that period the women sometimes default.

Our challenging period is when we’re faced with defaults. We give encouragement, advice and support to ensure that the women come out of it and pay with ease. “Currently, we’re in the axis of Igando but in the forthcoming year we look forward to expanding out of this vicinity. We want to spread our tentacles. If, in the coming year, we’re able to expand into other local governments in Lagos State, it’s going to be a plus for us,” Ms Aigbe said.