CREDICORP expands consumer credit with new scheme in Ogun

The Nigerian Consumer Credit Corporation (CREDICORP) has launched a new consumer credit initiative in Ogun State as part of efforts to expand access to asset financing and promote local manufacturing.

 

Speaking during the rollout of the programme at the Awujale Palace in Ijebu-Ode, Chairman of the corporation’s Board, Aderemi Abdul-Bojela, said more than 227,000 Nigerians have already benefited from the corporation’s consumer credit programmes.

 

According to him, the new initiative will enable beneficiaries to acquire three-wheelers through affordable repayment plans facilitated by one of CREDICORP’s partner institutions.

 

He said the programme complements other interventions, including the recently launched 10,000 Women in Mobility Programme, and aligns with the corporation’s goal of financing 20,000 vehicles assembled in Nigeria.

 

“What we are building goes far beyond vehicle financing—we are expanding access to opportunity and strengthening local industry,” Abdul-Bojela said.

 

He disclosed that over 227,728 Nigerians have accessed vehicles, digital devices, solar energy solutions, work tools, home improvement financing and other essential products through CREDICORP’s programmes.

 

Abdul-Bojela explained that the initiative is part of the corporation’s S.C.A.L.E. programme—Securing Consumer Access for Local Enterprises—which is designed to strengthen local production, create jobs and boost industrial growth by increasing consumers’ purchasing power.

 

He added that CREDICORP currently partners with 35 financial institutions and has maintained zero non-performing loans while supporting businesses across 15 local industries.

 

Also speaking, the corporation’s Executive Director of Operations, Olanike Kolawole, described the initiative as a long-term strategy to promote inclusive economic growth by helping Nigerians acquire productive assets through responsible consumer credit.

 

She said the S.C.A.L.E. programme is designed as a scalable model that supports entrepreneurs and transport operators in improving their livelihoods while repaying over time.