The Nation Newspaper

Tag: CREDICORP

  • CREDICORP empowers Ikorodu youths with tricycles

    CREDICORP empowers Ikorodu youths with tricycles

    In a bold effort to expand access to income-generating tools and dignified work for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-City Global Project, Simba Group and Letshego Microfinance Bank, has distributed 50 units of tricycles to Ikorodu youths, members of the Tricycle Owners & Operators Association of Nigeria (TOOAN) and Tricycle Owners & Drivers Association of Lagos State (TODAL).

    The event, held recently at the Golden Kharis Event Centre, Ikorodu, Lagos, marked another major milestone in CREDICORP’s mission to unlock economic opportunities for everyday Nigerians through asset-backed consumer credit.

    The TOOAN and TODAL beneficiaries received brand-new, locally assembled tricycles, fully financed through structured and affordable repayment plans facilitated by Letshego MFB.

    This rollout falls under CREDICORP’s broader S.C.A.L.E. initiative (Securing Consumer Access for Local Enterprises), which connects qualified consumers with Nigeria’s manufacturing and credit infrastructure, ensuring that lending supports both productivity and long-term economic inclusion.

    Distributed in partnership with Sub-City Global Project, the tricycles provide immediate commercial value in transportation and logistics, enabling beneficiaries to build stable livelihoods in one of Lagos’s most dynamic and growing corridors.

    Speaking at the event, Olanike Kolawole, Executive Director of Operations at CREDICORP, said that the event marked a transition from promises to practical and tangible solutions. She also said that the solutions were designed to deliver mobility, dignity, and economic inclusion to all Nigerians, both men and women, who need it most.

    “What we’re doing here is simple—give hardworking youth the tools they need to stand on their own feet. The recipients today are from the prestigious TOOAN – Tricycle Owners & Operators Association of Nigeria and TODAL- Tricycle Owners & Drivers Association of Lagos State,’ she said.

     Speaking about the initiative, she said, “With the mandate of the Federal Government, CREDICORP exists to democratize consumer credit-to make it a tool of inclusion, progress, and self-determination. We are building a national credit infrastructure that operates through licensed financial institutions and credible vendors, ensuring credit flows responsibly, affordably, and at scale, reaching everyday Nigerians wherever they are.

    Read Also: 3.553 million voters for August 16 legislative bye elections

    She gave a step-by-step explanation of how the initiative works, in her words, “CREDICORP provides the capital through our dedicated Mobility Access Window, the S.C.A.L.E. Fund-Securing Consumer Access for Local Enterprises. Letshego Microfinance Bank acts as a credit administrator, screening applicants, evaluating creditworthiness, and ensuring every loan is responsibly structured.

    Subcity Global, in partnership with local assembler Simba TVS, delivers safe, roadworthy three-wheelers to qualified recipients, maintaining standards and operational readiness from day one.

    “The true strength of this model lies in its structure: recipients do not have to pay everything up front. They receive their vehicles now, begin working, earn income, and pay gradually until they fully own the asset. This is what access looks like. This is what dignity feels like. This is what structured empowerment means.”

    Also speaking at the event, Umar Tolihat Imam, the MD/CEO of Sub-City Project Global Consult, said that the event signified hope, opportunity, and the collective effort to uplift our community.

    His words, “We are proud to celebrate the handing over of brand-new hire-purchase tricycles, sponsored by Credicorp through Letshego MFB to Sub-city Project Global Consult, to deserving young individuals as beneficiaries. This initiative is designed not only to provide transportation but to empower our youth to become entrepreneurs and drivers of their success. It is a clear testament to our shared commitment to youth empowerment and economic growth.”

    He commended the federal government for its giant efforts in supporting and creating value for the Nigerian youths. Umar Tolihat said, “The cycle of this empowerment and responsibility is at the core of the sustainable development of the federal government initiative in reducing the rate of unemployment among the Nigerian youth. 

    He encouraged the beneficiaries to be responsible for repaying the loan under the umbrella of Sub-city, to enable others in the community to benefit from similar opportunities in the future.”

