Guide to Applying for CREDICORP’s N100,000 Inventory Loan for Market Women
This loan targets 10,000 market women in 224 markets all over Nigeria. Here's how to apply for the loans across different financial institutions.
Guide to Applying for CREDICORP’s N100,000 Inventory Loan for Market Women
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 …
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