By Aliyu Galadima
Nigerian Consumer Credit Corporation ,CREDICORP, has launched a pension-backed loan programme to empower Nigerian retirees as part of efforts to revolutionise the country’s consumer credit landscape.
The initiative was done in collaboration with Leadway Trustees and Optimus Bank and will introduce affordable, pension-backed loans for Nigeria’s senior citizens, ensuring annuitants are fully integrated into the nation’s consumer credit ecosystem.
It seeks to fix the gap in consumer credit, which has been a privilege reserved for active workers, leaving retirees, despite their years of service to Nigeria, struggling to fund critical needs like healthcare, home renovations, small business ventures, or family support.
According to a statement, the scheme addresses this head-on by leveraging pension income, offering retirees tailored, low-interest loans that are both secure and sustainable. This first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes.
Speaking at the launch event, the chief executive of CREDICORP, Mr Uzoma Nwagba, underscored the programme’s transformative potential, noting, “Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. This program changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering”.
Retirees can apply for loans starting at N50,000 up to a maximum determined by their pension income, with repayment terms designed to align seamlessly with monthly pension inflows.
The initiative marks a pivotal moment in Nigeria’s journey toward universal financial inclusion. By extending consumer credit to retirees, CREDICORP and its partners are setting a new standard for financial equity in Nigeria.
The statement added that the scheme aligns with the organisation’s broader mission to expand access to consumer credit for all Nigerians.
