The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has commenced the disbursement of interest-free consumer credit to market women in Abia State.

The launch, which took place on Thursday in Aba, is part of efforts to promote financial inclusion and support small-scale traders with access to goods and services on credit.

The initiative, which was first unveiled in April 2024, is managed by CREDICORP, a government-owned development finance institution.

It is designed to enhance the quality of life, promote inclusive economic participation, and provide Nigerians with interest-free consumer credit of up to N2 million.

The Managing Director of CREDICORP, Mr Uzoma Nwagba, represented by the Executive Director, Credit and Portfolio Management, Mrs Aisha Abdullahi, highlighted the broader purpose of the programme.

He said the intervention was aimed at providing access to goods and services on credit, particularly for underserved communities.

HOW THE SCHEME WORKS

CREDICORP does not lend directly to individuals. Instead, it operates through partnerships with financial institutions and accredited intermediaries.

Nwagba announced that the organisation had partnered with Sytiamo Technologies Limited to facilitate lending to market women across Nigeria.

He explained that no collateral is required to access the credit. Applicants need only to present their Biometric Verification Number (BVN), National Identification Number (NIN), passport photograph, business address, and a guarantor’s letter.

Sytiamo Technologies Limited is the first disbursement partner engaged to execute the rollout. Its Managing Director, Mr. Michael Ogba, said the company is working in collaboration with market leaders to ensure easy access to the funds.

“We are starting with traders because they are organised and we can locate them easily.

“As an organisation, we do micro lending and have given loans to over 20,000 people across Nigeria, but with the Federal Government, we are starting with 100,000 people. Our aim is to give funds to one million market women across Nigeria,” he said.

The Chairman of the Ariaria Main Market Association, Mr. Mike Anioji, commended the initiative, assuring that the market leadership would play an active role in ensuring that borrowers repay the funds.

“We will continue to give them as long as they pay back,” Ogba added.

Traders who had filled out forms on Wednesday confirmed they had received credit alerts, sparking celebration at the venue.

According to reports, Ogba stated that after the Abia disbursement, the rollout would continue in other states. The programme is part of a broader federal initiative to enhance consumer credit access and improve quality of life through financial inclusion.