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The Nigerian Consumer Credit Corporation (CREDICORP) has been named ‘Consumer Credit Access Company of the Year’ astatine the 13th variation of the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held successful Lagos connected Saturday.
The yearly BAFI Awards, organised by BusinessDay, Nigeria’s starring private-sector paper renowned for its autarkic reporting and insightful analysis, celebrates excellence and innovation crossed banking, fintech, and the broader fiscal services ecosystem.
CREDICORP, a Federal Government instauration established hardly 18 months ago, was honoured alongside immoderate of the country’s astir established private-sector brands.
According to BusinessDay’s enactment committee, the grant recognises the Corporation’s accelerated progress, innovative merchandise design, and its “ecosystem-first model,” which focuses connected enabling lenders alternatively than competing with them.
The committee explained that CREDICORP’s enactment followed a rigorous, data-driven valuation of institutions transforming access, affordability, and innovation wrong Nigeria’s user recognition landscape.
The Corporation has notably driven down effectual involvement rates by arsenic overmuch arsenic 20%, expanded fiscal inclusion, and empowered lenders to scope antecedently excluded segments of society, including artisans, civilian servants, tiny traders, and young people.
Remarkably, 65% of CREDICORP’s beneficiaries are first-time palmy borrowers.
CREDICORP’s designation besides reflects its pioneering attack to merchandise improvement crossed assorted beingness stages of moving Nigerians. Its recognition programmes see “YouthCred”, designed for members of the National Youth Service Corps (NYSC) and employed youth; “Pensioners’ Credit”, which provides retirees with entree to liquidity and fiscal dignity; and respective thematic programmes targeting households, workers, and tiny concern owners.
The Corporation’s interventions are strategically focused connected areas that straight impact Nigerians’ prime of life. Through initiatives specified arsenic the Credit Access for Light & Mobility (CALM) Fund, CREDICORP supports entree to mobility and alternate vigor solutions for homes and microenterprises.
Similarly, its “S.C.A.L.E. (Securing Consumer Access to Local Enterprises)” inaugural combines recognition enlargement with concern deepening to beforehand section accumulation and occupation creation.
These efforts, described arsenic portion of a “double-bottom-line model,” are designed to simultaneously empower citizens and stimulate home enterprise.
Despite operating financially for little than a year, CREDICORP has already reached implicit 180,000 Nigerians, enabling entree to life-enhancing goods and services, including vehicles, star systems, location betterment tools, and different productive assets, each financed done affordable credit.
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