The Federal Government has officially kicked off the disbursement of consumer credit to market women in Abia State through the Nigerian Consumer Credit Corporation aiming to boost financial inclusion and economic empowerment.
The initiative was launched on Thursday in Aba by the Managing Director of CREDICORP, Mr. Uzoma Nwagba, who was represented by Mrs. Aisha Abdullahi, the Executive Director of Credit and Portfolio Management.
According to Nwagba, the programme is designed to give Nigerians access to essential goods and services through interest-free consumer credit, with facilities available for up to N2 million.
He emphasized that the initiative, introduced in April, is part of the government’s broader strategy to enhance citizens’ quality of life.
CREDICORP, a government-backed development finance institution, will not disburse funds directly to individuals but will instead support partner financial institutions that offer credit services.
Nwagba explained that no collateral is required to access the facility, but applicants must provide their Biometric Verification Number, National Identification Number, passport photograph, business address, and a guarantor’s letter.
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The rollout in Abia is being executed in collaboration with Sytiamo Technologies Limited.
The company’s Managing Director, Mr. Michael Ogba, revealed that their role involves securing funds from the government and making them accessible to traders.
He disclosed that Sytiamo is working with the leadership of the Ariaria Main Market in Aba to ensure that verified members receive the credit.
“We are starting with traders because they are organised and we can locate them easily,” Ogba said.
“Our aim is to give fund to one million market women across Nigeria,” he added, noting that the company is targeting 20,000 traders in Abia alone and plans to expand the programme nationwide. “We will continue to give them as long as they pay back,” he said.
Ogba further mentioned that Sytiamo has already provided loans to over 20,000 individuals across Nigeria and is currently partnering with the Federal Government to reach 100,000 people initially.
Meanwhile, the Chairman of the Ariaria Main Market Association, Mr. Mike Anioji, expressed his support for the initiative and pledged the cooperation of the market leadership in ensuring repayment.
“The executive would ensure that those who borrowed paid back,” he assured.
The launch was met with excitement from traders, with the News Agency of Nigeria reporting jubilant scenes at the event. Some of the traders who completed their applications the previous day confirmed receiving credit alerts, marking a swift and enthusiastic start to the disbursement process.
