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From Idu Jude, Abuja
To deepen financial inclusion and uplift Nigerians who have long been excluded from credit opportunities, the Federal Government has launched a new pension-backed loan scheme targeted at retirees and the middle class.
The initiative, part of President Bola Tinubu’s economic agenda, is designed to revolutionise Nigeria’s consumer credit landscape by ensuring that pensioners, often overlooked in the financial ecosystem, can access affordable, transparent, and sustainable loans.
Speaking at the signing of a Memorandum of Understanding (MoU) with partner financial institutions in Abuja yesterday, the Managing Director/Chief Executive Officer of the Nigeria Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, described the programme as a transformative milestone.
“Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering,” Nwagba said.
According to him, the scheme introduces pension-secured, low-interest loans that will allow retirees to meet pressing needs such as healthcare, home renovations, small-scale businesses, or family responsibilities without being weighed down by prohibitive lending rates or complicated processes.
“For decades, consumer credit accessibility has been a privilege reserved for active workers, leaving retirees, despite their years of service to Nigeria, struggling to fund critical needs. This programme addresses that head-on by leveraging pension income, offering retirees tailored loans that are both secure and sustainable,” he added.
One of the unique features of the initiative is its flexible structure, which allows retirees to borrow as little as N50,000, with upper limits determined by their pension income. Repayment schedules are tied directly to pension inflows, ensuring that retirees can manage credit with dignity and peace of mind.
The launch ceremony was not without touching testimonies. Mrs. Amina Sule, a 68-year-old retired teacher, described the programme as a lifeline.
“For years, I’ve wanted to start a small poultry business to stay active and support my family. This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit—it’s hope and independence,” she said.
Another retiree, Mr. Chukwuemeka Okeke, a former civil servant, said the loan would ease the burden of medical expenses.
“Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree,” he noted.
CREDICORP has set an ambitious target of reaching 100 million subscribers under the programme, which Nwagba described as a pivotal step toward universal financial inclusion in Nigeria. “By extending consumer credit to retirees, CREDICORP and its partners are setting a new standard for equity in Nigeria’s financial system,” he said.
Representatives of financial institutions who witnessed the launch praised the initiative as a timely intervention to address long-standing gaps in access to credit. They pledged support to ensure the scheme delivers on its promise of inclusivity and empowerment for millions of Nigerians.