    On his part, Anoop Palliyil, Head of Service at Simba Group, stated that the distribution marks a significant milestone in youth empowerment and economic progress. He said that the Simba Group and the entire Simba TVS team were proud to be part of the impactful collaboration.

    “At Simba TVS, we believe in the power of mobility – not just to transport people, but to transform lives. That belief drives our commitment to ensure timely delivery and dependable service support for every tricycle handed over today. Because we understand what’s truly at stake: opportunity, income, and dignity for our youth.”

    He encouraged the beneficiaries to understand that they were given not just a vehicle but a chance to take control of their journey.  He said, “Own it. Grow with it. Let it be the start of something great.”

    In his closing remarks, Aderoju Adebowale, the  Managing Director, Letshego MFB, expressed the excitement of the institution to be a part of building the community, saying,  “I am happy with what I’ve seen. I want to congratulate everyone. At Letshego, we are very excited to be part of this initiative with CREDICORP and Sub City. We believe in the initiative of the federal government to empower the people at the bottom of the pyramid, and this aligns 100 per cent with our mission in Letshego MFB, where we believe building the lives of our community and customers is the top agenda.”

    By working with Letshego Microfinance Bank, CREDICORP ensures that credit remains both inclusive and sustainable, with repayments tied to earnings and deductions designed to minimise financial strain on borrowers.

    The Ikorodu rollout also advances local content development, as all vehicles were assembled in Nigeria, reinforcing CREDICORP’s dual mandate: empowering consumers while stimulating domestic manufacturing and job creation.

    As with other S.C.A.L.E. deployments across the country, this initiative is designed to make credit work for the people, targeting productive sectors such as transportation, clean energy, and micro-enterprise. Other programs like YouthCRED and C.A.L.M. reflect the same vision: providing responsible, life-enhancing credit to underserved Nigerians.

    CREDICORP continues to collaborate closely with the Central Bank of Nigeria (CBN), licensed financial institutions, and trusted vendors to deliver scalable credit solutions that address real economic needs at the grassroots level.

  • CREDICORP empowers women

    CREDICORP empowers women

    The Consumer Credit Corporation (CREDICORP), in partnership with Gamma Mobility and Accion Microfinance Bank, has successfully completed the Ondo State edition of its flagship Queen Rider program, marking another milestone in its nationwide drive to empower women with credit-backed productive assets.

    Held last week in Akure, the Ondo State capital, the event saw dozens of women in the state receive locally assembled tricycles, fully financed through affordable credit provided under the S.C.A.L.E. initiative (Securing Consumer Access for Local Enterprises).

    The Queen Rider program, which aims to empower 3,700 Nigerian women (at least 100 per state and the FCT), gives beneficiaries ownership of vehicles that can be used for commercial transport—unlocking income opportunities and economic independence, particularly for women often excluded from formal lending and high-yield economic sectors.

    As with previous rollouts, the tricycles distributed in Akure were assembled locally by Simba TVS, one of Nigeria’s leading three-wheelers (keke) assemblers with a production capacity of over 1,170 vehicles daily.

    This strengthens Nigeria’s industrial base while ensuring that each loan supports local job creation and economic circulation.

    Read Also: CREDICORP: no passports, driver’s licence for loan defaulters

    “What we’re building is a pipeline of dignity—where Nigerian women move from survival to stability through credit,” said Olanike Kolawole, Executive Director, Operations of CREDICORP.

    According to Kolawole, “These are more than vehicles. They represent access, ownership, and control over one’s economic future—and they’re made in Nigeria, financed in Nigeria, and changing lives across Nigeria.”

    The Akure rollout attracted stakeholders from the public and private sectors, highlighting the alignment between CREDICORP’s mission and the Ondo State Government’s commitment to economic inclusion and industrial growth.

    By enabling structured, credit-based access to productive tools, CREDICORP is catalyzing grassroots economic activity—one state at a time.

    The Queen Rider program is one of several transformative projects under the organisation’s broader vision to provide consumer credit to half of Nigeria’s working population by 2030.

