The Nigerian Consumer Credit Corporation (CREDICORP) has extended its nationwide rollout of 10,000 credit-backed, locally assembled vehicles to Yola, Adamawa State, as part of efforts to make productive assets more accessible to working Nigerians through affordable consumer credit.
The latest rollout, held at Mahmud Ribadu Square, Yola, marks CREDICORP’s entry into the North-East and represents another milestone in its national mobility programme, which is designed to expand access to credit-backed vehicle ownership across communities in all regions of Nigeria.
The programme has already reached locations across the South-South, North-Central and South-West, including Port Harcourt, the Federal Capital Territory, Ijebu-Ode, Akure, Lagos and Ile-Ife. Following the Adamawa activation, Borno is expected to be the next stop before the programme moves into the South-East.
A major highlight of the Yola activation was CREDICORP’s first deployment of Compressed Natural Gas (CNG)-powered three-wheelers, aligning its consumer-credit mandate with the Federal Government’s energy-transition agenda and efforts to promote cleaner and more sustainable livelihoods.
According to CREDICORP, financing CNG-powered vehicles through responsible consumer credit will help ensure that the transition to cleaner energy creates opportunities for working Nigerians rather than imposing additional financial burdens on them.
The mobility programme forms part of CREDICORP’s broader effort to make consumer credit an everyday tool for Nigerians seeking to acquire productive assets, improve their livelihoods and strengthen their earning capacity.
The Corporation said more than 301,000 Nigerians nationwide have so far accessed CREDICORP-supported consumer credit covering mobility, digital devices, home improvement, life essentials and other productive assets.
The vehicle rollout is being implemented under CREDICORP’s S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises — which links consumer purchasing power generated through credit with Nigerian production and enterprise.
Through the initiative, CREDICORP finances locally assembled vehicles and other Nigerian-made products, with the aim of simultaneously improving consumers’ access to productive assets and creating sustained demand for local manufacturers, assemblers and businesses.
Speaking on the Yola rollout, CREDICORP Managing Director/Chief Executive Officer, Engr. Uzoma Nwagba, described the activation as an important milestone in the Corporation’s national mission.
He said the programme was designed to take consumer credit to every region of the country and place productive assets in the hands of Nigerians who could use them to earn, grow their businesses and improve their livelihoods.
Nwagba also highlighted the significance of the CNG-powered vehicles, noting that the deployment demonstrated CREDICORP’s commitment to expanding access to cleaner-energy mobility while supporting local production.
He said responsible consumer credit could enable Nigerians to acquire clean-energy vehicles and repay over time, thereby expanding their economic opportunities while creating demand for locally produced goods.
For the Yola rollout, Subcity Global served as the vendor and aggregator partner, mobilising beneficiaries and coordinating deployment. Letshego Microfinance Bank and Accion Microfinance Bank provided credit administration support, while DAG Bajaj supplied the locally assembled CNG-powered three-wheelers.
CREDICORP said it would continue to expand its consumer-credit programmes through partnerships with licensed financial institutions, manufacturers, vendors and community partners.
Through S.C.A.L.E. and its wider consumer-credit initiatives, the Corporation said it is working to build a national marketplace where responsible credit enables Nigerians to acquire productive assets and improve their earning capacity, while strengthening demand for locally manufactured goods and supporting jobs across the economy.