The Federal Government has launched a credit initiative targeting one million market women across 224 markets in 28 states, in partnership with Sytiamo Technologies.
Speaking in Umuahia, the Managing Director of the Nigerian Customer Credit Corporation (CREDICORP), Uzoma Nwagba, represented by Aisha Abdullahi, Executive, Credit and Portfolio Management, said the programme intends to expand access to affordable loans for informal sector workers, particularly women.
“Women are proven to be better custodians of credit, with higher repayment rates than men,” Nwagba noted. “Supporting women with credit is not just a social good; it’s good business.”
The initiative kicks off at Ariaria International Market in Aba, Abia State, where about 20,000 traders are expected to benefit. Loans of up to ₦100,000 are being disbursed at a 50% reduction in interest rates compared to market levels, with a 2% interest rate cited by beneficiaries.
“This program enables market women to support their micro-enterprises with accessible funding, free from the burden of high interest rates,” Nwagba added, stressing that the funds are loans, not grants, and must be repaid.
Sytiamo Technologies CEO, Michael Ogbaa, highlighted the programme’s impact, saying:
“We are giving market women quick access to the capital they need to scale their businesses and improve their livelihoods.”
Local leaders welcomed the development. Ariaria Market Women Association President, Mrs. Chinyere Okoro, said the credit will help women expand their businesses, while Market Chairman, Deacon Mike Amorji, thanked Abia State Governor Alex Otti for facilitating the scheme.
