The Nigerian Consumer Credit Corporation (CREDICORP) has been named Consumer Credit Access Company of the Year at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held in Lagos on Saturday.
The prestigious event is organised annually by BusinessDay, Nigeria’s foremost private-sector newspaper. The awards convened leading players across banking, fintech, and financial services.
Other notable winners at the event included Opay (Mobile Payment Solutions Provider of the Year), First Bank of Nigeria (Dominant Force in Inclusive Banking), Fidelity Bank (Export Finance Bank of the Year), and Page Financials (Finance Company of the Year).
CREDICORP, a Federal Government institution that has existed for barely 18 months, emerged alongside such established private-sector brands.
The BusinessDay Selection Committee cited the Corporation’s speed of results, innovative products, and “ecosystem-first model” as key factors in its decision, noting that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”
According to the panel, CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem.
It has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20 per cent and enabling financial institutions to reach demographics historically excluded from formal lending — from artisans and civil servants to small traders and youth, with 65 per cent of its beneficiaries being first-time successful borrowers.
The award also highlights CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians, including YouthCred for National Youth Service Corps (NYSC) members and employed youth in general; Pensioners’ Credit for retirees seeking liquidity and dignity in retirement; and multiple thematic programmes aimed at addressing credit for households, workers, and small business owners.
Despite financial operation for less than a year, CREDICORP has reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services — including vehicles, solar systems, home improvement, and productive tools — financed with affordable credit.
