Under the credit scheme, participants can access up to N3.5 million at low interest rates.
President Bola Tinubu’s consumer credit scheme officially commenced yesterday with the signing of a partnership agreement with Credit Direct, a subsidiary of the FCMB Group that specialises in lending to civil servants.
The scheme’s initial phase will provide discounted direct consumer credit to over 15,000 civil servants, with plans to expand to 500,000 civil servants nationwide.
The Chief Executive Officer, CREDICORP, Uzoma Nwagba, said this initiative is part of a broader effort to enhance the well-being of Nigerians and expand consumer credit access to 50 per cent of economically active Nigerians by 2030.
Nwagba announced that civil servants registered under the Integrated Personnel and Payroll Information System (IPPIS) will benefit from the exclusive loan offers beginning this September
He explained that the loans will offer reduced interest rates and flexible repayment plans designed to assist civil servants purchase essential domestic goods, mobility solutions, medical care, electronics, and other household needs.
“By partnering with Credit Direct and soon with other financial institutions, we aim to provide instant and affordable credit to civil servants, helping them cushion economic shocks and improve their quality of life. This partnership is a significant step towards achieving that goal,” Nwagba stated.
The Chief Executive Officer of Credit Direct, Chukwuma Nwanze, emphasised the importance of the initiative in promoting financial inclusion among civil servants.
He noted that civil servants play a crucial role in the nation’s growth and stability, adding that the company is committed to supporting the scheme with accessible credit facilities.
Nwanze added that this partnership will extend services to more individuals and ensure civil servants can access the funds they need quickly and easily, with loans of up to N3.5 million available, depending on their income and needs.
