The Nigeria Consumer Credit Corporation (CreditCorp) says its official portal on www.credicorp.ng will facilitate access to a loan offer planned to reach 15,000 civil servants following its deal with Credit Direct, the FinTech arm of FCMB Group.
Credit Direct and CREDICORP have announced the partnership to enhance access to consumer credit for civil servants.
The new round of loan scheme, expected to benefit over 15,000 civil servants, will be offering discounted credit facilities with reduced interest rates and flexible repayment plans starting from September 2024, according to CREDICORP.
“Our focus on digital transformation and robust technology capabilities has been key to driving financial inclusion for our customers. We are committed to a future where financial well-being is accessible to all Nigerians.”
Uzoma Nwagba, CEO, CREDICORP.
The collaboration, the government body says, aligns with CREDICORP’s mission to improve consumer credit access to 50% of Nigeria’s working population by 2030.
“We are excited to start the consumer credit scheme for civil servants with Credit Direct. This institution is by far the largest in Nigeria in lending to this group, with a solid track record of scale and diversity,” according to Uzoma Nwagba, CEO, CREDICORP. ”By offering affordable credit options, President Tinubu aims to provide financial flexibility and support to Nigeria’s dedicated public servants, enabling them to access a higher quality of life backed by their income.”
Credit Direct has operated for 17 years, with branches in 23 states and a digital presence across all 36 states and the Federal Capital Territory, explains Credit Direct in a statement.
Chukwuma Nwanze, CEO, Credit Direct, explains that, “our civil servants are vital 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 more individuals, ensuring that all civil servants can access the funds they need quickly and easily.
“Our focus on digital transformation and robust technology capabilities has been key to driving financial inclusion for our customers. We are committed to a future where financial well-being is accessible to all Nigerians.”
Speaking on its key features, Credit Direct says that the new credit scheme will feature reduced interest rates for a limited time and customised repayment schedules to meet the needs of individual borrowers. The streamlined application process aims to remove barriers, making it easier for civil servants to manage their financial needs.
What does CREDICORP do?
In April 2024, President Bola Tinubu officially approved the launch of CREDICORP, a government-backed initiative aimed at expanding consumer credit access for millions of Nigerians.
Upon its launch, Tinubu approved the commencement of the first phase of the Consumer Credit Scheme, beginning with civil servants as the initial beneficiaries. The scheme, facilitated through the official portal www.credicorp.ng, allows eligible Nigerians to express interest in receiving consumer credit by submitting their applications online.
As announced by the Presidency, this first phase is set to expand later in 2024 to include the general public, with additional phases planned through 2025.
In addition to opening its official portal, President Tinubu also met with key financial players to ensure the successful rollout of the programme. In a crucial meeting held in Lagos and convened by the Central Bank of Nigeria (CBN), CREDICORP engaged with Chief Risk Officers and leaders of consumer lending from 19 commercial banks. During the meeting, the management of the consumer credit agency laid out its plans to provide wholesale lending and credit guarantees to financial institutions, encouraging these lenders to expand access to consumer loans for Nigerians.
CREDICORP’s strategy includes strengthening Nigeria’s credit reporting infrastructure to ensure that every economically active citizen has a dependable credit score, which will serve as personal equity. The organisation is also focused on promoting responsible borrowing and fostering a culture of financial responsibility among consumers.
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