The Nigerian Consumer Credit Corporation (CREDICORP) has begun disbursing its ₦20 billion mobility credit fund, enabling Nigerians to purchase locally manufactured vehicles. In a landmark event held in Lagos, the first batch of beneficiaries received consumer credit to acquire brand-new tricycles and motorbikes from Simba Group, Nigeria’s largest manufacturer of these vehicles.
The rollout marks the fulfillment of CREDICORP’s pledge that Nigerians would start receiving credit to own locally produced vehicles in Q1 2025. Beneficiaries drove off Simba Group’s manufacturing facility with new tricycles and motorbikes, financed through the initiative. Simba Group, under the TVS brand, employs over 800 Nigerians and produces 1,175 vehicles daily.
This event is the first in a series of CREDICORP-backed consumer credit initiatives supporting locally manufactured vehicles, including cars and vans from leading Nigerian automakers such as Nord, Innoson, CIG, Jets, and NEV.
The automobile credit fund is part of Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), an initiative designed to strengthen Nigeria’s industrial base by channeling consumer credit toward locally manufactured goods and services.
Beyond automobiles, the initiative also supports other key sectors, including digital devices, home upgrades and appliances, energy solutions, and household essentials. CREDICORP aims to facilitate credit-backed purchases for up to one million Nigerians across these industries by the end of 2026.
CREDICORP’s Mission and Strategy
Established in April 2024 under President Bola Ahmed Tinubu’s Renewed Hope Agenda, CREDICORP was created to expand consumer credit access as a fundamental tool for economic inclusion, improved quality of life, anti-corruption efforts, and local industry growth.
The corporation operates under three strategic pillars:
1. Strengthening Consumer Credit Infrastructure – Ensuring every economically active Nigerian has a credit score that serves as personal equity for credit access.
2. Providing Financial Support – Offering wholesale funding and credit guarantees to financial institutions that expand consumer credit access.
3. Driving Financial Literacy and Cultural Change – Educating Nigerians on responsible consumer credit use and equipping financial institutions with best practices for credit underwriting.
Expanding Access to Consumer Credit
CREDICORP’s efforts are aimed at making consumer credit an essential part of Nigeria’s financial system, providing individuals with the means to afford essential goods while boosting local production. The successful rollout of the mobility credit fund is a major step toward realizing this vision, with more beneficiaries expected to access financing for locally made vehicles in the coming months.
For further updates on CREDICORP’s initiatives, click here
