The Nigerian Consumer Credit Corporation (CREDICORP) has been named Consumer Credit Access Company of the Year at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards held on Saturday in Lagos.
The annual BAFI Awards, organized by BusinessDay, Nigeria’s leading private-sector newspaper, celebrates excellence in banking, fintech, and financial services. The event brought together industry leaders and innovators shaping Nigeria’s financial landscape.
Other notable winners at the ceremony included Opay (Mobile Payment Solutions Provider of the Year), First Bank of Nigeria (Dominant Force in Inclusive Banking), Fidelity Bank (Export Finance Bank of the Year), and Page Financials (Finance Company of the Year).
CREDICORP, a Federal Government-backed institution established just 18 months ago, earned its recognition alongside these long-established brands. The selection committee commended the organization’s “speed of results, innovative products, and ecosystem-first model,” noting that CREDICORP’s approach “is not to crowd out or compete with lenders, but to enable them.”
According to BusinessDay, the award followed a data-driven evaluation of institutions transforming access, affordability, and innovation within Nigeria’s consumer credit ecosystem. In its short existence, CREDICORP has made measurable progress in reducing effective interest rates by up to 20% and expanding access to formal credit for previously excluded demographics — including artisans, civil servants, small traders, and young professionals. Approximately 65% of its beneficiaries are first-time borrowers.
CREDICORP’s innovation spans multiple life stages and demographics through initiatives such as YouthCred — designed for National Youth Service Corps (NYSC) members and employed youth — and Pensioners’ Credit, which provides financial support to retirees.
Its credit programs also target key quality-of-life challenges. These include the Credit Access for Light & Mobility (CALM) Fund, which supports mobility and alternative energy access, and S.C.A.L.E. (Securing Consumer Access to Local Enterprises), aimed at boosting local production and job creation.
Described as a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise,” CREDICORP has already reached about 180,000 Nigerians, helping them acquire vehicles, solar systems, home improvement materials, and productive tools through affordable financing.
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