From Okey Sampson, Umuahia
The Federal Government has concluded plans through the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with Sytiamo Technologies, to provide affordable credit to 10,000 market women across 224 markets in 28 states, starting with Ariaria International Market in Aba, Abia State.
This initiative is aimed at expanding financial access to informal sector workers, particularly women, who are key players in local economies.
The Managing Director of CREDICORP, Mr. Uzoma Nwagba, revealed this during the launch of the loan programme at Ariaria International Market.
Represented by Mrs. Aisha Abdulahi, the Executive Director, Credit and Portfolio Management of CREDICORP, Nwagba said President Bola Tinubu does not want Nigerians, especially women to suffer while trying to get cheap loans, hence CREDICORP’s establishment.
“Supporting women with credit is not just a social good; it’s good business. Women have proven to be better custodians of credit, with higher repayment rates than men.
“Women are proven to be better custodians of credit, with higher repayment rates than men. With 66.7% of our executive team and 50% of our management being women, this partnership aligns with our belief that empowering women leads to stronger, more sustainable communities,” Nwagba stated.
According to him, the programme would enable market women to support their micro-enterprises with accessible funding, free from the burden of high interest rates.
The Managing Director of Sytiamo Technologies, Mr. Michael Ogbaa, the firm partnering CREDITCORP, hinted that: “Through this partnership, we are giving market women quick access to the capital they need to scale their businesses and improve their livelihoods.”
At the launch in Ariaria Market, over 1,000 women were present with many receiving consumer credit for their businesses of up to ₦100,000, at an interest rate slashed by 50 percent from current market levels.