nigeria consumer credit corporation (credicorp)
Credit: Daily Trust
The Nigerian Consumer Credit Corporation (CREDICORP) says all arrangements have been made to bring on board over one million retirees to enjoy pension-backed loan credit facilities.
It explained that the programme was initiated with a view to ensuring that not only those in active service enjoy the government’s loan facility in line with the ongoing present reforms.
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed this in Abuja on Thursday at the official launching of the programme.
Daily Trust reports that President Tinubu had last year launched consumer credit for active workers that are struggling to fund critical needs and family support pay at convenient later time from their earnings gradually. In an interview with journalists shortly after the launching of the programme, Nwagba said CREDICORP would ensure that annuities are fully integrated into the nation’s consumer credit ecosystem.
According to him, the programme, basically for Nigeria’s senior citizens would be carried out in collaboration with Leadway Trustees, an arm of Leadway Group and Optimus Bank.
He said the programme themed: “Empowering Retirement with Consumer Credit”, addresses a struggling way to fund critical needs like healthcare, home renovations, small business ventures or family support for retirees.
Nwagba said it would address the challenges head-on by leveraging pension income, offering retirees tailored low-interest loans that are both secure and sustainable.
He said, “For a start, we are targeting one million retirees but as time goes one, we will be expanding it. Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit
ecosystem.
“This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable and transparent.This is consumer credit redefined inclusive, equitable and empowering.”
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