CREDICORP Brings 10,000 Vehicles to Ile-Ife

The Nigerian Consumer Credit Corporation, CREDICORP, has launched its nationwide rollout of 10,000 credit-backed vehicles in Ile-Ife, Osun State. This move aims to help working Nigerians get productive assets through affordable consumer credit.

The event took place at the Ooni of Ife Palace, attended by His Imperial Majesty, the Ooni of Ife. This marks another big step in CREDICORP’s national mobility program. The goal is to make vehicle ownership more accessible to communities across Nigeria.

After moving through the North Central region and now reaching the South West, including Ijebu-Ode and Ile-Ife, the rollout will next go to Adamawa and Borno in the North East. CREDICORP plans to deliver this program across the country step by step.

This vehicle initiative is part of a larger effort by CREDICORP to make consumer credit a regular tool for Nigerians. The aim is to help people own useful assets, improve their lives, and enjoy a better future. So far, over 301,000 Nigerians have accessed CREDICORP-supported consumer credit for mobility, digital devices, home upgrades, essentials, and other productive items.

CREDICORP’s vehicle rollout is under the S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises. This initiative connects the buying power from consumer credit with local production. By financing locally assembled vehicles and other Nigerian-made products, CREDICORP has two goals: to improve lives and earning potential while also creating ongoing demand for local businesses.

Uzoma Nwagba, the Managing Director and CEO of CREDICORP, spoke at the event. He said the launch in Ile-Ife is part of a much bigger plan.

"What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey. We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow, and live better now."

He added, "When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria. Multiply that across thousands of people, communities, and industries, and consumer credit becomes a powerful engine for both better lives and national economic growth."

The presence of the Ooni of Ife at the event made it even more special. Ile-Ife is known as the home of Yoruba culture, with a rich history of commerce and enterprise. By bringing this credit program to Ile-Ife, CREDICORP shows its commitment to making formal consumer credit available to Nigerians everywhere.

The Ile-Ife launch continues CREDICORP’s work in mobility, which includes programs for commercial transport operators and the 10,000 Women in Mobility Program. This program aims to boost vehicle ownership and economic chances for Nigerian women.

CREDICORP partners with licensed financial institutions and a growing network of manufacturers, vendors, and community partners to run its programs. For the Ile-Ife rollout, Gamma Mobility assisted with beneficiary profiling and onboarding. Simba TVS provided the locally assembled three-wheelers, while Accion Microfinance Bank helped with credit administration.

Through S.C.A.L.E. and its broader consumer credit programs, CREDICORP is building a national market where responsible credit allows Nigerians to own more, earn more, and enjoy a better life now. This buying power also supports local industry and job creation.