Ecobank partners CrediCorp to offer affordable financing to customers

Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and flexible loans to customers.

These loans can be used to finance a variety of needs, including paying school fees, rent, maintenance costs, medical bills, car purchases and repairs as well as asset purchases, the bank said in a statement.

The programme is available to civil servants and private-sector employees whose salaries are paid through Ecobank. New customers can also benefit upon presentation of an employer undertaking to pay subsequent salaries through Ecobank.

Starting this month, the initiative provides flexible repayment options and a streamlined loan application process.

CrediCorp, a development finance institution (DFI) established by the Federal Government, is focused on enhancing access to consumer credit for Nigeria’s workforce.

Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers. The arrangement covers personal loans as well as asset financing for items like solar systems, home appliances, phones and laptops as well as conversions of vehicles to compressed natural gas (CNG).

Head of Consumer Banking at Ecobank Nigeria, Adeola Ogunyemi, expressed excitement about the collaboration, emphasizing that it would provide salary earners, both in the public and private sectors, with better access to financial products.

Ogunyemi said: “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians. Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative.”

The loans come with affordable interest rates, a two-year term and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.