500,000 civil servants to benefit from Tinubu’s consumer credit scheme
The Nigerian Consumer Credit Corporation has kicked off the disbursement of President Bola Tinubu’s consumer credit scheme to economically active Nigerians nationwide through its participating financial institutions.
At a signing event on Tuesday, the Chief Executive Officer of CREDICORP, Uzoma Nwagba, announced a partnership with Credit Direct to boost mass access to consumer credit, starting with civil servants across the country and aiming to reach 500,000 nationwide.
Nwagba disclosed that Credit Direct, the largest lender to civil servants in Nigeria and a subsidiary of FCMB Group, is a key player in this first wave of institutions involved.
Nwagba disclosed that CREDICORP, from September, would kick off and offer discounted direct consumer credit to over 15,000 civil servants per round.
“Starting from September 3, 2024, civil servants will access loans at the lowest interest rates on the market. Applicants can access a wide range, and up to N3.5m, depending on their income and need,” he stated.
Nwagba noted that 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 per cent of economically active Nigerians by 2030.
He noted that civil servants on IPPIS can now benefit from exclusive offers with reduced interest rates and flexible repayment plans for the purchase of domestic goods, mobility, medical care, and other household needs.
Nwagba, said, “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.
“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,” Nwagba added.
On his part, the Chief Executive Officer of Credit Direct, Chukwuma Nwanze, emphasised the importance of partnership in fostering financial inclusion.
Nwanze said, “Our civil servants are vital to the nation’s growth and stability, and we are committed to supporting them with accessible credit facilities. This partnership with CREDICORP allows us to extend our services to more individuals, ensuring that all civil servants can access the funds they need quickly and easily, up to N3.5m depending on their income and need.”
“Over the past 17 years, Credit Direct has positively impacted the lives of millions of customers across Nigeria. With a presence in all 36 states, including the Federal Capital Territory, through branches and digital channels, we continue to serve working-class Nigerians nationwide.”
