Roll out of the Federal Government’s consumer credit targeting millions of Nigerians has commenced successfully. It is therefore important to first recognize the unwavering vision of President Bola Ahmed Tinubu. His passion for empowering everyday Nigerians has been instrumental in bringing this initiative to life, ensuring that consumer credit does not remain a privilege of the few but a right for the many.
This is just the beginning.
Under the pilot program of the Nigerian Consumer Credit Corporation (CREDICORP), five trusted financial institutions so far — FCMB’s Credit Direct (focused on civil servants), Wema Bank, Accion MFB, Letshego MFB, and Abbey Mortgage Bank — now offer consumer credit to help Nigerians tackle the growing financial pressure caused by rising costs of petrol and energy. Through this pilot, everyday Nigerians start gaining access to cheaper credit (up to 50% Reduction in rates) to meet urgent household expenses, access cheaper energy solutions, and invest in their future. This is not merely about loans; it is about empowerment. You may learn more about these offerings, and apply, at credicorp.ng/apply.
Think of these institutions as early adopters. The waves only get bigger, faster, comprising of several more institutions out of the over 200 that have now filled detailed Expressions of Interest.
Empowering Nigerians at a Critical Time
For too long, most Nigerians have lacked access to consumer credit. CREDICORP is here to change that. Consumer credit is beyond a concept. It is about real people: a father’s credit card during a child’s medical emergency; a baker no longer needing generous family and friends to equip their small business; a household struggling with the burden of expensive petrol generators — now able to afford solar panels that cut their electricity bills by half. These should not be distant dreams. We see consumer credit not too far from human rights.
We are therefore committed to radically expanding opportunities for Nigerians to access affordable credit. The pilot program seeks to provide credit for urgent household needs, with institutions like Accion and Letshego offering loans specifically for solar panels, compressed natural gas (CNG), and electric vehicles — transformative solutions reducing reliance on expensive petrol. More institutions are soon to join this train.
The Foundation of CREDICORP’s work: Building a Strong, Sustainable Future
CREDICORP’s work is anchored on three operational pillars which will shape the future of consumer credit in Nigeria:
1. Infrastructure: Every Nigerian deserves a credit profile that means something and opens doors to financial opportunities. Credicorp are working across partners, including the CBN and Credit Bureaus, to ensure every economically active citizen has a comprehensive credit score — an asset that grows with time and empowers them to access credit easily and responsibly. This credit infrastructure will help build financial equity for millions of Nigerians, turning good credit history into a personal asset. Ecosystems of innovators should expect invitations soon as the organisation deep-dives on this all-important problem.
2. Capital: CREDICORP is more than just a facilitator; it is providing the financial backbone for institutions committed to democratizing consumer credit. Through cheaper wholesale funding and credit guarantees, it provides financial institutions the capacity to expand their lending reach. More deliberately, it provides a linkage that catalyzes local industry and creates jobs, as the organisation enables much cheaper lending rates and credit guarantees for locally-manufactured products.
3. Cultural Re-orientation: Consumer credit is not just about borrowing; it is about quality of life. We must work tirelessly to shift the mindset of Nigerians toward responsible credit use as a pathway to a better life, while also re-orienting financial institutions on more effective consumer credit underwriting as a driver of growth. On the latter, Credicorp belief is that bankers are some of the best of humans. They are our parents, spouses, friends, and siblings; they crave the job satisfaction of lending to millions of us to improve our lives, rather than crowding out their funds in “safer bets.” We just need to galvanize better ways and systems that engender confidence, trust and the consequent access and affordability.
A Path Forward
This rollout is only the beginning. As it accelerates, its focus will remain on ensuring that consumer credit goes beyond immediate relief to fuelling long-term national development. Beyond loans for urgent needs, it aims to develop product-first credit solutions that link Nigerians directly to life-enhancing goods — whether it’s home improvement, vehicles, or household appliances — working with a formidable ecosystem of financial institutions and partners (local and global), winning together.
A New Era of Economic Empowerment
The future that is required for Nigeria is one of opportunity, growth, and empowerment. The organisation aim is to translate that vision into real, impactful steps — the first being toward ensuring that every Nigerian can access affordable credit to improve their lives and fuel nation’s economic growth.
CREDICORP is not just a credit program, a scheme, or even a Corporation. It is a movement. A long and rewarding journey that unlocks the potential of millions. Where families, small businesses, and industries across Nigeria will now have the financial tools and customer base they need to not just survive, but to thrive. The best days are ahead of us. Onward, and Upward.
Jeremiah Agada is a marketing communication analyst
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