In a landmark move to revolutionise Nigeria’s consumer credit landscape, the Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with Leadway Trustees and Optimus Bank, has launched a transformative initiative under the theme ‘Empowering Retirement with Consumer Credit.’
This bold programme introduces affordable, pension-backed loans for Nigeria’s senior citizens, ensuring annuitants are fully integrated into the nation’s consumer credit ecosystem.
For decades, consumer credit 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.
The programme addresses this head-on by leveraging pension income, offering retirees tailored, low-interest loans that are both secure and sustainable.
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Speaking at the signing of Memorandum of Understanding (MoU) in Abuja on Thursday, the Managing Director/Chief Executive Officer, CREDICORP, Uzoma Nwagba, underscored the programme’s transformative potential.
The MD/CEO explained that the scheme, launched under the theme ‘Empowering Retirement with Consumer Credit,’ is for both federal and state pensioners.
Nwagba praised President Bola Tinubu for prioritising financial inclusion through the Renewed Hope Agenda, noting that the pension-backed loan programme reflects the administration’s commitment to creating opportunities for all Nigerians, including senior citizens who had long been excluded from access to consumer credit.
He stressed that retirees, after years of dedicated service to the country, deserve access to affordable financing for healthcare, small businesses, home improvements, and family needs.
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His words: “The programme leverages 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.
“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we are delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering.”