    Other ongoing programs—such as YouthCRED (targeted at youth and NYSC members) and C.A.L.M. (for clean energy and CNG access)—reflect the same principle: using credit as a tool for inclusion, empowerment, and growth.

    CREDICORP continues to work in close partnership with the Central Bank of Nigeria (CBN), licensed financial institutions, and local manufacturers to deliver scalable and inclusive financial solutions across the country.

  • CREDICORP empowers Rivers women with riders scheme

    CREDICORP empowers Rivers women with riders scheme

    The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has rolled out expansion of the Queen Rider programme—an ambitious nationwide initiative empowering 3,700 Nigerian women (at least 100 per state and the FCT) to become tricycle owners and operators through access to credit-backed vehicle purchases.

    This initiative is under CREDICORP’s S.C.A.L.E. program (Securing Consumer Access for Local Enterprises) which links everyday consumers to Nigeria’s manufacturing backbone.

    In this case, CREDICORP with Gamma mobility is channeling credit-backed women toward purchase of locally assembled tricycles from Simba TVS, which produces 1,170 tricycles and motorbikes daily in Nigeria.

    But this is more than just mobility. It is a strategy for economic inclusion, putting working tools in the hands of women who are too often locked out of high-opportunity sectors like urban transportation.

    With partner financial institutions such as Accion Microfinance Bank, CREDICORP is scaling access to productive assets that improve household incomes, stimulate local manufacturing, and unlock the economic power of Nigerian women.

    “These tricycles are not just vehicles,” said Uzoma Nwagba, Managing Director of CREDICORP. “They represent ownership, autonomy, and agency for women—delivered through structured, affordable credit and made in Nigeria. We are striving for household dignity and industrial growth at the same time.”

    By driving up demand for domestically assembled vehicles, the program supports Nigeria’s broader industrial policy goals, ensuring that every loan taken strengthens a local factory and feeds a local family.

    Read Also: CREDICORP targets all working class Nigerians

    The Queen Rider initiative is part of CREDICORP’s wider effort to enable half of Nigeria’s working population by 2030 with consumer credit tools that directly enhance quality of life—whether through vehicle ownership, clean energy adoption, or youth enterprise.

    Other programmes like YouthCRED (for young people and NYSC members) and C.A.L.M (for solar and CNG access) reflect this same philosophy. CREDICORP works closely with financial institutions and the CBN.

    Mr. Nwagba, further said that the initiative is part of President Bola Tinubu’s mandate that everybody should have access to better living through responsible businesses.

    “The President is a man who has been very passionate about consumer credit for many decades, and it is his idea that people should be able to have access to goods and services that better their lives and pay for it over time.

    “The same with non-civil servants, salary workers, entrepreneurs and artisans should be able to have good life,” Nwagba added.

    The Co-Founder of Gamma mobility, Sam Esiri, said it was poised to ignite dignity, purpose and prosperity for thousands of Nigerian women.

    Esiri averred that Queen Riders program was not just a product launch but a resolute proclamation that Nigerian women deserves unhindered access to the tools of economic empowerment.

    He commended the efforts of CREDICORP and other partners in the scheme.

    One of the beneficiaries, Mrs. Elizabeth John, praised CREDICORP and their partners for putting smiles on their faces.

    She assured that they would make good use of the opportunity given to them to change their stories.

  • CREDICORP: no passports, driver’s licence for loan defaulters

    CREDICORP: no passports, driver’s licence for loan defaulters

    • Fed Govt to link credit scores to NIN

    Henceforth, there will be no hiding place for loan defaulters as the Federal Government is set to implement a  reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN).

    This is part of a  strategy to build a unified, transparent, and accountable credit system that leaves no citizen out of financial scrutiny.

    Nigerian Consumer Credit Corporation (CREDICORP) Managing Director Uzoma Nwagba broke the news yesterday in Abuja.

    It was during a “Meet the Press” engagement hosted by the Presidential Media Team at the State House.

