CREDICORP Targets 2 Million Nigerians for Consumer Credit by 2027

The Federal Government is targeting more than two million Nigerians for consumer credit in 2027 through the Nigerian Consumer Credit Corporation (CREDICORP). The programme has so far enabled N53.5 billion in credit and reached over 351,000 beneficiaries, its Managing Director, Mr Uzoma Nwagba, said.

CREDICORP disbursed over N45.2 billion in the first half of the year. It plans to end 2026 with more than 500,000 beneficiaries, building on the 300,000 reached by July. Women account for 59 per cent of beneficiaries so far.

Lenders and coverage

The corporation's reach is supported by 37 participating financial institutions (PFIs), made up of banks, microfinance banks and finance companies. It plans to raise the number to 45 before the end of the year, with particular attention to lenders with strong networks in rural and underserved communities. Access to formal consumer credit remains limited for many Nigerians, especially outside major urban centres.

Nwagba said: 'Our interventions focus on five thematic areas where consumer credit can directly improve livelihoods and stimulate economic activity: vehicles, renewable energy, digital devices, home improvement and life essentials.'

SCALE and local production

Through its SCALE initiative, short for 'Securing Consumer Access for Local Enterprises', CREDICORP links credit-backed consumers with Nigerian manufacturers and vendors. The aim is for demand created by its financing to support local businesses rather than imports.

Nwagba said more than 10,000 customers had benefited from SCALE, particularly in vehicles, home improvement and life essentials. The initiative is being implemented with more than 15 local manufacturers and vendors. 'We are helping Nigerian businesses access thousands of credit-backed customers, using consumer credit to strengthen purchasing power while stimulating local production, enterprise and jobs,' he said.

CREDICORP said its credit arrangements have recorded zero non-performing loans. It is working with the Central Bank of Nigeria (CBN) and credit bureaus to strengthen the systems needed for a sustainable credit market, including the quality of credit information available to lenders. Nwagba advocated a comprehensive credit identification system linked to the National Identification Number (NIN). He said such an all-encompassing credit score would give Nigerians a formal record of borrowing and repayment behaviour, allowing responsible borrowers to build stronger financial identities and eventually qualify for larger loans and better terms.

Credit education and next phase

CREDICORP is putting credit education at the centre of its expansion. Nwagba said it is targeting more than 10 million Nigerians every year with education on responsible borrowing, repayment discipline, credit scores and healthy credit histories.

Under its YouthCred programme, more than 60,000 young Nigerians have received credit education. The programme has expanded beyond National Youth Service Corps (NYSC) members and employed youths to include young entrepreneurs. It combines financial education with access to credit, allowing participants to establish formal credit records and begin building repayment histories.

The corporation will also provide technical assistance and capacity building to participating institutions in product design, credit assessment, data use, portfolio management and responsible lending. Nwagba said its role was not simply to provide more money to financial institutions but to help them build the capacity to lend responsibly and sustainably. He said the next phase would involve more capital through financial institutions, stronger lenders, wider rural coverage, better credit infrastructure and increased credit-backed demand for Nigerian goods.

'We see consumer credit becoming an engine for economic inclusion, local enterprise and broader economic growth,' he said.

Nwagba said members of the public had been benefiting for almost two years, adding that civil servants made up only about 10 per cent of beneficiaries. 'Most of our programmes (CALM, SCALE, YouthCred, Women in Mobility, etc.) are all for the general public and the beneficiaries are everyday people (traders, artisans, office workers, youth corps members and entrepreneurs),' he said.

For Nigerian businesses, the plan points to a wider pool of credit-backed customers if CREDICORP meets its targets. The push for local vendors and manufacturers could support domestic demand, while the focus on credit data and repayment records will shape how safely lenders can expand.