LASHMA Boosts Financial Inclusion for Informal Sector

Initiative integrates artisans and informal workers into Lagos health insurance scheme
Members enjoy flexible premium payments, loans, and welfare benefits
Mandatory health insurance enforcement to begin by 2026

The Lagos State Health Management Agency (LASHMA) has strengthened its drive toward financial inclusion and universal health coverage with the establishment of the Ilera N’Tiwa Cooperative and Multipurpose Society Limited (ITCMS), aimed at empowering informal sector workers across Lagos State.

Eko Hot Blog reports that speaking at the inaugural general meeting of the cooperative, held on Wednesday at the Debt Management Office Conference Hall, the Permanent Secretary of LASHMA, Dr. Emmanuella Zamba, said the initiative was established in collaboration with the Lagos State Council of Tradesmen and Artisans (LASCOTA) as part of efforts to integrate artisans and traders into the Lagos State Social Health Insurance Scheme — Ilera Eko.

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Dr. Zamba explained that the cooperative enables members to pay their health insurance premiums in installments while the cooperative remits the full premium upfront to LASHMA.

According to her, this mechanism ensures continuous access to quality healthcare services without financial interruptions.

“The cooperative serves as a bridge between health protection and financial empowerment for our people in the informal sector,” she said. “It guarantees that even those with irregular income can enjoy uninterrupted healthcare coverage for themselves and their families.”

Beyond healthcare, Dr. Zamba revealed that members of the cooperative would also benefit from a range of welfare incentives, including low-interest loans, discounted food prices through agricultural partnerships, referral bonuses, and raffle draws.

“These initiatives are designed to promote financial discipline, improve the standard of living, and enhance social inclusion among our members,” she added.

The LASHMA boss disclosed that since the official launch of the cooperative in December 2024, membership has grown steadily, with increased participation from artisans and small business owners.

She reaffirmed that the cooperative aligns with Governor Babajide Sanwo-Olu’s vision of achieving universal health coverage by 2030 through innovative, community-driven models.

“LASHMA’s mandate directly supports the Governor’s health insurance agenda, and by 2026, we will begin enforcing mandatory health insurance after intensive sensitization and engagement with all stakeholders,” she said.

In his remarks, the President of the Ilera N’Tiwa Cooperative and Multipurpose Society, Engr. Ajayi Lawrence, described the cooperative as a milestone achievement for economic empowerment in the informal sector.

“Our mission is to promote savings culture, provide accessible financial support, invest in sustainable ventures, and uphold transparency in all we do,” Lawrence stated.

“Together, we are building a system that uplifts families, supports entrepreneurs, and drives community growth.”

He urged residents and artisans across the state to key into the initiative, noting that it provides not only access to healthcare but also broader economic empowerment opportunities.