The Nigerian Consumer Credit Corporation, CREDICORP has extended its national rollout of 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, as part of efforts to expand access to productive assets through affordable consumer credit.
The latest activation, held at the Ooni of Ife Palace on Tuesday, brought the Corporation’s mobility programme to another community in the South-West following earlier rollouts, including Ijebu-Ode.
Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the programme was designed to expand the economic opportunities available to Nigerians by enabling them to acquire assets that could support their livelihoods and income generation.
“What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey. We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow and live better now,” Nwagba said.
He said financing vehicle ownership could simultaneously improve beneficiaries’ earning capacity and stimulate demand for locally assembled products.
“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria,” he added.
The rollout is being implemented under CREDICORP’s S.C.A.L.E. initiative, which seeks to connect consumer purchasing power with Nigerian manufacturers and enterprises by financing locally produced goods.
The Corporation said more than 301,000 Nigerians have so far accessed CREDICORP-supported consumer credit across mobility, digital devices, home improvement, life essentials and other productive assets.
The presence of the Ooni of Ife at the activation underscored the significance of bringing the programme to Ile-Ife, a major commercial and cultural centre in the South-West.
CREDICORP said the mobility programme would continue to expand to other parts of the country, with the next phase scheduled for Adamawa and Borno before extending to the South-East.
The Corporation’s mobility interventions also include support for commercial transport operators and the 10,000 Women in Mobility Programme, which is aimed at expanding vehicle ownership and economic opportunities for Nigerian women.
For the Ile-Ife rollout, Gamma Mobility supported beneficiary profiling and onboarding, Simba TVS supplied the locally assembled three-wheelers, while Accion Microfinance Bank supported the credit administration process.
CREDICORP said it would continue to work with licensed financial institutions, manufacturers, vendors and community partners to expand responsible consumer credit and increase Nigerians’ access to productive assets.
The Corporation also said the broader objective was to create a credit-driven marketplace in which increased consumer purchasing power supports household livelihoods while generating sustained demand for locally manufactured goods, businesses and jobs.