    “If you default on your loan, it could affect your ability to renew your passport, your driver’s license, or even rent a house. There will be no hiding place,” he declared.

    According to Nwagba, the initiative aims to consolidate credit information across all financial institutions, including banks, FinTechs, and microfinance outfits, into a centralized national credit bureau.

    READ ALSO: Why it is hard to remarry after Ibidunni’s death – Ituah Ighodalo

    This will create a robust database of every Nigerian’s credit history, ensuring every citizen is accurately scored based on their borrowing and repayment behaviour.

    “This is a fundamental shift in how credit works in Nigeria. Your NIN will now serve as the anchor for your credit profile. Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences”, Nwagba declared.

    He noted that the days of loan repayment evasion are fast drawing to a close, as the new system will enforce strict accountability.

    The CREDICORP boss explained that all lenders will now be mandated to report loan repayment activities.

    “More importantly, consequences for defaulters will be structured and deterrent—but not predatory. We are building a system that encourages responsible borrowing and rewards financial discipline”, he added.

    The effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.

    “The ultimate goal is for everyone to have a credit score. This is not optional. We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour”, Nwagba said.

    Beyond enforcing credit discipline, CREDICORP’s broader mandate, Nwagba said, aligns with President Bola Tinubu’s Renewed Hope Agenda to improve citizens’ quality of life, curb corruption, and stimulate industrial growth.

    “The first goal is to improve the quality of life. This is President Tinubu’s vision—to give Nigerians access to resources that can uplift their living conditions. The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands”, Nwagba said.

    He noted that improved consumer credit access would reduce pressure on active income and discourage unethical shortcuts.

    “The third goal is to catalyze Nigerian industries. We aim to tie consumer credit to the purchase of locally manufactured goods. That way, we support local producers, drive demand, and create jobs—ultimately building a sustainable economy”, he said.

    Nwagba called on all financial institutions to commit to the national credit framework, warning that the magnitude of the country’s credit gap—estimated at N183 trillion—requires full private sector participation.

    “No government in the world can provide that kind of money. Financial institutions must step up. With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit”, he urged.

    CREDICORP is also spearheading an ambitious youth-focused credit program called YouthCred, aimed at empowering young Nigerians, especially National Youth Service Corps (NYSC) members, with structured credit support.

    “YouthCred is not an idea; it is a reality. It has started. The President has already announced it, and we’ve put all platforms, systems, and processes in place. We are tightening the launch sequence,” Nwagba added.

    The initiative is part of a broader consumer credit push targeting Nigerians aged 18 to 35.

    Executive Director of Operations at CREDICORP, Olanike Kolawole, added that the agency is collaborating with partner banks, tech platforms, and national youth-focused institutions to scale the program.

    “YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion. As we expand beyond NYSC to cover youths aged 18 to 35, we’re ensuring they develop healthy financial habits while accessing the tools to thrive in the economy”, Kolawole said.

    With the credit-NIN integration, the government is also transforming how Nigerians interface with civic processes.

  • Fed govt to link credit scores to NIN in sweeping credit reform drive

    Fed govt to link credit scores to NIN in sweeping credit reform drive

    The federal government is set to implement a sweeping reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN) as part of a bold strategy to build a unified, transparent, and accountable credit system that leaves no citizen out of financial scrutiny.

    This development was announced by the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, during a “Meet the Press” engagement hosted by the Presidential Media Team at the State House, Abuja, on Tuesday.

    According to Nwagba, the initiative aims to consolidate credit information across all financial institutions, including banks, FinTechs, and microfinance outfits, into a centralised national credit bureau.

    This will create a robust database of every Nigerian’s credit history, ensuring every citizen is accurately scored based on their borrowing and repayment behaviour.

    “This is a fundamental shift in how credit works in Nigeria. Your NIN will now serve as the anchor for your credit profile. Whether you borrowed from a commercial bank, a microfinance institution, or a digital lender, that data will now be traceable and carry real consequences”, Nwagba declared.

