By JKNewsMedia
RECOGNITION FOR excellence in consumer credit delivery came to the Nigerian Consumer Credit Corporation (CREDICORP) as it was named Consumer Credit Access Company of the Year at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos on Saturday.
The annual event, organised by BusinessDay, Nigeria’s leading private-sector newspaper, brings together top players across banking, fintech, and financial services to honour exceptional performance and innovation.
CREDICORP, a Federal Government-backed institution barely 18 months old, received the award alongside long-established private-sector brands such as Opay, First Bank of Nigeria, Fidelity Bank, and Page Financials.
The publication’s selection highlighted CREDICORP’s rapid results, product innovation, and ecosystem-driven model as reasons for the recognition, stating that the corporation “operates not to crowd out or compete with lenders, but to win by enabling them.”
The BusinessDay selection committee explained that CREDICORP was chosen following a data-driven assessment of institutions advancing access, affordability, and innovation in Nigeria’s consumer credit ecosystem.
The evaluation recognised the corporation’s impact in making credit more affordable and accessible, cutting effective interest rates by up to 20 per cent and enabling formal lenders to reach previously excluded groups such as artisans, civil servants, small traders, and youth.
CREDICORP’s operational model has been described as transformative, with 65 per cent of its beneficiaries being first-time successful borrowers.
This milestone reflects the corporation’s objective of building a financially inclusive economy where ordinary Nigerians can access credit to improve their lives and livelihoods.
Highlighting innovation across life stages, CREDICORP has developed a suite of tailored products designed to meet Nigerians’ diverse credit needs.
These include YouthCred for National Youth Service Corps (NYSC) members and employed young people; Pensioners’ Credit for retirees seeking liquidity and dignity in retirement; and several other thematic programmes addressing the financial requirements of workers, households, and small business owners.
The corporation’s interventions have targeted critical areas that directly influence citizens’ quality of life. Under its Credit Access for Light & Mobility (CALM) Fund, CREDICORP provides financing for mobility solutions and alternative energy to power homes and micro enterprises.
It has also implemented the S.C.A.L.E. initiative, Securing Consumer Access to Local Enterprises, which integrates consumer credit expansion with local production and job creation.
Through these strategic efforts, the institution promotes what has been described as a “double-bottom-line model” that simultaneously empowers citizens and stimulates domestic enterprise.
This approach aligns with the Federal Government’s broader economic inclusion agenda, aiming to build a sustainable framework for credit that supports both individual well-being and national productivity.
Despite operating financially for less than a year, CREDICORP has reached more than 180,000 Nigerians, facilitating access to essential goods and services through affordable credit.
The items financed include vehicles, solar systems, home improvement materials, and productive tools for income generation.
