The Nigerian Consumer Credit Corporation (CREDICORP) has extended its nationwide rollout of 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, as it expands access to affordable consumer credit for working Nigerians seeking to own productive assets.
The latest rollout was held at the historic Ooni of Ife Palace in the presence of His Imperial Majesty, the Ooni of Ife, marking another step in CREDICORP’s national mobility programme aimed at making vehicle ownership more accessible through structured credit.
The programme, which has progressed through the North Central and South West regions, including Ijebu-Ode and Ile-Ife, will next move to Adamawa and Borno in the North East before extending to the South East.
CREDICORP said the nationwide initiative is part of its broader effort to make consumer credit an everyday tool for Nigerians to acquire useful and productive assets, improve their livelihoods and enhance their quality of life.
More than 301,000 Nigerians across the country have now accessed CREDICORP-supported consumer credit through programmes covering mobility, digital devices, home improvement, life essentials and other productive assets.
The vehicle rollout is being implemented under CREDICORP’s S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises — which links consumer purchasing power generated through credit to Nigerian production and enterprise.
By financing locally assembled vehicles and other Nigerian-made products, the initiative seeks to improve consumers’ livelihoods and earning capacity while generating sustained demand for local manufacturers, assemblers and businesses.
Speaking at the Ile-Ife rollout, Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, said the activation was part of a wider national programme.
“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.
“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. Multiply that across thousands of people, communities and industries, and consumer credit becomes a powerful engine for both better lives and national economic growth.”
The presence of the Ooni of Ife at the rollout added significance to the event. Ile-Ife, widely regarded as the cradle of Yoruba civilisation, has a long history of commerce and enterprise alongside its cultural heritage.
The expansion of CREDICORP’s national credit programme into the city reflects the Corporation’s stated objective of widening access to formal consumer credit for Nigerians across communities and regions.
The Ile-Ife activation builds on CREDICORP’s existing mobility interventions, including programmes supporting commercial transport operators and the 10,000 Women in Mobility Programme, which is designed to expand vehicle ownership and economic opportunities for Nigerian women.
CREDICORP delivers its programmes through licensed financial institutions and an expanding network of manufacturers, vendors and community partners.
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.
Through S.C.A.L.E. and its wider consumer credit programmes, CREDICORP aims to build a national marketplace where responsible credit gives Nigerians greater purchasing power to own productive assets and improve their livelihoods, while increasing demand for Nigerian-made products and supporting local industry and jobs.
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