TINUBU’S CONSUMER CREDIT SCHEME KICKS OFF, TARGETS 500,000 CIVIL SERVANTS IN FIRST YEAR

The Nigerian Consumer Credit Corporation (CREDICORP) has kicked off disbursement of consumer credit to economically active Nigerians nationwide, through its growing list of participating financial institutions (PFIs).
At a signing event, CREDICORP announced its partnership with Credit Direct a subsidiary of the FCMB Group to accelerate mass access to consumer credit starting with civil servants across the country.
Uzoma Nwagba, CEO of CREDICORP disclosed that from this September, the scheme will offer discounted direct consumer credit to over 15,000 civil servants per round. Civil servants on IPPIS now benefit from exclusive offers with reduced interest rates and flexible repayment plans for purchase of domestic goods, mobility, medical care, electronics and other household needs. The initiative is part of a much broader effort to support the well-being of Nigerians, which aligns with CREDICORP’s mission to accelerate consumer credit access to 50% of economically active Nigerians by 2030.
“We are excited to partner with Credit Direct to kick off President Tinubu’s consumer credit scheme with civil servants as Mr. President had promised,” said Uzoma Nwagba. “By going through Credit Direct today, and subsequently our other financial institutions coming on stream in the next days and weeks as we target 500,000 civil servants, they can access instant and affordable credit to cushion economic shocks or afford consumer goods to improve the quality of their lives. This is just the start of a long and exciting journey with many parts, and linkages that ultimately catalyse local industries as we expand consumption.”
Chukwuma Nwanze, CEO of Credit Direct, emphasized the importance of the partnership in fostering financial inclusion. “Our civil servants are vital to the nation’s growth and stability, and we are committed to supporting them with accessible credit facilities.
Civil servants can access up to N3.5 million depending on their income and need, with flexible repayment plans and low interest rates.
The Nigeria Consumer Credit Corporation (CREDICORP) is a government-owned development finance institution committed to enhancing consumer credit access for Nigerians. By addressing structural barriers and providing capital, guarantees, policy support and cultural reorientation, CREDICORP works towards an economically inclusive Nigeria where every working citizen can build personal equity and access essential consumer credit to improve the quality of their lives.