CREDICORP deploys CNG tricycles in Yola — Premium Times Nigeria

Nigerian consumer credit corporation CREDICORP has expanded its financing program for compressed natural gas tricycles to the city of Yola, Adamawa State. This took place as part of a nationwide program to supply 10,000 locally assembled vehicles available through consumer credit.

According to Premium Times Nigeria, the event was held at Mahmud Ribadu Square in Yola. This stage marked CREDICORP's first deployment in northeastern Nigeria and the corporation's first delivery of CNG-powered tricycles.

Credit financing and energy transition

CREDICORP stated that financing for compressed natural gas vehicles is intended to combine the consumer credit program with the government's energy transition policy. The corporation noted that the model makes it possible to purchase such transport and repay the loan gradually.

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According to CREDICORP, more than 301,000 people in Nigeria have already used consumer credit programs supported by the corporation. They cover transport, digital devices, home improvements, essential goods and other productive assets.

Program participants

Vehicle deliveries are carried out under the S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises. According to CREDICORP, its purpose is to link consumer credit with demand for products from Nigerian manufacturers and assembly plants.

Subcity Global became the partner coordinating deliveries and engaging recipients in Yola. Credit administration was provided by Letshego Microfinance Bank and Accion Microfinance Bank, while locally assembled tricycles were supplied by DAG Bajaj.