CREDICORP is to accelerate the adoption of electric vehicles in Nigeria under its Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) programme, the national consumer credit agency says.
Project S.C.A.L.E. aims to empower one million credit-backed consumers to purchase products from Nigerian vendors and manufacturers across critical sectors, CREDICORP says.
Project S.C.A.L.E. focuses on home improvement, mobility including electric and compressed natural gas vehicles, which the corporation says will “enable cheaper and cleaner transportation, and stimulate growth and value addition in Nigeria’s automotive sector.”
Other sectors covered by Project S.C.A.L.E include electronics, energy solutions like solar systems and generators, and general merchandise such as textiles, healthcare, and food and beverage.
The consumer credit agency invites vendors and manufacturers to submit expressions of interest (EOI) on the project’s official platform by December 15, 2024.
As a Development Finance Institution (DFI) of the Federal Government, CREDICORP says it aims to democratise access to consumer credit for Nigeria’s working population. This mission is pursued through three pillars of Infrastructure Development, Capital Provision and Cultural Reorientation
Through partnerships with financial institutions like Credit Direct, Accion Microfinance Bank, Letshego, and Abbey Mortgage Bank, CREDICORP facilitates credit access for various needs, from solar energy to home improvement and school fees.
Complementing Project S.C.A.L.E., CREDICORP also operates the Credit Access for Light and Mobility (CALM) Fund, which provides affordable credit for compressed natural gas vehicle conversions and solar energy solutions.
Launched with a ₦2.5 billion seed fund, CALM aims to mitigate the rising costs of transportation and energy while promoting sustainability.
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