Tinubu’s Consumer Credit Scheme Launches Nationwide, Targets Civil Servants

Matilda Omonaiye/

The Nigerian Consumer Credit Corporation (CREDICORP) has officially launched its nationwide consumer credit scheme, starting with civil servants across the country. The initiative, which aims to boost access to consumer credit, is being rolled out through a growing network of participating financial institutions (PFIs).

In the first phase of this program, CREDICORP partnered with Credit Direct, Nigeria’s largest lender to civil servants and a subsidiary of the FCMB Group. The signing event, held today, marked the beginning of a collaboration aimed at offering affordable loans to over 15,000 civil servants per round, with plans to expand to 500,000 beneficiaries.

This consumer credit scheme provides civil servants on the IPPIS platform with exclusive access to loans at discounted interest rates, along with flexible repayment options. Borrowers can use the credit to purchase household goods, electronics, mobility solutions, medical care, and other essential items, providing much-needed financial relief during tough economic times.

“We are thrilled to partner with Credit Direct to launch this significant aspect of President Tinubu’s consumer credit initiative,” said Uzoma Nwagba, CEO of CREDICORP. “This collaboration will allow civil servants to access instant, affordable credit to cushion economic shocks and enhance their quality of life. This is only the beginning of a broader mission to extend consumer credit to 50% of economically active Nigerians by 2030.”

Chukwuma Nwanze, CEO of Credit Direct, echoed the excitement over the partnership, highlighting its potential to foster financial inclusion. “Civil servants are crucial to the nation’s progress, and we are committed to supporting them with easy and accessible credit facilities. Through this partnership, we are ensuring that more civil servants can quickly obtain the financial support they need, with loan amounts of up to N3.5 million, depending on their income and specific needs.”

Credit Direct has been a major player in the Nigerian credit landscape for 17 years, serving millions of customers across the country. With a presence in all 36 states, including the Federal Capital Territory, Credit Direct offers loans through branches and digital platforms.

Key Features of the Credit Scheme:
– Lowest Interest Rates: Civil servants can access loans at competitive rates starting September 3, 2024. Loans of up to N3.5 million are available, depending on individual income and needs.
– **Flexible Repayment Plans**: Borrowers enjoy tailored repayment schedules that cater to their financial situation.
– Quick Application Process: A streamlined, hassle-free process ensures fast access to funds for civil servants’ various financial needs.

For more information on the credit offer and eligibility, visit [www.creditdirect.ng](http://www.creditdirect.ng) or contact the customer service center at 0700CREDITDIRECT.

About CREDICORP 
The Nigeria Consumer Credit Corporation (CREDICORP) is a government-owned development finance institution focused on expanding consumer credit access in Nigeria. By addressing systemic barriers and providing capital, guarantees, and policy support, CREDICORP aims to foster an inclusive economy where every working Nigerian can access the credit they need to enhance their quality of life.

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