The Federal Government has officially launched the disbursement of consumer credit to market women in Abia State through the Nigerian Consumer Credit Corporation (CREDICORP), marking a major step toward boosting financial inclusion and economic empowerment at the grassroots level.
Speaking at the launch event in Aba on Thursday, CREDICORP Managing Director Uzoma Nwagba—represented by the Executive Director of Credit and Portfolio Management, Mrs. Aisha Abdullahi—explained that the initiative aims to help Nigerians access goods and services on credit without interest or collateral.
According to Nwagba, the programme, introduced in April, allows eligible Nigerians to access up to ₦2 million in interest-free consumer credit. Applicants are only required to submit their Bank Verification Number (BVN), National Identification Number (NIN), passport photo, business address, and a guarantor’s letter.
CREDICORP, a government-owned development finance institution, will not lend directly to individuals but will channel funds through accredited partners. One such partner is Sytiamo Technologies Limited, tasked with managing disbursements to traders nationwide.
Michael Ogba, Managing Director of Sytiamo, noted that the company has partnered with the executive of Ariaria Main Market in Aba to ensure seamless access to the funds. He stated that over 20,000 traders in Abia are expected to benefit initially, with the long-term goal of reaching one million market women across Nigeria.
“We’re starting with traders because they are organised and easy to reach. As long as they pay back, we’ll keep lending,” Ogba said. “With the Federal Government, we’re beginning with 100,000 beneficiaries.”
The Chairman of the Ariaria Main Market Association, Mr. Mike Anioji, praised the programme, assuring the government of full cooperation in ensuring loan repayment and accountability among traders.
There was widespread celebration at the launch venue as several traders confirmed they had already received credit alerts after applying the previous day. The disbursement is expected to expand to other states in the coming weeks as part of the government’s broader economic intervention strategy.
