The Nigerian Consumer Credit Corporation (CREDICORP) has officially launched the disbursement of consumer credit to economically active Nigerians, starting with civil servants nationwide. This initiative, part of President Bola Tinubu’s consumer credit scheme, aims to enhance financial inclusion and support the well-being of Nigerians by providing accessible credit through various financial institutions.
In collaboration with Credit Direct, Nigeria’s largest lender to civil servants and a subsidiary of the FCMB Group, CREDICORP has begun offering consumer credit to over 15,000 civil servants in its first phase. The program, which started in September 2024, allows civil servants enrolled in the Integrated Payroll and Personnel Information System (IPPIS) to access discounted loans with reduced interest rates and flexible repayment plans. These loans can be used to meet various household needs, including the purchase of domestic goods, mobility, medical care, and electronics.
Uzoma Nwagba, CEO of CREDICORP, highlighted the significance of the launch, describing it as a key step in fulfilling President Tinubu’s promise of making credit more accessible to Nigerians. He explained that by partnering with Credit Direct and other financial institutions that will join the initiative in the coming weeks, CREDICORP plans to reach 500,000 civil servants. According to Nwagba, the program will help beneficiaries cushion economic challenges and improve their quality of life, while also working towards the broader goal of extending consumer credit access to 50% of economically active Nigerians by 2030.
Chukwuma Nwanze, CEO of Credit Direct, emphasized the importance of the partnership in fostering financial inclusion for civil servants, who play a crucial role in the nation’s development. He reiterated Credit Direct’s commitment to offering loans of up to N3.5 million, depending on income and need, with favorable terms and flexible repayment options. Nwanze also noted that Credit Direct, which has been serving Nigerians for over 17 years, has a presence in all 36 states and the Federal Capital Territory through both physical branches and digital platforms.
The credit scheme is designed to offer civil servants access to loans at the lowest interest rates in the market, with repayment schedules tailored to individual needs. The application process has been streamlined to ensure quick and easy access to funds, helping civil servants better manage their financial obligations.
This initiative is expected to stimulate consumption, boost local industries, and contribute to Nigeria’s overall economic growth.
For more information on the credit offer and eligibility requirements, civil servants are encouraged to visit [www.creditdirect.ng](http://www.creditdirect.ng) or contact the customer service center.