The Nigerian Consumer Credit Corporation, CREDICORP has been recognized as the Consumer Credit Access Company of the Year at the 13th Business Day Banks and Other Financial Institutions, BAFI Awards, held in Lagos on Saturday.
The annual BAFI Awards, organized by BusinessDay, Nigeria’s leading private-sector newspaper, celebrates excellence and innovation across banking, fintech, and financial services.
Other winners at the event 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).
Despite being a relatively new institution, established just 18 months ago, CREDICORP stood out among these long-established brands. According to BusinessDay’s selection committee, the Corporation’s recognition was based on its rapid results, innovative products, and ecosystem-first model that enables rather than competes with lenders.
“CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them,” the citation read.
The selection committee noted that CREDICORP was chosen following a rigorous, data-driven evaluation of institutions driving access, affordability, and innovation in Nigeria’s consumer credit space.
In just over a year, the Corporation has made measurable progress in reducing effective interest rates by up to 20%, while helping financial institutions extend credit to previously underserved populations, including artisans, civil servants, small traders, and young people, with 65% of beneficiaries being first-time borrowers.
CREDICORP’s recognition also reflects its diverse suite of credit products designed for Nigerians across various life stages:
- YouthCred – tailored for National Youth Service Corps (NYSC) members and young workers.
- Pensioners’ Credit – offering retirees access to liquidity and dignity in retirement.
- Additional thematic programs addressing credit needs of households, employees, and small business owners.
The Corporation’s credit interventions have focused on essential needs that directly impact citizens’ quality of life. These include:
- The Credit Access for Light & Mobility (CALM) Fund, supporting access to vehicles and alternative energy for homes and micro-enterprises; and
- S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which promotes local production, job creation, and industrial deepening through credit expansion.
This “double-bottom-line” approach, BusinessDay noted, simultaneously empowers citizens and stimulates domestic enterprise.
Despite being operational for less than a year financially, CREDICORP has already reached over 180,000 Nigerians, helping them acquire essential goods and services, from vehicles and solar systems to home improvement tools, through affordable consumer credit.