By Prosper Mene
In efforts to boost financial inclusion and empower women in Nigeria’s informal economy, the Federal Government of Nigeria, through the Nigerian Consumer Credit Corporation (CREDICORP), has announced a transformative partnership with Sytiamo Technologies. The initiative aims to provide affordable, collateral-free credit to 10,000 market women across 224 markets in 28 states, starting with the vibrant Ariaria International Market in Aba, Abia State.The program, which seeks to strengthen the economic backbone of Nigeria’s markets, has already empowered over 1,000 women in Ariaria with access to up to ₦100,000 each in low-interest inventory financing.
This effort is designed to enable market women to expand their businesses, increase productivity, and improve their livelihoods without the burden of prohibitive loan terms.“Through this partnership, we are giving market women quick access to the capital they need to grow their businesses and improve their livelihoods,” said Mr. Michael Ogbaa, Managing Director of Sytiamo Technologies. “This is about creating sustainable economic opportunities for women who are the heartbeat of Nigeria’s informal economy.”
Speaking at the program’s launch in Ariaria, Mr. Uzoma Nwagba, Managing Director of CREDICORP, emphasized the broader impact of the initiative. “Supporting women with credit is not just a social good; it’s good business. Women are 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 reflects our deep belief that empowering women builds more resilient communities,” he said.
The partnership is in synce with Nigeria’s economic goals of fostering financial inclusion, reducing poverty, and driving growth in the informal sector. By providing accessible credit without collateral, the initiative removes longstanding barriers that have prevented market women from scaling their businesses. Chinyere Okoro, President of the Ariaria Textile Market Women Association, praised the program, noting its potential to transform lives and local economies.
As the program rolls out to additional markets across the 28 states, it is expected to create a ripple effect, fostering economic resilience and empowering women to drive growth in Nigeria’s vibrant market ecosystem.