    He noted that the days of loan evasion are fast drawing to a close, as the new system will enforce strict accountability.

    “If you default on your loan, it could affect your ability to renew your passport, your driver’s license, or even rent a house. There will be no hiding place,” he stressed.

    The CREDICORP boss explained that all lenders will now be mandated to report loan repayment activities.

    “More importantly, consequences for defaulters will be structured and deterrent, but not predatory. We are building a system that encourages responsible borrowing and rewards financial discipline”, he added.

    The effort will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.

    “The ultimate goal is for everyone to have a credit score. This is not optional. We are creating a structure where your access to economic opportunities is directly tied to your financial behaviour”, Nwagba said.

    Beyond enforcing credit discipline, CREDICORP’s broader mandate, Nwagba revealed, aligns with President Bola Tinubu’s Renewed Hope Agenda to improve citizens’ quality of life, curb corruption, and stimulate industrial growth.

    “The first goal is to improve the quality of life. This is President Tinubu’s vision—to give Nigerians access to resources that can uplift their living conditions. The second is to address corruption. Many civil servants and young professionals turn to unethical practices because they lack access to capital to meet life’s basic demands”, Nwagba said.

    He noted that improved consumer credit access would reduce pressure on active income and discourage unethical shortcuts.

    “The third goal is to catalyse Nigerian industries. We aim to tie consumer credit to the purchase of locally manufactured goods. That way, we support local producers, drive demand, and create jobs—ultimately building a sustainable economy”, he continued.

    Nwagba called on all financial institutions to commit to the national credit framework, warning that the magnitude of the country’s credit gap—estimated at N183 trillion—requires full private sector participation.

    “No government in the world can provide that kind of money. Financial institutions must step up. With the right infrastructure and transparency, lenders will be more confident, interest rates will drop, and Nigerians will finally have access to affordable credit”, he urged.

    CREDICORP is also spearheading an ambitious youth-focused credit program called YouthCred, aimed at empowering young Nigerians, especially National Youth Service Corps (NYSC) members, with structured credit support.

    Read Also: Achi appointed to IAAIEL Board of Trustees, Governing Council

    “YouthCred is not an idea; it is a reality. It has started. The President has already announced it, and we’ve put all platforms, systems, and processes in place. We are tightening the launch sequence,” Nwagba confirmed.

    The initiative is part of a broader consumer credit push targeting Nigerians aged 18 to 35.

    Executive Director of Operations at CREDICORP, Olanike Kolawole, added that the agency is collaborating with partner banks, tech platforms, and national youth-focused institutions to scale the program.

    “YouthCred is more than a loan product—it’s a generational investment in trust, financial confidence, and economic inclusion. As we expand beyond NYSC to cover youths aged 18 to 35, we’re ensuring they develop healthy financial habits while accessing the tools to thrive in the economy”, Kolawole said.

    With the credit-NIN integration, the government is also transforming how Nigerians interface with civic processes. 

  • CREDICORP targets all working class Nigerians

    CREDICORP targets all working class Nigerians

    All working class Nigerians should have access to soft loans, Nigeria Consumer Credit Corporation (CREDICORP) has said.

    The agency created by President Bola Ahmed Tinubu to make credit available to people, is unhappy that only three percent of Nigerians are currently enjoying the opportunity.

    To actualize this, it plans to mobilise N176 trillion to close the country’s consumer credit shortfall, currently estimated at N141.3 trillion.

    A blueprint being implemented by CREDICORP targets consumer credits for 50 per cent of all working Nigerians by 2030, with consumer credits expected to reach 50 per cent of the Gross Domestic Product (GDP).

    Chief Executive Officer, Nigeria Consumer Credit Corporation (CREDICORP), Mr. Uzoma Nwagba, said it was worrisome that only three per cent of Nigerian workers were able to access consumer credit in the past year, far too low for a country aiming to lift living standards and create a more dynamic economy.

    According to him, while the Nigerian financial industry has the ability to meet the consumer credit requirements of the nation, institutional distrust and other structural problems continue to constrain access to funding.

