CREDICORP empowers 50,000 new car owners with N100bn credit scheme

CREDICORP, a Federal Government Agency, has partnered with Autochek to unveil a nationwide auto financing programme aimed at empowering 50,000 first-time car owners.

The initiative, backed by the Federal Government’s N100 billion consumer credit scheme, seeks to make vehicle ownership more accessible to Nigerians through flexible financing options.
The initiative was officially launched with a handover ceremony in Abuja on Tuesday, where 20 beneficiaries received their vehicles, marking a significant step towards expanding access to affordable transportation nationwide.

Uzoma Nwagba, Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP), stated at the handover ceremony that with affordable financing, a single-digit interest rate, and a seamless application process, car ownership would no longer be a dream but an achievable reality for many Nigerians.

Nwagba noted that high costs and limited financing had made vehicle ownership difficult for many Nigerians.

However, through CREDICORP’s partnership with Autochek, access to credit for pre-owned cars has been expanded, making car ownership more affordable and tailored to Nigerians’ financial realities.

Nwagba said the Bola Tinubu administration had allocated a budget of N100 billion for this initiative, aiming to support 50,000 beneficiaries.
He stated that CREDICORP plans to finance over 10,000 vehicles in the coming months, with a long-term goal of extending consumer credit access to 50% of Nigeria’s working population by 2030.

“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.

“In fact, 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 about credit is that credit is actually not a bad thing. Credit is something that enhances your life,” Nwagba said.

Mayokun Fadeyibi, Chief Operating Officer, AutoCheck, commended the initiative, highlighting the importance of accessible financing options for Nigerians.
She highlighted that AutoCheck’s collaboration with CrediCorp would be aiming to offer accessible and flexible financing options, making vehicle ownership more attainable and enhancing people’s quality of life.

Fadeyibi stated that the repayment period would range from 24 to 36 months.

“As the mobility partner for CrediCorp, we are committed to facilitating car ownership and providing car loan financing solutions tailored to their needs.

“So today, we handed over at least 20 vehicles. These customers have 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 across Nigeria because what AutoChek has done is we have built a vast dealer distribution network where customers, dealers can now get loans to people.

“When a customer walks into their lot, a dealer can actually offer a loan to that customer. And we have built the technology that allows that”, she said.

BusinessDay reports that beneficiaries included web developer, student? civil servant, medical doctor, lawyer, engineer, among others.
It will be recalled that as part of President Bola Tinubu’s Renewed Hope Agenda, the Nigerian Consumer Credit Corporation (CREDICORP) was established in April 2024 to promote economic inclusion and broaden access to consumer credit for Nigerians.