The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have launched the first phase of a consumer credit fund aimed at enabling Nigerians to purchase locally assembled automobiles.
According to a statement from CREDICORP, the initiative began with the signing of agreements with leading local automobile manufacturers, including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG. The corporation stated that this targeted initiative empowers Nigerians with credit to own new vehicles such as cars, tricycles, and motorbikes while also supporting the growth of Nigeria’s automotive industry.
Implementing Project S.C.A.L.E CREDICORP indicated that the automobile credit scheme is part of its recently launched Project S.C.A.L.E, through which it aims to provide credit to one million Nigerian consumers for the purchase of locally manufactured goods and services. “The automotive industry is one of five thematic areas of CREDICORP’s Project S.C.A.L.E (Securing Consumer Access for Local Enterprises), which connects credit-backed consumers to purchase from local vendors and manufacturers,” it stated.
The S.C.A.L.E initiative focuses on local manufacturers across different sectors, including:
Home Improvement (Furniture, Appliances, Building Materials): This helps households improve their living standards by providing consumer credit for locally produced furniture, building materials, and appliances.
Mobility (Cars, Buses, Keke, Bicycles – especially CNG & Electric): This promotes accessible transportation by facilitating access to compressed natural gas (CNG) and electric vehicles, enabling cheaper and cleaner transport while stimulating growth in Nigeria’s automotive sector.
Electronics (Digital Devices): This provides consumers with affordable access to essential digital devices such as smartphones, tablets, and laptops, fostering digital inclusion and participation in the digital economy.
Energy Solutions (Generators, Solar, etc.): This empowers homes and small businesses with sustainable energy solutions, such as solar panels and efficient generators, addressing Nigeria’s energy challenges.
General Merchandise (Apparel & Textiles, Healthcare, Food & Beverage): This enhances access to essential healthcare products, quality apparel, and nutrition while promoting growth in these sectors.
In October, CREDICORP announced a similar initiative called the Credit Access for Light and Mobility (CALM) Fund, which aims to provide consumer credit that helps Nigerians access CNG conversions and solar home systems through partner financial institutions. The CALM Fund was launched as a collaboration between the Ministry of Finance Incorporated (MoFI), CREDICORP, and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
Additionally, CREDICORP has revealed that 151 financial institutions, comprising commercial banks, fintech companies, and microfinance banks, have signed up to participate in its consumer credit scheme. However, so far, the corporation has officially announced five financial institutions involved in the scheme: Credit Direct, Wema Bank, Accion Microfinance Bank, LETSHEGO Microfinance Bank, and Abbey Mortgage Bank.
To enhance the consumer credit scheme, CREDICORP also recently announced a partnership with the National Identity Management Commission (NIMC) to accelerate the development of credit scores for all Nigerians who have a National Identification Number (NIN).
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