500,000 Civil Servants Set to Benefit from Tinubu’s Consumer Credit Scheme

The Nigerian Consumer Credit Corporation (CREDICORP) has launched the disbursement of President Bola Tinubu’s consumer credit scheme to economically active Nigerians via participating financial institutions.

At a signing ceremony on Tuesday, CREDICORP’s CEO, Uzoma Nwagba, announced a partnership with Credit Direct to expand access to consumer credit, beginning with civil servants across the country, with a goal to reach 500,000 nationwide.

Nwagba revealed that Credit Direct, a subsidiary of FCMB Group and the largest lender to civil servants in Nigeria, will play a pivotal role in this first phase. From September, CREDICORP will begin offering discounted consumer credit to over 15,000 civil servants per cycle.

“Starting from September 3, 2024, civil servants will be able to access loans at the lowest interest rates on the market, with options of up to N3.5 million depending on their income and needs,” Nwagba said.

She explained that this initiative is part of a broader mission to enhance consumer credit access for 50% of economically active Nigerians by 2030. Civil servants on the IPPIS platform will benefit from reduced interest rates and flexible repayment plans for purchases of household items, mobility, medical care, and more.

Nwagba added, “We are excited to partner with Credit Direct to launch President Tinubu’s consumer credit scheme for civil servants, as Mr. President promised. Through Credit Direct, and with more financial institutions joining in the coming days and weeks, we aim to provide affordable credit to 500,000 civil servants.”

Credit Direct CEO, Chukwuma Nwanze, highlighted the importance of partnership in promoting financial inclusion, stating, “Civil servants are vital to Nigeria’s growth and stability, and we are committed to supporting them with accessible credit. This partnership ensures they can easily access funds of up to N3.5 million based on their income and needs.”

Nwanze added that Credit Direct, with a presence in all 36 states and the Federal Capital Territory, has positively impacted millions of lives over the past 17 years.