CREDICORP, Sytiamo Partner to Provide Affordable Credit to 10,000 Market Women in Aba

CREDICORP, Sytiamo Partner to Provide Affordable Credit to 10,000 Market Women in Aba

Traders in Ariaria Market returned home smiling today as the Nigerian Consumer Credit Corporation (CREDICORP) partnership initiative between CREDICORP and Sytiamo Technology facilitated a loans inventory finance program aimed at empowering 10,000 market women across Nigeria’s informal sector.

The initiative, which officially launched at the King Solomon Event Centre on Thursday, 26th June 2025, attracting numerous market women from the Ariaria International Market in Aba, will span 224 markets across 28 states. Market women will now be able to access credit of up to ₦100,000 at interest rates slashed by 50% compared to prevailing market rates.

“Supporting women with credit is not just a social good; it’s good business,” said Uzoma Nwagba, Managing Director of CREDICORP. “Women are proven to be better custodians of credit, with higher repayment rates than men. This initiative reflects our commitment to creating stronger, more sustainable communities.”

Mr Nwagba stated that this Federal Government-backed initiative aims to democratize access to consumer credit for everyday Nigerians.

In his remarks, the Managing Director of Sytiamo, Michael Ogbaa, expressed the goal of reaching all traders in the state to help boost their businesses, alleviate poverty, and assist the Federal Government in connecting with the common man.

“This loan is a testament to the government’s positive work. To demand a two per cent interest rate is commendable and shows they care about the people. No bank in Nigeria offers a loan at such a low rate. Our target is to reach more people,” he stated.

The loan has an interest rate of 2-3%, significantly lower than what is typically available through commercial banks.

The Chairman of Ariaria Market, Deacon Michael Aniorji, emphasised that the loans are specifically intended for traders who are committed to their businesses and will repay the funds.

“This money is not for a ceremony but for trading. We know your shops and will expect repayments from you. Therefore, we expect you to pay back monthly. If you succeed, we will continue to increase your loan amounts. This initiative, led by President Bola Tinubu, is designed to support traders in Nigeria.”

He also noted that he was initially sceptical but was pleased with the outcome of the initiative.

“It has been fruitful. For a trader to leave their shop to attend this event means it is a genuine effort.”

Mrs. Chinyere Okoro, President of the Ariaria Textile Market Women Association, expressed her optimism: “This program gives us the chance to grow our businesses with affordable funding.”

Several beneficiaries received two million Naira each and praised the initiative, noting that it would help boost their businesses and, consequently, support their families.

More than 1,000 women gathered to take part in the first phase of the program, while 9 people received on-the-spot consumer credit for inventory purchases, enabling them to scale their micro-enterprises without the burden of exploitative lending.

While two individuals received two million Naira each, one individual received one million Naira, three individuals received 500,000 Naira, while others received 100,000 Naira loans.

The event was attended by several key figures, including Mrs. Aisha Abdullahi, Executive Director of Credit and Portfolio Management; Mrs. Olanike Kolawole, Executive Director of Operations; Sadiq Mohammed, Head of Operations at CREDICORP; Sussan Omiete, Credit Associate; Chineke Alex, and others who commended the initiative, describing it as people-friendly and a testament to the government’s positive contributions.

Applications for interested women are now open at: .https://www.credicorp.ng/sytiamo-apply