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.[1][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

  1. ^ a b "Tinubu approves takeoff of Consumer Credit Scheme | Pulse Nigeria". www.pulse.ng. Retrieved 2025-06-23.
  2. ^ Igwe, Ignatius (2024-05-14). "1.6m Nigerians Submitted Applications For Consumer Credit Scheme – Uzoma Nwagba". Channels Television. Retrieved 2025-06-23.
  3. ^ Iniobong, Iwok (2025-06-08). "How CREDICORP is improving access to consumer credit to Nigerians". Businessday NG. Retrieved 2025-06-23.
  4. ^ Adegboyega, Ayodeji (2025-06-17). "Credicorp: Nigerians to access up to N2 million in interest-free consumer credit". Premium Times Nigeria. Retrieved 2025-06-23.
  5. ^ Ajisafe, Olayiwola (2024-11-20). "CrediCorp unveils initiative to boost local industries". Punch Newspapers. Retrieved 2025-06-23.
  6. ^ Akintaro, Samson (2024-11-18). "CREDICORP unveils project S.C.A.L.E to fund purchase of locally manufactured goods". Nairametrics. Retrieved 2025-06-23.
  7. ^ "Ecobank Nigeria Partners With CrediCorp to Offer Affordable Financing to Customers – THISDAYLIVE". www.thisdaylive.com. Retrieved 2025-06-23.
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