The Nigerian federal government has rolled out an inventory financing scheme to empower 10,000 women in 224 markets across all Nigeria's states with the sum of N100,000 in business credit.
The financing scheme will be handled by the Nigerian Consumer Credit Corporation (CREDICORP) and Sytiamo Technologies. CREDICORP will be the face of scheme while Sytiamo is the technology company backing the loans.
The loans, which has already been rolled out in Aba market Abia state as the first market to experience it in Nigeria, is initiated to empower and support market women who are the pillar of Nigeria’s informal economy.
Terms and Conditions of the Loans
The loan will be disbursed to any interested woman trader in eligible market with a 50% reduction in interest rates. This means that the loan beneficiary will only have to pay back the principal and 50% of all the accumulated interest on top of the loan.
The 50% reduction in interest rate that FG has imposed to the loan is for the purpose of letting the market women grow their businesses under flexible and affordable conditions.
FG has for long been leveraging formal credit as both a catalyst for economic development and a means to promote social empowerment. This CREDICORP’s N100,000 inventory loan for market women is another means FG is using to continue the financial inclusions driving in Nigeria.
How to Apply for CREDICORP’s N100,000 Loan for Market Women
The application processes are simple. First of all, you need to search for available loan options and choose your favorite Participating Financial Institution (PFI).
Quick Hints: A Participating Financial Institution (PFI) is a bank, microfinance institution, or other financial entity that partners with CREDICORP to offer and manage the N100,000 Inventory Loan for market women in Nigeria. These institutions process applications, verify documents, and disburse funds as part of the loan program.
Here's the list of PFIs that are available for the CREDICORP's N100,000 Inventory Loan:
- Accion Microfinance Bank
- Abbey Mortgage Bank
- Autochek (in partnership with VFD Microfinance Bank)
- Credit Direct
- Ecobank Nigeria Ltd
- Fewchore Finance Company Ltd
- Fast Credit Finance Company
- Letshego Microfinance Bank
- Optimus Bank
- Page Financials
- Wema Bank (ALAT)
To get started for the loan application, you need to identify and choose your preferred bank. After choosing the bank, then you'll need to submit your loan application through the bank's online portal. Here's how you can go about that.
Loan application processes through PFIs
1. Accion MFB
Accion is a microfinance bank offering loans and credits to small-scale entrepreneurs. Follow these steps to apply for the CREDICORP's N100,000 Inventory Loan from Accion Microfinance Bank (MFB):
- Visit any Accion branch in your state.
- Or call the bank's customer support service line on +234 700 022 2466.
Once you get in touch, explain that you need to get the CREDICORP's Loan. All the application processes and documents will be taken over from there.
2. Abbey PMB
Abbey PMB is a mortgage bank that provides variety of loans and credits services under CREDICORP. The market women loan application processes involve visiting the bank's online portal via abbeymortgagebank.com/loans.
You can also call the bank through its hotline dedicated for customers: 02012271695. Once you get in touch, you can discuss the loan application with the customer representative.
3. Autochek
Autochek is not a bank but an automotive technology company that facilitates car sales, loans, and maintenance services in Nigeria and other African countries. It partners with various financial institutions, such as VFD Microfinance Bank and Stanbic IBTC Bank, to provide auto financing options.
However, through partnership with VFD MFB, Autochek can provided CREDICORP loans to market women. The application processes are simple also. To apply, down the Autochek app on Google Play store or Apple App store. You can also submit your application on the company's official website via autochek.africa/ng.
4. Credit Direct
Credit Direct is a platform that provides Buy Now Pay Later (BNPL) and personal loans to civil servants in Nigeria. If you're a civil servant and also a trader, Credit Direct maybe your favorite PFI because you'll stand a chance to get double opportunities from the financial institutions.
There are different ways to apply for CREDICORP's Inventory Loan from Credit Direct:
- Apply by dialling *5120# USSD code on your phone number.
- Apply by messaging the platform via WhatsApp on this number +234 907 030 9430.
- Apply by visit the platform online portal at portal.creditdirect.ng.
