The Nigerian Consumer Credit Corporation (CrediCorp) is partnering with Ecobank Nigeria to offer affordable and flexible loans to customers to meet a variety of needs, including paying school fees, rent, maintenance costs, medical bills, car purchases, repairs, asset purchases, and more.
According to CrediCorp, the arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops, etc., and vehicle conversions to compressed natural gas (CNG).
CrediCorp, a development finance institution established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce. Under the partnership, CrediCorp will provide funds to Ecobank for on-lending to qualified customers.
Expressing excitement about the collaboration, the Head of Consumer Banking at Ecobank Nigeria, Adeola Ogunyemi, emphasised that it would provide salary earners, both in the public and private sectors, with better access to financial products.
She said, “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians. Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative.”
The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.