Women traders at the Ariaria International Market, Aba, Abia State, have praised the Federal Government for using one of its agencies, the Nigerian Consumer Credit Corporation (CREDICORP) to improve their businesses.

They described the initiative by CREDICORP, which aims at expanding financial access to informal sector workers, especially women, who are key players in local economies, is unprecedented and something that the Federal Government deserved praises for.

The women made the commendations when CREDICORP announced Sytiamo Technologies as its newest partners to help provide affordable credit to 10,000 market women across 224 markets in 28 states, starting with Ariaria International Market in Aba.

New Telegraph reports that at the launch of the programme in Ariaria International Market, over 1,000 women gathered, with many receiving consumer credit for their inventory of up to ₦100,000, at an interest rate slashed by 50% from current market levels.

Mrs. Chinyere Okoro, President of the Ariaria Textile Market Women Association, said that the programme gives the women the chance to grow their businesses with affordable funding.

She said that with the information available to them, CREDICORP’s collaboration with Sytiamo improves access to credit, support micro enterprises, and empower women in Nigeria’s informal economy, with Aba as a huge beneficiary.

Speaking earlier, Mr. Uzoma Nwagba, Managing Director of CREDICORP, represented by Mrs Aisha Abdulahi, Executive Director Credit and Portfolio Management of CREDICORP said President Bola Tinubu does not want Nigerians, especially women, to suffer while trying to get cheap loans, hence CREDICORP.

“Supporting women with credit is not just a social good; it’s good business. Women have proven to be better custodians of credit, with higher repayment rates than men.

“With 66.7% of our executive team and 50% of our management being women, this partnership aligns with our belief that empowering women leads to stronger, more sustainable communities.

“Our President, Bola Ahmed Tinubu, is a man who understands that if you empower a woman, you have empowered a whole nation.

“He knows that the real economy of Nigeria is in the market, not just within the offices. He said to us to fix this consumer credit, I don’t want our people to suffer.

“He wants Nigerians to borrow easy and cheap money without stress and that is why he established CREDICORP.”

Speaking more about the safety of dealing with CREDICORP against what most Nigerians have experienced from lending institutions, Abdulahi said CREDICORP has just one mandate to give Nigerians access to easy loans.

“Our job is simple. We have been told that we need to make sure that every Nigerian who earns some income, especially women, can have access to easy loan.

“Nobody will put your picture in the Newspaper or social media. Nobody will send you threatening message, saying that you are a kidnapper or that you stole money, nobody will send messages to your friends and family.

“CREDICORP loan is different. It is structured with low interest and fully backed by the federal government, because our president believes in you.”

She explained that aside loan for business, CREDICORP can help Nigerians get loans to finance things as little as home essentials like furniture, appliances, solar home systems, housing support, tricycles, bikes, healthcare, school fees, laptops, smart phones, food and even daily needs.

Mr. Michael Ogbaa, Managing Director of Sytiamo Technologies, said that through the partnership, CREDICORP and Sytiamo are giving market women quick access to the capital they need to scale their businesses and improve their livelihoods.

“CREDICORP does not have customers, but Sytiamo does. all the people in Ariaria Market are our customers, so it is through us that they will get the loan.

“We will partner with CREDICORP to make the money available to our customers. As long as you are at Ariaria Market, we will make the money available to you.”

Explaining its role better, Ogbaa said, “We are a micro-finance bank working with CREDICORP to provide loans to applicants.

“Our staff are here in Aba, so if you need a loan you can call us, fill our form and if your recoded is clear, you’ll get the loan under 24 hours.

“Once we run a check on you qualify, we will give you the loan at a low. interest loan. And the more you borrow and payback, you’ll get more loans.

“You don’t need to have an account with us. You can have an account with other banks. Ours is just make sure you are qualified, and that is why we need your BVN to ensure that you don’t owe any.
other bank.

“If you have borrowed money from any bank in Nigeria and you refuse to pay, then you are not qualified for the loan.”