Federal Gov’t Targets 500,000 Civil Servants As Consumer Credit Takes Off
The Nigerian government said its Consumer Credit Corporation (CREDICORP) has kicked off disbursement of consumer credit to economically active Nigerians nationwide, through its growing list of participating financial institutions. In this first wave of institutions is Credit Direct, one of the country’s lenders to civil servants, and a subsidiary of the FCMB Group.
At a signing event, CREDICORP announced the partnership with Credit Direct to accelerate mass access to consumer credit starting with civil servants across the country, the corporation said in a statement on Wednesday.
The corporation said the programme offers discounted direct consumer credit to over 15,000 civil servants this September. Managing director of CreditCorp Uzoma Nwagba, said civil servants on IPPIS 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 an 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.
“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,” said Uzoma Nwagba, CEO of CREDICORP.
“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.”
CEO of Credit Direct, Chukwuma Nwanze emphasised the importance of the partnership in fostering financial inclusion. “Our civil servants are vital to the nation’s growth and stability, and we are committed to supporting them with accessible credit facilities.
“The 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. 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.”