Business
THE Nigerian Consumer Credit Corporation, CREDICORP, in partnership with the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank, has distributed 50 Nigerian-assembled tricycles to transport operators in Ijebu-Ode, Ogun.
The handover ceremony, held at the Awujale Palace on Friday, is aimed at expanding consumer credit, reduce poverty, promote financial inclusion and stimulate local economic growth through productive asset ownership.
Speaking, CREDICORP Board Chairman, Otunba Aderemi Abdul-Bojela, described consumer credit as a key driver of industrialisation, economic inclusion and sustainable national development.
He said the initiative aligned with President Bola Tinubu’s vision of making consumer credit accessible to ordinary Nigerians to stimulate economic growth and strengthen local industries.
Abdul-Bojela said structured consumer credit would boost purchasing power, expand demand for Nigerian-made products and support manufacturers through improved inventory turnover and job creation.
Earlier, CREDICORP Executive Director of Operations, Olanike Kolawole, said the programme formed part of the corporation’s nationwide mobility initiative under its S.C.A.L.E. programme.
She said the initiative enables hardworking Nigerians to acquire productive assets through responsible financing while complementing interventions such as the Women in Mobility Programme.
Chairman of Imowo Microfinance Bank, Mrs Abolaji Osibogun, said the beneficiaries were transitioning from transport operators to asset owners through structured financing.
Osibogun said the bank provided the credit structure, conducted due diligence and ensured regulatory compliance, while reaffirming its commitment to financing farmers, traders and small businesses.
Chairman of IDIPR, Lekan Bello, said the organisation had impacted over 133,000 beneficiaries through poverty reduction, enterprise development, healthcare and financial inclusion programmes.
Bello said IDIPR had also facilitated over 189 community societies, created more than 1,300 jobs and maintained a 99.4 per cent loan recovery rate on its microfinance interventions.
He added that the partnership with CREDICORP would expand access to credit and create more economic opportunities for transport operators and entrepreneurs across Ijebuland.
In his remarks, Managing Director of CREDICORP, Uzoma Nwagba, reaffirmed the corporation’s commitment to expanding consumer credit as a tool for productivity, wealth creation and improved living standards.
Nwagba disclosed that CREDICORP had enabled 227,728 Nigerians to access consumer credit through 35 financial institutions, maintaining zero non-performing loans while supporting 15 local industries. (NAN)
A.I
June 20, 2026
Tags: CREDICORP Nigerian Consumer Credit Corporation Uzoma Nwagba