Federal government has commenced the disbursement of consumer credit to some market women in Abia State through the Nigerian Consumer Credit Corporation, CREDICORP.
Launching the disbursement in Aba Thursday, the Managing Director of CREDICORP, Mr Uzoma Nwagba said the scheme would enable citizens to access goods and services on credit.
CREDICORP is a government-owned development finance institution committed to enhancing consumer credit access.
Nwagba, represented by the Executive Director, Credit and Portfolio Management, Mrs Aisha Abdullahi, said the aim is to boost the quality of life and financial inclusion.
According to him, the initiative, which was unveiled by the federal government in April, offers Nigerians interest-free consumer credit of up to N2 million.
He announced that the institution is in partnership with Sytiamo Technologies Limited to lend to market women across the country.
Nwagba 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 his/her Biometric Verification Number, National Identification Number, passport, business address and the guarantor’s letter to access the fund.”
The Managing Director, Sytiamo, Mr Michael Ogba said the role of his organisation is to get the money from the federal government and make it available to traders.
He said the company is collaborating with the executive of Ariaria Main Market, Aba and would make the fund easily available to any identified member that applies for it.
Ogba said the target is to empower about 20,000 traders in Abia.
“We will continue to give them as long as they pay back. We are starting with traders because they are organised and we can locate them easily.
“As an organisation, 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.”
Ogba, however, said disbursement would continue in other states.
Responding, the Chairman of Ariaria Main Market Association, Mr Mike Anioji lauded the initiative, saying the executive would make sure that those who borrow paid back. (NAN)
