The Federal Government has begun the disbursement of consumer credit to some market women in Abia through the Nigerian Consumer Credit Corporation (CREDICORP).
The Managing Director of CREDICORP, Mr Uzoma Nwagba, who launched the disbursement in Aba on Thursday, said the scheme would enable citizens to access goods and services on credit.
The News Agency of Nigeria (NAN) reports that CREDICORP is a government-owned development finance institution committed to enhancing consumer credit access.
Nwagba, represented by the Executive Director of Credit and Portfolio Management, Mrs. Aisha Abdullahi, stated that the aim was to enhance the quality of life and promote financial inclusion.
According to him, the initiative, unveiled by the Federal Government in April, offers Nigerians interest-free consumer credit of up to N2 million.
He announced that the institution was in partnership with Sytiamo Technologies Limited to lend to market women across the country.
Nwagba further explained that CREDICORP would not lend directly to individuals but would support financial institutions that provide credit.
“This does not require any collateral; rather, the applicant would provide the Biometric Verification Number, National Identification Number, passport, business address and the guarantor’s letter to access the fund.
The Managing Director of Sytiamo, Mr. Michael Ogba, stated that the role of his organization was to obtain funds from the Federal Government and make them available to traders.
He stated that the company was collaborating with the executive of Ariaria Main Market, Aba, and would make the funds easily available to any identified member who applied for it.
Ogba said that the target was to empower about 20,000 traders in Abia.
“We will continue to give them as long as they pay back.
He said: “We are starting with traders because they are organised and we can locate them easily.
“As an organization, 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.”
Ogba, however, 1said that disbursement would continue in other states.
Responding, the Chairman of the Ariaria Main Market Association, Mr. Mike Anioji, lauded the initiative, saying that the executive would ensure that those who borrowed paid back.
NAN reports that there was jubilation at the venue of the launch, as some traders who had filled out the forms on Wednesday announced that they had received credit alerts for the facility.
