A new partnership aims to expand financial access for informal traders across 224 markets in 28 Nigerian states.
At the bustling Ariaria International Market in Aba, a new wave of opportunity is unfolding. The Federal Government, in collaboration with Sytiamo Technologies, is offering market women access to affordable loans—signalling a landmark effort to bridge the credit gap in Nigeria’s informal economy.
The Nigerian Customer Credit Corporation (CREDICORP) has partnered with Sytiamo Technologies, a leading non-bank microlending institution focusing on market women across Nigeria.
Founded in 2019, Sytiamo operates in more than 210 markets across 28 states, disbursing over ₦3.568 billion in microloans to more than 15,000 women and employing digital lending platforms to streamline credit access.
Through this initiative, eligible market traders can receive inventory loans of up to ₦100,000 at interest rates cut in half. Loans are structured to be repaid, ensuring the fund’s sustainability, and Sytiamo’s technology enables fast approval and transparent loan management, even in remote markets.
What’s in It for Market Women?
- Affordable Capital: Loans of up to ₦100,000 at reduced interest rates.
- Business Growth: Funds enable increased inventory and higher sales volumes.
- Economic Inclusion: Women, who constitute 96% of Sytiamo’s customer base, are finally gaining access to financial services tied to productivity .
- Improved Repayment Rates: Sytiamo’s loan model has demonstrated strong repayment performance among women, supporting long-term programme viability.
In Aba alone, valued migrants anticipate reaching 20,000 beneficiaries in this pilot phase.
CREDICORP’s Managing Director, Uzoma Nwagba, emphasised that empowering women in the informal economy isn’t just socially beneficial—it’s commercially sound. “Women are proven to be better custodians of credit,” he stated, noting that women occupy 66.7% of CREDICORP’s executive roles and 50% of its management.
Sytiamo, led by CEO Michael Ogbaa, brings its mission of financial inclusion into play through this partnership.
Timelines and Next Moves
- Pilot Launch: Ariaria Market, Aba—20,000 beneficiaries targeted.
- First Year Goal: Extend the programme to one million traders in 224 markets.
- Next Steps: Expand to additional states, incorporate scaled digital disbursement, and broaden loan products and repayment monitoring.
Nigeria’s informal sector employs almost 80% of the population but struggles with limited access to formal credit. High interest rates from money lenders stunt economic growth and drive exploitation. By offering affordable, technology-driven microloans, this programme:
- Boosts household incomes in low-income communities.
- Empowers women as reliable loan recipients and economic contributors.
- Helps reduce Nigeria’s informal reliance on financial exclusion.
Talking Points
Why keep relying on foreign platforms for digital lending infrastructure? Sytiamo is a local player, which is excellent. But much of Nigeria’s fintech and lending ecosystem still depends on external tech stacks or foreign investment.
If we truly want to empower market women sustainably, shouldn’t we be investing in homegrown digital infrastructure—from identity verification to credit scoring models—that respects local contexts and keeps data sovereign?
Are we fixing poverty—or just shifting it around?. A loan, even at 2%, is still a debt. For some women, that’s freedom. For others, it’s a future burden if markets stall.
Are we measuring how many women successfully repay—and how many silently default because business is hard? Let’s be careful not to paint all microcredit schemes as pure solutions without looking at unintended consequences.
