The Nigerian Consumer Credit Corporation (CREDICORP) has commenced the disbursement of Consumer Credit, a scheme initiated by the President Bola Tinubu to ease the current economic hardship.

CREDICORP is a government-owned Development Finance Institution (DFI) established to ease access to credit among economically active Nigerians.

The organisation has signed a deal with Credit Direct, one of Nigeria’s largest lender to civil servants nationwide, and a subsidiary of the FCMB Group to make credit available to about 150, 000 civil servants, in the first exercise.

Commenting on the deal in Abuja, this afternoon, the Chief Executive Officer (CEO) of CREDICORP, Mr. 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.

“Beginning this September, this kickoff offers discounted direct consumer credit to over 15,000 civil servants per round.

“Civil servants on IPPIS can 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 to accelerate consumer credit access to 50% of economically active Nigerians by 2030.

“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.”

The CEO described the exercise, “the start of a long and exciting journey with many parts, and linkages that ultimately catalyse local industries as we expand consumption.”

The CEO of Credit Direct, Mr. Chukwuma Nwanze emphasized the importance of the partnership in fostering financial inclusion.

He.aaid, “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.

“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.”

A major feature of the scheme is the flexible repayment plans: Customized repayment schedules designed to meet the unique needs of each borrower.

In addition, it has Quick and Easy Application Process- Streamlined procedures to ensure fast access to funds, making it easier for civil servants to manage their financial needs.