The Nigerian Consumer Credit Corporation (CREDICORP) has officially launched a nationwide consumer credit scheme to provide low-interest loans to 10,000 market women, starting with the Ariaria International Market in Aba, Abia State.
The programme, which is in collaboration with Sytiamo Technologies, aims to improve financial access for informal sector workers, particularly women traders who play a crucial role in Nigeria’s local economies.
Representing the Managing Director of CREDICORP, Mr. Uzoma Nwagba, at the launch, Mrs. Aisha Abdullahi, Executive Director, Credit and Portfolio Management, explained that the scheme aligns with President Bola Tinubu’s vision to expand inclusive credit access across the country.
According to Abdullahi, the pilot phase in Ariaria saw over 1,000 market women receive inventory financing of up to ₦100,000 each, with an interest rate as low as 2% per month and a repayment tenure of six months—a significant reduction from typical market rates.
Also Read: Access to Credit: President Tinubu Briefed by BOI and CREDICORP Executives
Speaking during the launch, Mr. Michael Ogbaa, Managing Director of Sytiamo Technologies, emphasized that the initiative is a non-political, pro-business intervention designed to enable market women to scale their businesses without stress. He added that the application process is simple, requiring only a short form and a credit check, after which funds are credited directly to the beneficiaries’ shops—eliminating the need to visit a bank.
Some of the first batch of beneficiaries testified to a seamless and stress-free disbursement process, noting that they were initially skeptical until they saw results. Many were especially impressed by the affordable loan terms, calling it a lifeline for growing their businesses.
Mrs. Chinyere Okoro, President of the Ariaria Textile Market Women Association, described the credit scheme as a long-awaited opportunity that empowers women with fair and accessible financing.
Also lending his voice, Mr. Michael Aniorji, Chairman of the Ariaria Textile Market Association, lauded CREDICORP for extending the loan scheme to grassroots traders and warned beneficiaries against defaulting, stating that the union would lock shops of defaulters to protect the programme’s credibility.
CREDICORP reaffirmed its commitment to supporting informal economy players, especially women. The corporation noted that women have consistently shown higher loan repayment rates, and with 66.7% of its executive team and 50% of its management being women, the initiative reflects its gender-inclusive values.
Market women interested in applying for the loan can visit the official application portal:
👉 www.credicorp.ng/sytiamo-apply
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