The Nigerian Consumer Credit Corporation (CREDICORP) has launched the first phase of its consumer credit fund aimed at enabling Nigerians to purchase locally assembled vehicles, including cars, tricycles, and motorbikes.
The N20 billion Consume Credit Fund initiative, in collaboration with the National Automotive Design and Development Council (NADDC), seeks to support the growth of Nigeria’s automotive industry.
The programme officially kicked off with the signing of agreements with local automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.
These partnerships will ensure that eligible Nigerians can access credit to purchase new vehicles, contributing to the growth of the sector.
This initiative is part of CREDICORP’s project, S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which aims to provide credit facilities to one million Nigerians.
S.C.A.L.E. is designed to boost the local economy by enabling consumers to access goods and services produced by domestic manufacturers. The automotive sector is just one of the five key areas being targeted under this initiative.
In addition to mobility solutions, the S.C.A.L.E. programme is focused on various sectors, including home improvement, where consumers can obtain credit for locally produced furniture and building materials; electronics, promoting digital inclusion through affordable access to smartphones, tablets, and laptops; energy solutions, such as solar panels and generators; and general merchandise, covering sectors like healthcare, food, and apparel.
The recent launch follows a similar initiative, the Credit Access for Light and Mobility (CALM) Fund, introduced by CREDICORP in October.
This fund focuses on offering consumer credit for compressed natural gas (CNG) conversions and solar home systems, in collaboration with the Ministry of Finance Incorporated and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
Added to these, CREDICORP has partnered with the National Identity Management Commission (NIMC) to build credit scores for Nigerians, leveraging the National Identification Number (NIN).
The programme has already attracted participation from 151 financial institutions, including commercial banks, fintech companies, and microfinance banks, with five institutions already signed on.