After submitting an application, you'll likely get responses within 15 minutes if you apply during business hours. Credit Direct is best for people who prefer quick processing and limited paperwork.
5. Ecobank
Ecobank is one of the prominent Nigerian banks. The bank is providing personal loans and asset financing options such as BNPL under CREDICORP initiatives. To submit an application with Ecobank, you'll need to send your application through email to consumerfinance@ecobank.com.
The bank will perform credit check on the details you provided via email and get back to you within the next 24 business hours. This bank should be an option for traders looking for longer loan tenures because the inventory loan tenure on Ecobank is extended up to 48 months.
6. Fewchore Finance
Fewchore Finance is best known as a startup that provides BNPL in the energy sector in Nigeria. The platform provides both renewable energy financing and personal loans to traders under the CREDICORP with repayment periods of up to 24 months.
You can simply submit your application via the platform mobile app which is available for download on the Google Play store and Apple app store. You can also submit the loan application via the platform's online portal at www.fewchorefinance.com.
7. Fast Credit Finance (FCF)
Renewable energy loans, BNPL, and personal loans are the services FCF is offering to Nigerians. The platform, under the CREDICORP Inventory Loan, offers loans with a tenure of 24 months to market women.
To apply through Fast Credit Finance, you'll need to visit the platform official portal via fastcredit-ng.com/loan/apply, and submit the loan application. You can also download the platform mobile app from your phone's app store, register an account and submit the application.
8. LetShego MFB
LetShego is a microfinance bank (MFB) in Nigeria that specialized in offering salary loans for teachers. The lender also provides renewable energy loans to individuals in the private sector.
LetShego is suitable for market women and individuals that are in the education sector. The CREDICORP's Inventory Loan application processes are simple with LetShego.
By calling the dedicated hotline for the loan applicants, you can easily secure your own N100,000 to boost your business in any of the eligible markets in Nigeria.
9. Optimum Bank
Optimus Bank is a commercial bank in Nigeria, licensed as a National Bank by the Central Bank of Nigeria (CBN). This bank is another commercial bank offering the CREDICORP's N100,000 Inventory Loans.
To apply for the loan in Optimum Bank, there are three different ways to do so:
- Visit the bank's branch if you're Lagos to submit your application.
- Download the bank's mobile app to submit your application.
- Visit the bank's official website at optimusbank.com/mobile-app to submit your application.
Optimum Bank gives applicants tenure of 24 months to payback the loan.
10. Page
Page is a financial institution in Nigeria that provides several types of loans for personal use and business benefits. Under this CREDICORP Loans initiative for market women, it offers tenure of up to 24 months with response time of less than 48 business hours.
The loan application processes are simplified per sectors on the Page Financials:
- Public Sector: If you're a civil servant or working on any of the public sector sections, apply for the CREDICORP's N100,000 Loan initiative via this page portal: pagefinancials.com/ippis/.
- Private Sector: If you're working in the private sector, here's your loan application portal: pagefinancials.com/registration/.
- Lagos State Employees: If you're a worker of Lagos State (either public or private), you are also offered a dedicated portal on Page. Submit your loan application via pagefinancials.com/LASG/.
- Lastly, you can also walk into any Page Financials offices in Lagos to submit your loan application in-person.
However, it's important to let you know that Page Financials offices are also available in Ibadan and Abuja, and the loan applications submission are also allowed in these branches.
11. Wema Bank
Wema Bank, through ALAT, is also offering CREDICORP's N100,000 Inventory Loans to woman traders in NIgeria. This is the third commercial bank in Nigeria offering this type of loan. The loan application on Wema is simplified through ALAT online portal: https://online.alat.ng/.
If you have an ALAT account, it'll be much easier to do. You can also download the ALAT app to simplify your registration and application if you're not a user yet. Under the CREDICORP initiative, WEMA is offering both personal loan and renewable energy loans to borrowers.
Conclusion
The CREDICORP's N100K Inventory Loan is provided to 10,000 market women in 224 market across Nigeria's states at 50% reduction in interest rate. The loan is provided to help them scale and boost their businesses. The reduction in interest rate will provide repayment flexibility, helping the woman traders to repay the loan easily.
