Ooni of Ife receives rollout at Palace as CREDICORP expands credit-backed asset ownership across Nigeria
The Nigerian Consumer Credit Corporation (CREDICORP) has extended its nationwide rollout of 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, advancing its drive to put productive assets within reach of working Nigerians through affordable consumer credit.
The rollout, held at the historic Ooni of Ife Palace in the presence of His Imperial Majesty, the Ooni of Ife, marks another major step in CREDICORP’s expanding national mobility programme, taking credit-backed vehicle ownership deeper into communities across Nigeria.
Having advanced through North Central and now the South West — including Ijebu-Ode and Ile-Ife — the rollout proceeds next to Adamawa and Borno in the North East, before moving into the South East, as CREDICORP progressively delivers the national programme across the country.
The mobility rollout is part of CREDICORP’s broader effort to make consumer credit an everyday tool for Nigerians to own useful and productive assets, improve their livelihoods and live better lives today. Across its programmes, more than 301,000 Nigerians nationwide have now accessed CREDICORP-supported consumer credit spanning mobility, digital devices, home improvement, life essentials and other productive assets.
The vehicle rollout is being delivered under CREDICORP’s S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises — which connects the purchasing power created by consumer credit with Nigerian production and enterprise. By financing locally assembled vehicles and other Nigerian-made goods, CREDICORP seeks to achieve two objectives at once: improving the lives and earning capacity of consumers while creating sustained demand for local manufacturers, assemblers and businesses.
Speaking at the rollout, Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, said the Ile-Ife activation represents one part of a much larger national undertaking.
“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.
“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. Multiply that across thousands of people, communities and industries, and consumer credit becomes a powerful engine for both better lives and national economic growth.”
The presence of the Ooni of Ife at the rollout in his Palace gave particular significance to the occasion. Ile-Ife, widely regarded as the cradle of Yoruba civilisation, combines immense cultural heritage with a long tradition of commerce and enterprise. Bringing CREDICORP’s expanding national credit programme into the city reflects the Corporation’s determination to ensure that access to formal consumer credit reaches Nigerians in communities across every part of the country.
The Ile-Ife activation continues the momentum of CREDICORP’s mobility interventions, which include programmes supporting commercial transport operators as well as the 10,000 Women in Mobility Programme, designed to expand vehicle ownership and economic opportunity for Nigerian women.
CREDICORP works through licensed financial institutions and an expanding ecosystem of manufacturers, vendors and community partners to deliver its programmes. For the Ile-Ife rollout, Gamma Mobility supported beneficiary profiling and onboarding, Simba TVS supplied the locally assembled three-wheelers, and Accion Microfinance Bank supported the credit administration process.
Through S.C.A.L.E. and its wider consumer credit programmes, CREDICORP continues to build a national marketplace in which responsible credit gives Nigerians the purchasing power to own more, earn more and live better now, while that purchasing power increasingly supports Nigerian industry and jobs.
For more information, visit: www.credicorp.ng