CrediCorp Unveils ₦100bn Initiative to Empower 50% of Working Nigerians by 2030

In a transformative effort to uplift everyday lives, Uzoma Nwagba, CEO of the Nigeria Consumer Credit Corporation (CrediCorp), has unveiled a groundbreaking ₦100bn consumer credit initiative aimed at making car ownership—and access to essential goods—more attainable for Nigerians. This ambitious program seeks to empower up to 50 per cent of Nigeria’s working population by 2030, offering a new lease on life for many who have long struggled with financial exclusion.

At a recent event celebrating vehicle reward beneficiaries, Nwagba passionately explained that the initiative isn’t solely about financing vehicles; it’s about providing a holistic platform that supports the acquisition of critical goods—from mobility solutions and solar panels to home improvements and alternative energy. “Our goal is to expand access to consumer credit for Nigerians so they can immediately improve their quality of life,” he stated. “No economy grows without access to credit, and our initiative is designed to change that narrative.”

CrediCorp is already nearing a milestone with nearly 50,000 beneficiaries enjoying the benefits of structured credit facilities. By partnering with banks, fintech firms, and regulatory bodies such as the Central Bank of Nigeria, the organization is working hard to dismantle the barriers of Nigeria’s weak credit infrastructure—where currently only three per cent of Nigerians have access to formal credit.

Beyond infrastructure, Nwagba highlighted a cultural challenge: the prevalent stigma attached to borrowing. “Many Nigerians see credit as something to be ashamed of, a last resort only used in times of desperation. But credit should be a tool for growth and stability,” he emphasized, urging a shift in mindset. He posed a simple question: “Why wait until you are 60, saving every month, when you can access credit now and start enjoying the benefits immediately?”

The initiative’s human impact is best illustrated by stories like that of Amaka Okafor, a schoolteacher in Abuja. “This car is more than just a vehicle—it’s freedom. I no longer worry about being late to school or spending endless hours on unreliable public transport. It has given me the gift of time—time to focus on my work and, more importantly, my family,” she shared.

Further cementing the program’s success, Mayokun Fadeyibi, Chief Operating Officer of AutoCheck, revealed that the collaboration with CrediCorp has already enabled the delivery of at least 20 vehicles. “We’ve deployed over ₦150m so far, and with more than 1,000 applications in process totaling over ₦1bn, this is just the beginning,” he said. Fadeyibi encouraged Nigerians to visit accredited dealerships, where instant loan offers are making the dream of ownership a reality.

In an environment where loans have traditionally attracted exorbitant interest rates—often between 40–60 per cent—CrediCorp is taking a stand by offering lower, single-digit interest rates for loans used to purchase locally made goods. “By lowering interest rates for locally manufactured vehicles, furniture, and electronics, we’re not only making credit affordable but also boosting local production and consumption,” Nwagba explained.

With plans to finance over 10,000 vehicles in the coming months, the ₦100bn credit drive is poised to transform the financial landscape in Nigeria. More than just a means to own a car, this initiative represents hope, empowerment, and a brighter, more inclusive future for countless Nigerians.

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