CREDICORP Partners with Credit Direct to Provide Affordable Loans to 500,000 Civil Servants

The Nigerian Consumer Credit Corporation (CREDICORP) has commenced the distribution of President Bola Tinubu’s consumer credit scheme, targeting economically active Nigerians through various participating financial institutions nationwide.

During a signing event on Tuesday, CREDICORP’s Chief Executive Officer, Uzoma Nwagba, announced a partnership with Credit Direct aimed at expanding access to consumer credit, starting with civil servants across the country. The initiative is set to reach 500,000 beneficiaries nationwide.

Nwagba highlighted Credit Direct, Nigeria’s largest lender to civil servants and a subsidiary of FCMB Group, as a key participant in this initial phase of the program.

“From September, CREDICORP will begin offering discounted consumer credit to over 15,000 civil servants in each round,” Nwagba revealed.

“Starting on September 3, 2024, civil servants will be able to access loans at the most competitive interest rates available. Loan amounts will vary, with a maximum of N3.5 million, depending on income and need,” she explained.

Nwagba emphasized that this initiative is part of a broader effort to enhance the well-being of Nigerians, aligning with CREDICORP’s mission to provide consumer credit to 50% of economically active Nigerians by 2030.

She also mentioned that civil servants registered on the Integrated Payroll and Personnel Information System (IPPIS) would now benefit from exclusive offers, including reduced interest rates and flexible repayment plans, for purchasing household goods, transportation, medical care, and other essentials.

“We are thrilled to partner with Credit Direct to launch President Tinubu’s consumer credit scheme, beginning with civil servants as Mr. President had promised,” Nwagba stated.

“Through Credit Direct and other financial institutions that will join in the coming days and weeks, we aim to provide instant, affordable credit to 500,000 civil servants. This will help cushion economic shocks and enable them to afford consumer goods that improve their quality of life.”

“This is just the beginning of a long and promising journey, with multiple components and connections that will ultimately stimulate local industries as we expand consumption,” Nwagba added.

Credit Direct’s Chief Executive Officer, Chukwuma Nwanze, also underscored the importance of this partnership in promoting financial inclusion.

“Our civil servants are crucial to the nation’s growth and stability, and we are committed to supporting them with accessible credit facilities. This partnership with CREDICORP allows us to extend our services to a broader audience, ensuring that all civil servants can quickly and easily access the funds they need, up to N3.5 million, based on their income and needs,” Nwanze said.

“For the past 17 years, Credit Direct has positively impacted millions of customers across Nigeria. With a presence in all 36 states and the Federal Capital Territory, through both branches and digital channels, we continue to serve working-class Nigerians nationwide.”