In a bold effort to expand access to income-generating tools and dignified work for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-City Global Project, Simba Group and Letshego Microfinance Bank, has distributed 50 units of tricycles to Ikorodu youths, members of the Tricycle Owners & Operators Association of Nigeria (TOOAN) and Tricycle Owners & Drivers Association of Lagos State (TODAL).
The event, held yesterday at the Golden Kharis Event Centre, Ikorodu, Lagos, marked another major milestone in CREDICORP’s mission to unlock economic opportunities for everyday Nigerians through asset-backed consumer credit.
The TOOAN and TODAL beneficiaries received brand-new, locally assembled tricycles, fully financed through structured and affordable repayment plans facilitated by Letshego MFB.
This rollout falls under CREDICORP’s broader S.C.A.L.E. initiative (Securing Consumer Access for Local Enterprises), which connects qualified consumers with Nigeria’s manufacturing and credit infrastructure, ensuring that lending supports both productivity and long-term economic inclusion.
Distributed in partnership with Sub-City Global Project, the tricycles provide immediate commercial value in transportation and logistics, enabling beneficiaries to build stable livelihoods in one of Lagos’s most dynamic and growing corridors.
Speaking at the event, Olanike Kolawole, Executive Director of Operations at CREDICORP, said that the event marked a transition from promises to practical and tangible solutions. She also said that the solutions were designed to deliver mobility, dignity, and economic inclusion to all Nigerians, both men and women, who need it most.
“What we’re doing here is simple—give hardworking youth the tools they need to stand on their own feet. The recipients today are from the prestigious TOOAN – Tricycle Owners & Operators Association of Nigeria and TODAL- Tricycle Owners & Drivers Association of Lagos State,’ she said.
Speaking about the initiative, she said, “With the mandate of the Federal Government, CREDICORP exists to democratize consumer credit-to make it a tool of inclusion, progress, and self-determination. We are building a national credit infrastructure that operates through licensed financial institutions and credible vendors, ensuring credit flows responsibly, affordably, and at scale, reaching everyday Nigerians wherever they are.
She gave a step-by-step explanation of how the initiative works, in her words, “CREDICORP provides the capital through our dedicated Mobility Access Window, the S.C.A.L.E. Fund-Securing Consumer Access for Local Enterprises. Letshego Microfinance Bank acts as a credit administrator, screening applicants, evaluating creditworthiness, and ensuring every loan is responsibly structured. Subcity Global, in partnership with local assembler Simba TVS, delivers safe, roadworthy three-wheelers to qualified recipients, maintaining standards and operational readiness from day one.
“The true strength of this model lies in its structure: recipients do not have to pay everything upfront. They receive their vehicles now, begin working, earn income, and pay gradually until they fully own the asset. This is what access looks like. This is what dignity feels like. This is what structured empowerment means.”
Also speaking at the event, Umar Tolihat Imam, the MD/CEO of Sub-City Project Global Consult, said that the event signified hope, opportunity, and the collective effort to uplift our community.
His words, “We are proud to celebrate the handing over of brand-new hire-purchase tricycles, sponsored by Credicorp through Letshego MFB to Sub-city Project Global Consult, to deserving young individuals as beneficiaries. This initiative is designed not only to provide transportation but to empower our youth to become entrepreneurs and drivers of their success. It is a clear testament to our shared commitment to youth empowerment and economic growth.”
He commended the federal government for its giant efforts in supporting and creating value for the Nigerian youths, Umar Tolihat said, “The cycle of this empowerment and responsibility is at the core of the sustainable development of the federal government initiative in reducing the rate of unemployment among the Nigerian youth. He encouraged the beneficiaries to be responsible for repaying the loan under the umbrella of Sub-city, to enable others in the community to benefit from similar opportunities in the future.”
On his part, Anoop Palliyil, Head of Service at Simba Group, stated that the distribution marks a significant milestone in youth empowerment and economic progress. He said that the Simba Group and the entire Simba TVS team were proud to be part of the impactful collaboration.
“At Simba TVS, we believe in the power of mobility – not just to transport people, but to transform lives. That belief drives our commitment to ensure timely delivery and dependable service support for every tricycle handed over today. Because we understand what’s truly at stake: opportunity, income, and dignity for our youth.”
He encouraged the beneficiaries to understand that they were given not just a vehicle but a chance to take control of their journey. He said, “Own it. Grow with it. Let it be the start of something great.”
In his closing remarks, Aderoju Adebowale, the Managing Director, Letshego MFB, expressed the excitement of the institution to be a part of building the community, saying, “I am happy with what I’ve seen, I want to congratulate everyone. At Letshego, we are very excited to be part of this initiative with CREDICORP and Sub City. We believe in the initiative of the federal government to empower the people at the bottom of the pyramid, and this aligns 100 per cent with our mission in Letshego MFB, where we believe building the lives of our community and customers is the top agenda.”
By working with Letshego Microfinance Bank, CREDICORP ensures that credit remains both inclusive and sustainable, with repayments tied to earnings and deductions designed to minimise financial strain on borrowers.
The Ikorodu rollout also advances local content development, as all vehicles were assembled in Nigeria, reinforcing CREDICORP’s dual mandate: empowering consumers while stimulating domestic manufacturing and job creation.
As with other S.C.A.L.E. deployments across the country, this initiative is designed to make credit work for the people, targeting productive sectors such as transportation, clean energy, and micro-enterprise. Other programs like YouthCRED and C.A.L.M. reflect the same vision: providing responsible, life-enhancing credit to underserved Nigerians.
CREDICORP continues to collaborate closely with the Central Bank of Nigeria (CBN), licensed financial institutions, and trusted vendors to deliver scalable credit solutions that address real economic needs at the grassroots level.