    READ ALSO; June 12: Remembrance and omissions

    He said: “It’s not the money. Multiple times the required funds already circulate within Nigeria’s financial system or could be mobilized with minimal effort. However, access to consumer credit remains elusive for millions of Nigerians”.

    To respond to this challenge, Nwagba said CREDICORP is implementing a comprehensive strategy aimed at redesigning the way credit is perceived, distributed, and utilized across Nigeria.

    “This is not just about loan disbursements. We are building a credit ecosystem that can support everyday Nigerians in improving their lives—whether it’s buying a car, paying school fees, owning a home, or investing in themselves,” Nwagba said.

    He added that the corporation would achieve this by eliminating structural, policy, and market barriers that have long hindered access to formal credit.

    According to him, one of the key pillars of CREDICORP’s approach is the development of Nigeria’s credit infrastructure, which ensures that every economically active Nigerian has a comprehensive and dependable credit score.

     “Your credit score should be a form of personal equity. As your financial profile strengthens, so should your access to credit,” Nwagba said.

    He outlined that in order to support lenders and expand access, CREDICORP is also deploying wholesale lending facilities and offering credit guarantees to financial institutions.

    He explained that wholesale lending facilities are meant to lower the risk and cost of lending, making it easier for banks and credit providers to serve a broader spectrum of the Nigerian workforce.

    He added that beyond finance and infrastructure, CREDICORP is also focused on reshaping public attitudes towards credit with targeted campaigns to improve credit literacy and build public trust in the system.

    He said: “The corporation is working to build trust in credit as a tool for empowerment and upward mobility, helping both consumers and lenders to view credit as a reliable and responsible economic lever.

    “We are on track toward a near-term milestone of one million credit-backed consumers. This progress has been made possible through strategic partnerships with financial institutions, regulators, aggregators, technology innovators, and multilateral development organisations”.

    He said collaboration is key to CREDICORP’s model, working with a diverse array of stakeholders in reshaping the national credit ecosystem for inclusivity and long-term economic growth.

    Nwagba said the corporation is committed to ensuring that every working Nigerian who earns a stable income has access to credit to improve their quality of life.

    “Every Nigerian who earns a stable income should be able to access credit to improve their quality of life. That vision is within reach if we work collectively and courageously,” Nwagba spoke during a presentation titled “Why Isn’t Credit a Fundamental Human Right?”

    CREDICORP, established by the President Bola Tinubu’s administration, forms a key part of the government’s economic reform strategy. With a takeoff capital of N100 billion provided by the federal government, the agency is mandated to implement the national consumer credit framework.

  • 83,236 Nigerians benefit from credit access, says CREDICORP

    83,236 Nigerians benefit from credit access, says CREDICORP

    No fewer than 83,236 Nigerians are currently accessing the Federal Government’s consumer credit facility nationwide.

    Of the number, 50,438 are non-government workers and 32,798 are public sector employees.

    A further breakdown of the number shows artisans topping the table with 16,769 beneficiaries in the non-public sector and 11,451 teachers in the public sector.

    The figures are contained in the one year anniversary brief of Nigerian Consumer Credit Corporation (CREDICORP) shared with The Nation at the weekend by the Managing Director/Chief Executive Officer of the organisation, Uzoma Nwagba.

    Nwagba expressed delight with the interest shown in the scheme by Nigerians, saying he was optimistic that the number of beneficiaries will before the end of today rise to 90,000.

    The newsletter shows that apart from the 11,451 teachers who have accessed the loans in the public/ government sector, 8,671 paramilitary personnel, 457 administrative staff members and  4,109 doctors have also benefited.

    Beneficiaries in the non-government sector include 13,618 employees in private firms,  13,182 traders and 6,869 entrepreneurs.

    READ ALSO: Security sector at Tinubu’s mid-term

    In terms of gender inclusion, 49 per cent of beneficiaries—about 40,786—are women.

    Youths aged between 18  and  35 make up 45 per cent of the total recipients.

