CREDICORP Flags Off Disbursement, Targets .5m Civil Servants Nationwide
Eyes 15,000 beneficiaries per round
BY COBHAM NSA – About 500,000 Civil Servants are set to benefit from consumer credit meant for economically active Nigerians in the next one year.
The cheering news is courtesy of Nigerian Consumer Credit Corporation (CREDICORP) that has formally commenced disbursement through its growing list of Participating Financial Institutions (PFIs).
Already, no fewer than 15,000 civil servants have been pencilled down as beneficiaries per round of discounted direct consumer credit disbursements beginning from this September.
In the the first wave of institutions to drive the process is Credit Direct, Nigeria’s largest lender to civil servants nationwide, and a subsidiary of the FCMB Group.
As a government-owned development finance institution focused on accelerating mass consumer credit access for Nigerians, starting with civil servants nationwide, CREDICORP announced its partnership with Credit Direct at the signing ceremony in Abuja on Wednesday.
According to CREDICORP, Civil servants on Integrated Payroll and Personnel Information System (IPPIS) will now benefit from exclusive offers with reduced interest rates and flexible repayment plans for purchase of domestic goods, mobility, medical care, electronics and other household needs.
The initiative is part of a much broader effort to support the well-being of Nigerians, which aligns with CREDICORP’s mission of accelerating consumer credit access to 50 percent of economically active Nigerians by 2030.
Speaking at the occasion, Chief Executive Officer (CEO) of CREDICORP, Uzoma 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.”
On his part, Chief Executive Officer (CEO) of Credit Direct, Chukwuma Nwanze, while stressing that the partnership would foster financial inclusion, 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 N3.5 million depending on their income and need.”
Nwanze further explained that; “Over the past 17 years, Credit Direct has positively impacted the lives of millions of customers across Nigeria”, adding; “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.”
Among key features of the Credit Offer are: Lowest Interest Rates – Starting from September 3, 2024, civil servants will access loans at lowest interest rates on the market; Applicants can access a wide range, and up to N3.5 million, depending on their income and need.
Also, there is the Flexible Repayment Plans with customized repayment schedules designed to meet the unique needs of each borrower as well as Quick and Easy Application Process with streamlined procedures that ensure fast access to funds, making it easier for civil servants to manage their financial needs.
Importantly too, by addressing structural barriers and providing capital, guarantees, policy support and cultural reorientation, CREDICORP works towards an economically inclusive Nigeria where every working citizen can build personal equity and access essential consumer credit to improve the quality of their lives.
