Nigerian Consumer Credit Corporation
Nigerian Consumer Credit Corporation (CREDICORP) is a federal government owned development finance institution established in April 2024 to expand access to affordable consumer credit for working Nigerians.[1]
History
CREDICORP implemented Consumer Credit Scheme on 21 April 2024 initially targeting federal civil servants.[2] CREDICORP operates as a wholesale financier and risk-sharing platform. It does not lend directly to individuals; instead, it partners with commercial banks, microfinance institutions, fintech companies, and cooperatives, providing capital lines and credit guarantees to support expanded retail lending.[3][4]
In December 2024, Securing Consumer Access for Local Enterprises (S.C.A.L.E.) was launched for single-digit rate loans towards locally manufactured vehicles and solar solutions.[5][6]
In January 2025, Ecobank Nigeria partnered with CREDICORP to offer affordable and flexible loans.[7]
References
- ↑ "Tinubu approves takeoff of Consumer Credit Scheme | Credicorp". www.credicorp.co.uk. Retrieved 23 June 2025.
- ↑ Igwe, Ignatius (14 May 2024). "1.6m Nigerians Submitted Applications For Consumer Credit Scheme – Uzoma Nwagba". Channels Television. Retrieved 23 June 2025.
- ↑ Iniobong, Iwok (8 June 2025). "How CREDICORP is improving access to consumer credit to Nigerians". BusinessDay. Lagos, Nigeria. Retrieved 23 June 2025.
- ↑ Adegboyega, Ayodeji (17 June 2025). "Credicorp: Nigerians to access up to N2 million in interest-free consumer credit". Premium Times. Retrieved 23 June 2025.
- ↑ Ajisafe, Olayiwola (20 November 2024). "CrediCorp unveils initiative to boost local industries". The Punch. Retrieved 23 June 2025.
- ↑ Akintaro, Samson (18 November 2024). "CREDICORP unveils project S.C.A.L.E to fund purchase of locally manufactured goods". Nairametrics. Retrieved 23 June 2025.
- ↑ "Ecobank Nigeria Partners With CrediCorp to Offer Affordable Financing to Customers". This Day. Retrieved 23 June 2025.