CREDICORP Plans Consumer Credit for 2 Million Nigerians

The Nigerian Consumer Credit Corporation (CREDICORP) is targeting over two million Nigerians for consumer credit by 2027 to enhance access to formal borrowing and support local businesses and job creation. As of now, CREDICORP has facilitated N53.5 billion in credit for more than 351,000 beneficiaries, with women making up 59% of those reached.

Managing Director Uzoma Nwagba reported that in the first half of 2026, CREDICORP disbursed over N45.2 billion and anticipates reaching over 500,000 beneficiaries by the end of the year. The agency collaborates with 37 financial institutions and plans to increase this number to 45, focusing on lenders in rural areas.

CREDICORP's initiatives cover vehicles, renewable energy, digital devices, home improvement, and essential goods, with zero non-performing loans recorded. The agency is also working on improving credit information systems and plans to educate over 10 million Nigerians annually on responsible borrowing and credit scores.