Many small-scale traders, comprising over 1,000 women at the International Ariaria Market, Aba—the commercial hub of Abia State—yesterday received trading credit of up to ₦100,000.00 each from the Nigerian Consumer Credit Corporation (CREDICORP), at an interest rate slashed by 50% from current market levels.

The credit, which follows CREDICORP’s expansion of Inventory Finance across the country, is being effected under this partnership initiative with Sytiamo Technologies. The program plans to provide affordable credit to about 1,000,000 market beneficiaries—especially women—across 224 markets in 28 states in Nigeria, beginning yesterday with Ariaria International Market in Aba.

CREDICORP, a federal government agency, through this program, enables targeted traders to support their micro-enterprises with accessible funding, free from the burden of high interest rates.

Speaking during the Aba launch, the CREDICORP Executive Director, Credit and Portfolio Management, Asha Abdullahi, who represented the Managing Director, Mr. Uzoma Nwagba, said the credit facility is also open to informal sector workers, particularly women, who are key players in local economies.

“Supporting women with credit is therefore not just a social good, but good business. Women are proven to be better custodians of credit, with higher repayment rates than men,” she said.

According to her, “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.”

Also speaking, Mr. Michael Ogbaa, Managing Director of the partnering Sytiamo Technologies, said that through this partnership, market women are given quick access to the capital they need to scale up their businesses and improve their livelihoods.

President of the Ariaria Textile Market Women Association, Mrs. Chinyere Okoro, attested that this program has opened viable credit opportunities for women to grow their businesses.