The Federal Government of Nigeria has partnered with Sytiamo Technologies to give low-interest loans to women in markets. This support will cover 224 markets in 28 states.
The Managing Director of the Nigerian Customer Credit Corporation, Uzoma Nwagba, said this while talking to journalists in Umuahia. He explained that the goal is to help women in the informal sector get easier access to money, since they play an important role in the local economy.
He said the program will start in Ariaria International Market in Aba, Abia State, and aims to reach about one million traders.
The Managing Director, represented by Aisha Abdullahi, the Executive in charge of Credit and Portfolio Management, said the plan is to support one million people in the first year. She added that helping women with loans is not only the right thing to do, but also good for business.
She explained that women are usually more reliable when it comes to paying back loans. In fact, women make up 66.7% of their executive team and 50% of their management. The partnership supports their belief that helping women builds stronger communities.
She also said the program has the support of the President and trusted partners. They chose Aba to start because it has hardworking people who need money to grow their businesses.
She made it clear that this is not free money. It is a loan that must be paid back so others can benefit too. That’s why it’s important for people to repay responsibly.
At the launch in Ariaria Market, many traders received loans of up to ₦100,000. The interest rate was reduced by 50% compared to normal market rates.
Nwagba said the program helps women get money for their small businesses without being burdened by high interest rates.
Michael Ogbaa, the Managing Director of Sytiamo Technologies, said around 20,000 people in Aba will benefit. He said the goal is to help women quickly get the money they need to grow their businesses and improve their lives.
Mrs. Chinyere Okoro, the President of the Ariaria Textile Market Women Association, praised the program. She said it would help them expand their businesses with affordable loans.
Deacon Mike Amorji, the chairman of Ariaria International Market, thanked the Governor of Abia State, Alex Otti, for bringing the program to them and allowing traders to apply for the loans.
Some women who got the loans, like Madam Chi Uzor Umenyirioha and Madam Nkeiruka Akaegbu, thanked President Tinubu and the federal government. They appreciated the low interest rate of just 2%.
The partnership between CREDICORP and Sytiamo aims to give more people access to loans, support small businesses, and empower women working in Nigeria’s informal economy.
