CREDICORP Launches “S.C.A.L.E.” Programme to Boost Local Industries and Enhance Consumer Access

The Nigerian Consumer Credit Corporation (CREDICORP) has officially launched Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), a groundbreaking initiative aimed at driving the growth of Nigeria’s local industries by providing consumer credit to Nigerians for the purchase of goods and services from local vendors and manufacturers.

This initiative aligns with President Bola Ahmed Tinubu’s vision to expand consumer credit access as a tool to improve the quality of life for Nigerians, curb corruption, and stimulate industrial growth.

Transforming Local Enterprises Through Consumer Credit

The S.C.A.L.E. programme is a strategic effort to support Nigerian enterprises by boosting demand, creating jobs, and fostering economic growth. It connects consumers with credible local manufacturers and vendors across critical sectors while enabling affordable consumer credit options.

CREDICORP aims to drive an initial one million credit-backed consumers to patronize local vendors and manufacturers. The organisation invites local businesses to participate by submitting an Expression of Interest (EOI) via the official S.C.A.L.E. website: www.credicorp.ng/scale.

Key Impact Areas

The S.C.A.L.E. programme targets five critical sectors to ensure broad impact and value addition:

1. Home Improvement (Furniture, Appliances & Building Materials)

Facilitating credit access for locally-made furniture, appliances, and building materials to improve household living standards.

2. Mobility (CNG & Electric Vehicles)

Promoting cleaner and more affordable transportation through credit support for compressed natural gas (CNG) and electric vehicles, including cars, motorbikes, tricycles (keke), and bicycles.

3. Electronics (Digital Devices)

Expanding digital inclusion by making smartphones, tablets, and laptops more affordable for Nigerians.

4. Energy Solutions (Generators & Solar Panels)

Addressing energy challenges by offering credit options for solar panels and efficient generators to power homes and small businesses.

5. General Merchandise (Healthcare, Apparel, Textiles, Food & Beverage)

Enhancing access to essential healthcare products, quality apparel, and nutritious food while supporting the growth of these industries.

Driving a Shared Vision

Speaking on the programme, CREDICORP’s Managing Director and CEO, Engr. Uzoma Nwagba, emphasized the dual benefits of S.C.A.L.E.:

He said, “The public has witnessed our journey from Mr. President’s initial ideas to real impact. Today, over 30,000 civil servants access consumer credit for life-enhancing goods and services, and we’re expanding to the wider public. S.C.A.L.E. enables product-specific consumer credit, heavily incentivizing the consumption of locally-produced goods and services. It’s a win for consumers, vendors, and manufacturers alike. As the acronym suggests, we are Supporting Consumer Access for Local Enterprises.”

CREDICORP has invited local vendors and manufacturers to join this transformative programme by submitting an Expression of Interest (EOI) at www.credicorp.ng/scale by December 15, 2024, to participate in the first phase.

CREDICORP is a Federal Government development finance institution committed to improving access to consumer credit for 50% of working Nigerians by 2030. The organization removes structural barriers, provides capital and guarantees, and fosters a cultural shift towards sustainable credit practices.

For inquiries or additional details about the S.C.A.L.E. programme, visit www.credicorp.ng or email info@credicorp.ng.

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