CREDICORP Rolls out first wave of beneficiaries of its ₦20 billion mobility credit fund for purchase of locally manufactured vehicles
The automobile credit fund is part of a larger CREDICORP “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), an initiative aimed at strengthening Nigeria’s local industries by directing credit-backed consumers to the purchase of locally manufactured goods and services. In addition to automobiles, other thematic industries of the S.C.A.L.E project include digital devices, home upgrades & appliances, energy solutions, and household essentials. CREDICORP targets up to one million credit-backed beneficiaries purchasing locally-made products across these sectors by the end of 2026.
As part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Nigerian Consumer Credit Corporation (CREDICORP) was established in April 2024 to drive economic inclusion and expand access to consumer credit for Nigerians as a non-negotiable tool to improve quality of life, stem corruption, and catalyze local industry. CREDICORP achieves its mandate through three key pillars: first, by strengthening Nigeria’s consumer credit infrastructure, and ensuring every economically active citizen has a comprehensive credit score that serves as personal equity to facilitate credit access. Second, by providing wholesale funding and credit guarantees to financial institutions committed to expanding consumer credit access. Lastly, by driving cultural re-orientation—educating the public on responsible consumer credit as a pathway to a higher quality of life, and equipping institutions with effective consumer credit underwriting strategies.
For more information, please visit the CREDICORP website at : https://www.credicorp.ng/
