Follow Us on Google
From Idu Jude, Abuja
The management of Nigerian Consumer Credit Corporation (CREDICORP) has vowed to lift millions of Nigerians out of poverty through a credit access programme of the federal government, targeted at empowering retirees and other Nigerians from the informal sectors.
The Managing Director/CEO of the company, Engineer Uzoma Nwagba, over the weekend in Lagos reaffirmed the commitment when it emerged Consumer Credit Access Company of the Year at the 13th BusinessDay BAFI Awards.
The prestigious BAFI event is organised annually by BusinessDay newspaper, renowned for its authoritative financial analysis and independent reporting.
Speaking during the award while receiving the award, Eng. Nwagba stated that CREDICORP, a Federal Government institution that has existed for barely 18 months, has done well as a financial institution to be able to emerge alongside such established financial institution brands in the country.
He said that despite its financial operation for less than a year, CREDICORP has reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services, including vehicles, solar systems, home improvement, and productive tools, with affordable credit.
“The BusinessDay’s selection cites the Corporation’s speed of results, innovative products, and ‘ecosystem-first model’ as key factors in its decision, noting that ‘CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.’ Recognising transformative impact,” he said.
Furthermore, he highlighted that CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20%, and also enabling financial institutions to reach demographics historically excluded from formal lending, from artisans and civil servants to small traders and youth, with 65% of its beneficiaries being first-time successful borrowers.
According to BusinessDay’s selection committee, CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem.
Other News
The award also highlights CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians:
The scheme also empowers youth through YouthCred, meant for National Youth Service Corps (NYSC) members and employed youth in general.
It also includes pensioners’ credit for retirees seeking liquidity and dignity in retirement, and multiple thematic programmes in between, addressing credit for households, workers, and small business owners.
Accordingly, the Corporation’s credit interventions have been strategically directed at the pain points most affecting Nigerians’ quality of life, including:
Mobility and alternative energy for homes and micro enterprises through the Credit Access for Light & Mobility (CALM) Fund,
And local production and job creation through Securing Consumer Access to Local Enterprises (SCALE), which combines credit expansion with industrial deepening.
The management assures that these initiatives reflect what was described as a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”
