CREDICORP Disburses Loans to 100,000 Nigerians in 6 Months — See How to Apply
Barely six months after receiving its takeoff capital from the Federal Government, the Nigeria Consumer Credit Corporation (CREDICORP) has successfully disbursed credit to over 100,000 Nigerians, including 35,000 civil servants, as part of efforts to expand financial inclusion and improve citizens’ access to consumer loans.
Speaking at the Presidential Villa in Abuja on Tuesday, the Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, said the agency has rapidly scaled operations, partnering with 23 licensed financial institutions, with “hundreds more in the pipeline.”
“We got our funding just over six months ago. As of today, we’ve onboarded 23 financial institutions and delivered credit access to more than 100,000 people. Roughly 35,000 of these are federal and state civil servants,” Nwagba revealed to State House correspondents.
He noted that early reports from the disbursements show that many beneficiaries are using the loans for household appliances, school fees, and business equipment.
This update is the first official progress report since President Bola Ahmed Tinubu approved CREDICORP to implement the National Consumer Credit Scheme under his administration’s Renewed Hope agenda.
Fastest-Growing Credit Platform in West Africa?
Financial analysts have lauded CREDICORP’s pace, with some calling it one of the fastest-scaling credit access programs in West Africa, especially considering the large number of beneficiaries reached in such a short time.
The agency’s mandate is to provide accessible, affordable credit to every working Nigerian, with a long-term target of reaching 50% of the employed population by 2030 and expanding consumer credit to 50% of Nigeria’s GDP.
How to Apply for CREDICORP Loan
To apply for a CREDICORP-backed loan:
Visit www.credicorp.ng
Click on “Access Your Credit.”
Choose from the list of partner financial institutions
Fill in your details and upload valid documents (e.g., employment ID, proof of income)
Await verification and approval within 5–10 working days
Eligibility Requirements:
Must be a working Nigerian with a stable income
Have a valid BVN and NIN
Be between 18 and 60 years old
Have a functioning bank account
Applicants are encouraged to check their credit score through the platform before applying, as CREDICORP is also building a national credit scoring infrastructure for long-term transparency and equity in lending.
What’s Next for CREDICORP?
According to Nwagba, the next phase will focus on:
Scaling disbursements to one million Nigerians
Strengthening partnerships with banks and fintechs
Expanding access to women, artisans, and micro-entrepreneurs
“We’re not just handing out loans. We’re building a trusted credit system that works for everyday Nigerians,” Nwagba affirmed.
CREDICORP has also committed to enhancing credit education, policy transparency, and risk guarantees for financial institutions, ensuring lenders are encouraged to serve more low-risk but previously excluded populations.