    Another 53 per cent are between 36 and 60 years old,d with the remaining two per cent over 60.

    The Bola Ahmed Tinubu administration committed N200 billion to expand access to consumer credits, especially by the‘’underserved and financially excluded ’’ workers.

    The fund was channelled into key sectors by  CREDICORP, with 37 per cent of disbursements going toward life essentials such as education and medical needs.

    Other sectors are automobiles, particularly compressed natural gas (CNG) and electric vehicles (13 per cent), home upgrades and appliances (12 per cent), energy solutions (13 per cent), and digital devices (14 per cent).

    Nwagba explained that “the government is putting its money out as wholesale capital at concessionary rates or credit guarantees. ” 

    Wholesale capital allows financial institutions to borrow from CREDICORP and repay later, while credit guarantees involve the government sharing the lending risk.

    “If people don’t pay you back, we will share the risk partially with you,” Nwagba said, indicating that such measures are designed to make lending safer and more attractive for financial institutions.

    He stated that even though interest rates for the loans are determined by the participating financial institutions, support from CREDICORP helps them to offer lower or concessionary rates.

    Nwagba warned that defaulting on repayments would result in damaged credit scores.

    Another document shared with The Nation was the fourth volume of the CREDICORP Newsletter which stated that in order to facilitate the growing scale of the programme, CREDICORP has   partnered with 23 financial institutions and 150 local manufacturers.

  • Credicorp earmarks N5b for women

    Credicorp earmarks N5b for women

    The Nigerian Consumer Credit Corporation (Credicorp) has earmarked N5 billion for women  to access alternative energy using solar for their homes, businesses and communities.

    Managing Director, Nigerian Consumer Credit Corporation (Credicorp), Uzoma Nwagba disclosed this during the empowering women, ending poverty programme with the theme, “Ensuring access to sustainable energy, solution through strategic partnership” in Abuja.

    He said: “This fund is already here we intend to grow these fund wherever we see the opportunity. From the N10billion we are setting aside N5billion for women to enable them get access to alternative energy, this will give them access to solar.

    “We take the empowerment of women very seriously. We do it because empowering women is good business knowing that women are good in paying back loans and when you empower a woman you empower the community you empower the nation”.

    He added that women are less prone to vices and reckless use of funds.

    It is not just a good thing, it is good that we grow our allocation of funding to women knowing that at the end the money will have good multiplying effect on several thousands of people.

    Nwagba added that President Bola Tinubu is the reason for this programme.

    Said he: “He has been particularly concerned about access to credit for Nigerians to improve the quality of their lives”.

    The target of credicorp  is mobility and energy especially for women. Our focus today is on renewable energy.

    Read Also: Consumer credit: CREDICORP hands over cars to beneficiaries

    Minister of Women Affairs, Imaan Suleiman-Ibrahim noted that this initiative is a defining moment for national development.

     It is not just another policy conversation, but a purpose-driven revolution.

    She said: “Every year, over 80,000 women die from toxic smoke due to traditional cooking methods. These are not numbers these are mothers, providers, and builders of this nation. This must end on our watch”.

    Imaan noted that the clean energy revolution will be designed by women, for women, and led by women, using a data-driven and community-based approach to deliver solutions directly to rural and underserved areas. This approach will ensure that solutions are tailored to the specific needs of women in these areas

  • Consumer credit: CREDICORP hands over cars to beneficiaries

    Consumer credit: CREDICORP hands over cars to beneficiaries

    Nigerian Consumer Credit Corporation (CREDICORP) yesterday rolled out the first phase of auto-financing with some beneficiaries driving home brand-new vehicles.

    The programme which is in partnership with Autochek, an automotive platform that connect car buyers and sellers, is part of CREDICORP’s efforts to make vehicle ownership easy for Nigerians. 

    The handover of  20 cars to the beneficiaries that included a student, teacher, web developer,  civil servant, medical doctor, lawyer and engineer, was carried out in Abuja.

    CREDICORP’s Managing Director/Chief Executive Officer,   Uzoma Nwagba, said with affordable financing, single-digit interest rate and a seamless process, car ownership would no longer be a dream for many Nigerians.

