The Nigerian Consumer Credit Corporation (CrediCorp) has kicked off the disbursement of consumer credit to economically active Nigerians nationwide, through its growing list of participating financial institutions (PFIs). It starts with civil servants.
In the first wave of participating institutions is Credit Direct, Nigeria’s largest lender to civil servants nationwide, and a subsidiary of the FCMB Group. At a signing event Tuesday, CREDICORP said the partnership with Credit Direct is to accelerate mass access to consumer credit starting with civil servants across the country.
Beginning this September, this kick-off offers discounted direct consumer credit to over 15,000 civil servants per round. Civil servants can now benefit from exclusive offers with reduced interest rates and flexible repayment plans for the purchase of domestic goods, mobility, medical care, electronics and other household needs. The initiative is part of a much broader effort to support the well-being of Nigerians, which aligns with CREDICORP’s mission to accelerate consumer credit access to 50% of economically active Nigerians by 2030, the firm said.
“We’re excited to partner with Credit Direct to launch President Tinubu’s consumer credit scheme for civil servants,” said Uzoma Nwagba, CEO of CREDICORP. “Through Credit Direct and soon other institutions, 500,000 civil servants can access instant, affordable credit to cushion economic shocks or improve their quality of life. This is just the beginning of a journey that will catalyze local industries as we expand consumption.”
Chukwuma Nwanze, CEO of Credit Direct, highlighted the partnership’s role in promoting financial inclusion. “Civil servants are crucial to our nation’s growth, and we’re committed to providing them with accessible credit. This collaboration with CREDICORP allows us to extend services, offering up to N3.5 million based on income and need. For 17 years, Credit Direct has impacted millions across Nigeria, with branches and digital channels serving all 36 states and the Federal Capital Territory,” he said.
