The Nigerian Consumer Credit Corporation (CREDICORP) has started distributing Consumer Credit, a new program introduced by President Bola Tinubu to help people manage the current economic challenges.
CREDICORP is a government-run organization set up to help Nigerians get access to loans more easily. They have teamed up with Credit Direct, a large lender for civil servants in Nigeria and a part of the FCMB Group, to provide loans to about 150,000 civil servants in this first round.
On Monday, September 2, in Abuja, Mr. Uzoma Nwagba, the Chief Executive Officer (CEO) of CREDICORP, said, “We are thrilled to work with Credit Direct to start President Tinubu’s consumer credit scheme for civil servants as promised.”
He explained that starting this September, the scheme will offer affordable loans to over 15,000 civil servants each time it runs. “Civil servants on the IPPIS system can now enjoy special offers with lower interest rates and flexible repayment plans for buying everyday items, transportation, medical care, electronics, and other household needs,” he said.
This initiative is part of a larger plan to help Nigerians, with CREDICORP aiming to provide consumer credit to 50% of economically active Nigerians by 2030. “By working with Credit Direct now and with more financial institutions in the coming days and weeks, we aim to offer instant and affordable loans to 500,000 civil servants, helping them manage economic challenges or purchase goods to improve their lives,” Mr. Nwagba added.
He described the launch as “the beginning of a long and exciting journey that will help grow local industries as we increase consumption.”
Mr. Chukwuma Nwanze, the CEO of Credit Direct, highlighted the importance of the partnership. “Our civil servants are crucial to the country’s growth and stability, and we want to support them with easy access to loans,” he said. “This partnership with CREDICORP helps us provide loans to more people quickly and easily, up to N3.5 million based on their income and needs.”
Credit Direct has been positively impacting customers across Nigeria for the past 17 years. They have branches and digital services in all 36 states and the Federal Capital Territory, continuing to support working Nigerians nationwide.
The new scheme features flexible repayment plans tailored to each borrower’s needs and a quick and easy application process to ensure fast access to funds, making it simpler for civil servants to manage their finances.