    Nwagba noted that vehicle ownership had been out of the reach for many people due to high cost and limited financing options.

    He said that  CREDICORP  expanded its credit access to pre-owned cars through partnership with Autochek, ensuring that more Nigerians can own cars with credit- tailored to their financial realities.

    Read Also: Fubara, Amaewhule gone with Tinubu’s emergency declaration

    The CREDICORP boss emphasised the importance of access to consumer credit in improving the quality of life for Nigerians, enabling them to purchase goods like vehicles, solar panels and home improvements.

    Nwagba said the Bola Ahmed Tinubu administration okayed  N100 billion for the initiative that aims to support 50,000 beneficiaries.

    He added that  CREDICORP would finance more than 10,000 vehicles in the country in the coming months, with a goal of expanding access to consumer credit to 50 per cent of Nigeria’s working population by 2030.

    His words: “The knock-on effect of credit for mobility is just enormous.

    “The orientation of the average Nigerian is that credit is a bad thing, that you go to borrow money when you are in a bad shape, that you go to borrow money when things are bad.

    “People are ashamed of borrowing money and they even pray that you will be the lender and not the borrower, that you will never borrow money. But the truth is that credit is not a bad thing. Credit is something that enhances your life.” 

    While assuring that the initiative would remain highly discounted to support local industry, he pointed out that the uptake of CREDICORP’s pre-owned vehicle financing has been overwhelming since the offer opened on March 1, 2025.

    Chief Operating Officer of  Autochek, Mayokun Fadeyibi, commended the initiative, highlighting the importance of accessible financing options for Nigerians.

    She explained that the partnership with CREDICORP was designed to provide affordable and convenient financing solutions, enabling more people to own vehicles and improve their overall quality of life.

    Fadeyibi revealed that the repayment period ranges from 24 to 36 months.

    She said: “We are the mobility partner for CREDICORP to facilitate loans car and ownership loan through  CREDICORP.

    “So today, we handed over at least 20 vehicles. These customers applied for loans. They have gotten their vehicles on the CREDICORP partnership.

    “But this is only just the beginning for us. We are inviting Nigerians to go into dealerships because what Autochek has done is, we have built a vast dealer distribution network.”

  • Only 3% of Nigerian workers access consumer credit – CREDICORP

    Only 3% of Nigerian workers access consumer credit – CREDICORP

    The Nigerian Consumer Credit Corporation (CREDICORP) has revealed that only three percent of Nigerian workers accessed formal consumer credit in the past year, exposing the significant gap in Nigeria’s credit system.

    Speaking in Abuja during the World Consumer Rights Day, Uzoma Nwagba, CEO of CREDICORP, noted that “for consumer credit to make a real difference in the economy, it must reach 50 percent of the country’s GDP, amounting to N176 trillion. At present, the country falls short, with a credit gap of N141.3 trillion.”

    He stated that lack of consumer credit access is not due to insufficient funds but rather a breakdown of trust in the system. “Large sums already circulate within the financial sector and could be mobilized, yet millions remain unable to access credit due to systemic inefficiencies.”

    Nwagba pointed out that this challenge goes beyond policy and requires innovation. He explained that consumer credit must be made widely accessible through creative approaches, which in turn will attract the necessary regulations, infrastructure, and economic frameworks to sustain it.

    Read Also: Senate Face-off: The many lives of Natasha

    According to him, consumer credit serves two important functions. First, it is a product that must be structured like any other financial service to reach those who are currently excluded. He noted that innovative solutions such as mobile nano-loans, instant credit approvals at purchase points, “buy now, pay later” options, and digitized savings group records could expand credit access.

    He also stated that specially designed loan products for women and youth would ensure broader financial inclusion.

    Secondly, consumer credit plays a key role in unlocking access to essential goods and services. He explained that credit enables people to afford solar home systems, digital devices, vehicles, improved housing, and household furniture, which in turn supports job creation and economic growth.