CREDICORP Unveils Pension-backed Loan Scheme To Empower Nigerian Retirees

The Nigerian Consumer Credit Corporation (CREDICORP) has launched an unprecedented pension-backed indebtedness programme designed to springiness retirees entree to affordable credit, marking a historical measurement successful Nigeria’s user concern sector.

The initiative, unveiled connected Thursday successful Abuja nether the taxable ‘Empowering Retirement with Consumer Credit’, is being implemented successful concern with Leadway Trustees and Optimus Bank. It seeks to supply elder citizens with tailored, low-interest loans utilizing their pension income arsenic collateral.

For decades, user recognition successful Nigeria has mostly excluded retirees, leaving them incapable to entree financing for pressing needs specified arsenic healthcare, location renovations, tiny concern ventures, and household support. The caller strategy aims to span this spread by integrating annuitants into the nation’s recognition ecosystem.

Speaking astatine the signing of a Memorandum of Understanding (MoU), CREDICORP Managing Director/Chief Executive Officer, Engr. Uzoma Nwagba, described the programme arsenic a “first-of-its-kind product” that would redefine user recognition for Nigeria’s aged population.

His words: “The programme leverages pension income, offering retirees tailored, low-interest loans that are some unafraid and sustainable. This first-of-its-kind merchandise ensures that Nigeria’s seniors tin entree recognition with dignity, without the load of exorbitant rates oregon analyzable processes.”

Nwagba further stressed the value of recognising retirees arsenic a captious portion of the country’s progress: “Annuitants are the backbone of Nigeria’s progress, yet they person been sidelined successful the recognition ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise successful pension absorption we are delivering a recognition solution that is safe, affordable, and transparent. This is user recognition redefined—inclusive, equitable, and empowering.”

He besides commended President Bola Tinubu for driving fiscal inclusion done the Renewed Hope Agenda, noting that the pension-backed indebtedness strategy reflects the administration’s committedness to creating opportunities for each Nigerians.

“Retirees, aft years of dedicated work to the country, merit entree to affordable financing for healthcare, tiny businesses, location improvements, and household needs,” helium said.

The scheme, which covers some national and authorities pensioners, is expected to importantly amended fiscal entree for elder citizens and easiness the load of post-retirement living in Nigeria.