CREDICORP Takes 10,000-Vehicle Mobility Programme to Ile-Ife, Targets Wider Access to Consumer Credit
The Nigerian Consumer Credit Corporation (CREDICORP) has expanded its nationwide mobility programme to Ile-Ife, Osun State, as part of efforts to enable more Nigerians to acquire locally assembled vehicles through affordable consumer credit.
The latest rollout was held on Tuesday at the Palace of the Ooni of Ife, His Imperial Majesty, further extending CREDICORP’s 10,000-vehicle national mobility initiative across communities in Nigeria.
The programme is designed to provide working Nigerians with access to credit-backed vehicles that can support transportation, income generation and other productive economic activities.
According to CREDICORP, the rollout has progressed through the North Central region and into the South West, with Ijebu-Ode and Ile-Ife among the locations covered. The initiative is expected to move next to Adamawa and Borno in the North East before extending to the South East.
The Corporation said more than 301,000
Nigerians have so far accessed CREDICORP-supported consumer credit nationwide through programmes covering mobility, digital devices, home improvement, life essentials and other productive assets.
The vehicle initiative is being implemented under CREDICORP’s S.C.A.L.E. — Securing Consumer Access for Local Enterprises — initiative, which seeks to link consumer purchasing power with domestic production.
Through the scheme, CREDICORP finances the acquisition of locally assembled vehicles and other Nigerian-made products, with the aim of simultaneously improving consumers’ access to productive assets and generating sustained demand for local manufacturers, assemblers and businesses.
Speaking at the Ile-Ife activation, CREDICORP’s Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba, said the rollout represented part of a broader national effort to make consumer credit more accessible to Nigerians.
“What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey. We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow and live better now,” Nwagba said.
He added that access to vehicle financing could expand the economic opportunities available to beneficiaries while simultaneously creating demand for products assembled in Nigeria.
“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria,” he said.
Nwagba noted that scaling the programme across thousands of beneficiaries and communities could position consumer credit as a significant driver of economic activity and domestic industrial growth.
The presence of the Ooni of Ife at the Palace rollout added cultural significance to the activation, as Ile-Ife is widely regarded as the cradle of Yoruba civilisation and has a longstanding tradition of commerce and enterprise.
CREDICORP said taking the programme to Ile-Ife was consistent with its objective of expanding access to formal consumer credit beyond major commercial centres to communities across the country.
The Corporation’s mobility interventions also include programmes supporting commercial transport operators and the 10,000 Women in Mobility Programme, which is aimed at increasing vehicle ownership and economic opportunities for Nigerian women.
CREDICORP delivers its programmes through licensed financial institutions and a network of manufacturers, vendors and community partners.
For the Ile-Ife rollout, Gamma Mobility handled beneficiary profiling and onboarding, while Simba TVS supplied the locally assembled three-wheelers. Accion Microfinance Bank supported the credit administration process.
CREDICORP said its broader objective is to build a national consumer credit marketplace where responsible access to financing enables Nigerians to acquire productive assets, increase their earning capacity and improve their quality of life, while also supporting local production, businesses and employment.
For more information, visit: www.credicorp.ng
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