CREDICORP Launches Credit Scheme in Ogun, Empowers Transporters and Households

The Nigerian Consumer Credit Corporation (CREDICORP) has expanded its consumer credit programme to Ogun State through a strategic partnership with the Ijebu Development Initiative on Poverty Reduction (IDIPR), Imowo Microfinance Bank, and Simba TVS.

The initiative, unveiled at the historic Awujale Palace in Ijebu-Ode, is aimed at providing productive Nigerians with access to affordable credit facilities for income-generating assets, particularly mobility solutions. Under the programme, urban transport operators and households are being provided with credit-backed three-wheelers through flexible repayment plans.

The latest rollout forms part of CREDICORP’s broader nationwide mobility agenda, which includes the recently introduced 10,000 Women in Mobility Programme. Through these interventions, individuals and families can acquire personal and commercial vehicles using responsible consumer credit, helping them improve their livelihoods while contributing to economic growth.

The programme also aligns with CREDICORP’s commitment to support the financing of 20,000 vehicles assembled in Nigeria, a move designed to boost local manufacturing and create employment opportunities across the country.

Beneficiaries in Ijebu-Ode are receiving the three-wheelers through affordable financing arrangements facilitated by Imowo Microfinance Bank, a grassroots financial institution serving communities within the Ijebu axis.

The deployment is being carried out under CREDICORP’s flagship S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises. The programme is designed to strengthen local industries by linking consumer purchasing power with domestic production, job creation, and industrial development.

According to CREDICORP, its various consumer credit programmes have enabled more than 227,000 Nigerians to access essential products and services, including vehicles, digital devices, solar energy systems, work equipment, and home improvement financing.

The corporation revealed that it currently works with 35 financial institutions nationwide and has maintained a record of zero non-performing loans. It added that its interventions are helping to stimulate growth across 15 local industries through responsible credit access.

Speaking during the event, Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, described the initiative as more than a vehicle financing programme, stressing that it is focused on expanding opportunities for Nigerians and supporting local businesses.

He noted that the project holds special significance for him due to his roots in Ijebu land, adding that every vehicle deployed represents another citizen empowered to improve their quality of life while contributing to economic development.

Also addressing participants, CREDICORP’s Executive Director of Operations, Olanike Kolawole, said asset-backed credit remains one of the most effective tools for promoting inclusive economic growth. She explained that the Ijebu-Ode rollout is part of a larger national strategy aimed at helping hardworking Nigerians acquire productive assets and repay over time through structured financing arrangements.

Kolawole added that the S.C.A.L.E. programme is designed as a sustainable and scalable model that can be replicated across different communities, supporting entrepreneurs, transport operators, and other productive citizens.

The beneficiary selection process was supported by IDIPR, leveraging its strong community network and grassroots presence. Meanwhile, Simba TVS continues to serve as one of CREDICORP’s major partners, supplying locally assembled vehicles for the corporation’s mobility programmes.

CREDICORP reaffirmed its commitment to working with manufacturers, financial institutions, communities, and other strategic partners to build a sustainable consumer credit ecosystem that improves the lives of Nigerians while strengthening local industries and economic productivity.