The Federal Government has begun the distribution of consumer credit to eligible civil servants across the country, through the newly established Nigerian Consumer Credit Corporation (CREDICORP).
The disbursement process began after CREDICORP signed an agreement with Credit Direct, a financial services provider under the FCMB Group.
This credit scheme, set to roll out in September, will be facilitated by participating financial institutions, with Credit Direct being the first to join.
Civil servants who are registered on the Integrated Payroll and Personnel Information System (IPPIS) can access loans up to N3.5 million, depending on their financial needs and income levels.
The initiative aims to provide over 15,000 civil servants with consumer credit per cycle, offering them favorable terms, including reduced interest rates and flexible repayment options.
These loans can be used for various purposes, such as purchasing household items, medical expenses, and mobility solutions.
CREDICORP’s long-term goal is to expand consumer credit access to 50 percent of economically active Nigerians by 2030, starting with this program for civil servants.
This initiative is expected to significantly impact the quality of life for civil servants and boost local industries by increasing consumption.
Credit Direct, with its extensive presence across Nigeria, is committed to supporting civil servants by providing accessible and affordable credit options, furthering its mission of positively impacting working-class Nigerians.
