BREAKING: FG Begins Consumer Credit Loan Disbursements

FG will commence Consumer Credit Loan Disbursements to civil servants this September.

NaijaOnPoint Nigeria reports that no fewer than 15,000 civil servants will be beneficiaries per round of credit disbursements by the Nigerian Consumer Credit Corporation (CREDICORP) from September 2024.

The disclosure came on Wednesday in Abuja with the formal kickoff of credit disbursement to economically active Nigerians nationwide, through participating financial institutions (PFIs).

At a signing event yesterday CREDICORP announced the partnership with Credit Direct to accelerate mass access to consumer credit starting with civil servants across the country.

In the maiden disbursements, the disbursements were carried out by Credit Direct to Civil Servants, a subsidiary of the FCMB Group.

Speaking at the event, CEO of CREDICORP Uzoma Nwagba promised that, beginning this September, this kickoff offers discounted direct consumer credit to over 15,000 civil servants per round. Civil servants on IPPIS now benefit from exclusive offers with reduced interest rates and flexible repayment plans for the purchase of domestic goods, mobility, medical care, electronics and other household needs.

“We are excited to partner with Credit Direct to kick off President Tinubu’s consumer credit scheme with civil servants as Mr President had promised.

“By going through Credit Direct today, and subsequently our other financial institutions coming on stream in the next days and weeks as we target 500,000 civil servants, they can access instant and affordable credit to cushion economic shocks or afford consumer goods to improve the quality of their lives.

“This is just the start of a long and exciting journey with many parts and linkages that ultimately catalyse local industries as we expand consumption”, he said
In his remark, Chukwuma Nwanze, CEO of Credit Direct, emphasized the importance of the partnership in fostering financial inclusion.

“Our civil servants are vital to the nation’s growth and stability, and we are committed to supporting them with accessible credit facilities. This partnership with CREDICORP allows us to extend our services to more individuals, ensuring that all civil servants can access the funds they need quickly and easily, up to N3.5 million depending on their income and need”

“Over the past 17 years, Credit Direct has positively impacted the lives of millions of customers across Nigeria. With a presence in all 36 states, including the Federal Capital Territory, through branches and digital channels, we continue to serve working-class Nigerians nationwide.”

CREDICORP is part of the federal government’s initiative to support the well-being of Nigeria’s mission to accelerate consumer credit access to 50% of economically active Nigerians by 2030.