CREDICORP continues 10,000-vehicle lending program in Ile-Ife
Nigerian consumer credit corporation CREDICORP held a stage of the nationwide rollout of its lending program for 10,000 locally assembled vehicles in Ile-Ife, Osun State. The event took place at the palace of the Ooni of Ife in the presence of the ruler.
According to Premium Times Nigeria, which published a CREDICORP press release, the initiative is intended to expand Nigerian workers’ access to productive assets through consumer lending. Before reaching Ile-Ife, the program had already covered the North Central region and part of the country’s southwest, including the city of Ijebu-Ode.
Next stages
After Ile-Ife, CREDICORP plans to continue rolling out the program in Adamawa and Borno states in northeastern Nigeria, and then in the country’s southeast. The corporation said that more than 301,000 people across Nigeria have benefited from its consumer lending programs.
According to CREDICORP, such lending covers not only transport, but also digital devices, home furnishing, essential goods and other productive assets.
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Production and lending
The program is being implemented under the S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises. According to the corporation, its goal is to connect demand generated by consumer lending with support for Nigerian manufacturers, assemblers and businesses. CREDICORP finances the purchase of locally assembled vehicles and other Nigerian-made goods.
CREDICORP Chief Executive Officer Uzoma Nwagba said that purchasing a vehicle through instalment payments can expand a borrower’s economic opportunities and support demand for products assembled in Nigeria. During the event, Gamma Mobility assisted with profiling and registering beneficiaries, Simba TVS supplied locally assembled three-wheeled vehicles, and Accion Microfinance Bank provided loan administration.
The initiative also provides support for commercial transport operators and the 10,000 Women in Mobility program, aimed at expanding vehicle ownership and economic opportunities for Nigerian women.
