Quick Summary:
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CREDICORP Launches ₦100,000 Loan Scheme: The Federal Government, through CREDICORP and in partnership with Sytiamo Technologies, has introduced an inventory finance programme targeting 10,000 market women across 224 markets in Nigeria.
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Affordable and Empowering Credit: The initiative offers up to ₦100,000 in credit with a 50% interest rate reduction, aiming to boost women-led businesses and promote financial inclusion.
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Simple Application Process: Interested traders must fill an interest form on www.credicorp.ng, select a participating financial institution, and submit their application for approval and disbursement.
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11 Financial Institutions Involved: Participating lenders include Credit Direct, Accion MFB, Wema Bank, Ecobank, and others, offering a range of loan types from personal to renewable energy and business loans, with flexible repayment options.
The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with Sytiamo Technologies, has launched an inventory finance scheme aimed at supporting 10,000 market women across 224 markets nationwide.
The initiative kicked off at the popular Ariaria Market in Aba, Abia State.
Empowering Nigeria’s Informal Economy
The loan program targets women traders—key players in Nigeria’s informal economy—by providing access to up to ₦100,000 in business credit. The loan comes with a 50% reduction in interest rates, allowing traders to grow their businesses with greater ease and affordability.
This initiative is part of a broader financial inclusion effort that leverages credit as both an economic growth tool and a means of social empowerment.
How the Programme Works
To participate in the programme:
- Interested individuals must fill the CREDICORP interest form at www.credicorp.ng.
- Choose a Participating Financial Institution (PFI) that best fits their needs.
- Submit a loan application through the selected institution.
- Once approved, the funds will be disbursed directly.
List of Participating Financial Institutions and How to Apply
Here’s a breakdown of the participating financial institutions and their unique application processes:
1. Credit Direct
- Offers Buy Now Pay Later (BNPL) and personal loans to civil servants.
- Loan tenure: up to 24 months.
- Fast processing: 15 minutes turnaround time.
- Apply via:
- Dial *5120#
- WhatsApp: +234 907 030 9430
- Credit Direct Portal
2. Accion Microfinance Bank
- Serves market women and small business owners.
- Apply via:
- Visit any Accion branch nationwide
- Call: +234 700 022 2466
- Use the AccionMonie mobile app
3. Letshego Microfinance Bank
- Specializes in loans for teachers and renewable energy support.
- Apply by:
- Visiting a Letshego branch
- Calling: +234 905 391 1450
4. Abbey Mortgage Bank
- Offers loans for renewable energy, school fees, and home improvement.
- Apply via:
- Application Portal
- Call: 02012271695
5. Fewchore Finance Company Ltd
- Provides renewable energy and personal loans.
- Fully digital process with 15-minute turnaround.
- Apply via:
- Fewchore Finance Website
- Mobile app (Google Play & Apple App Store)
6. Autochek (with VFD Microfinance Bank)
- Offers car loans for new and used vehicles.
- Tenure:
- New cars: 4–6 months
- Used cars: 6–36 months
- Processing time: 24–48 hours
- Apply via:
- Autochek Website
- Autochek mobile apps
7. Fast Credit Finance Company
- Provides BNPL, personal, and renewable energy loans.
- Tenure: up to 24 months
- Apply via:
- Loan Application Page
- Google Play Store app
- Contact Page
8. Page Financials
- Offers loans with 48-hour turnaround.
- Tenure: up to 24 months
- Application portals:
- Walk-in: Branches in Ikoyi, Ikeja, Ibadan, Abuja
9. Optimus Bank
- Provides personal and renewable energy loans.
- Tenure: up to 24 months
- Processing time: 48 hours
- Apply via:
- Optimus Bank App
- Visit branches in Victoria Island, Yaba, and across Lagos
10. Wema Bank (ALAT)
- Offers personal and renewable energy loans.
- Tenure: 12 months
- Fast disbursement: within 24 hours
- Apply via:
- ALAT Portal
- Mobile app (Google Play & Apple Store)
11. Ecobank Nigeria Ltd
- Provides personal loans and asset financing (BNPL).
- Tenure: up to 48 months
- Processing: 24 hours
- Apply via:
- Email: consumerfinance@ecobank.com
- Credit check conducted before asset vendor disbursement
Final Note
The CREDICORP inventory finance scheme offers a critical lifeline for thousands of Nigerian market women seeking affordable capital to expand their businesses. With a variety of financial institutions to choose from and simplified application processes, this initiative is a major step forward in promoting women’s economic inclusion and financial resilience.