Accion Microfinance Bank (Accion MFB) has launched an affordable tricycle financing initiative for riders in Lagos, providing them with an opportunity to own their vehicles through accessible loan options.

The partnership with Nigeria Consumer Credit Corporation (CrediCorp) aims to improve financial inclusion and uplift local riders, offering them a pathway to sustainable livelihoods.

At the launch, held in Lagos, Accion MFB handed over the first batch of tricycles to selected riders, marking a significant milestone in the initiative.

Managing Director and Chief Executive Officer, Accion MFB, Taiwo Joda, expressed his gratitude for the visionary support of President Bola Tinubu, which made the project possible.

“This partnership is not just about providing financial support but about making a lasting impact on people’s lives. It’s about giving them the tools to succeed, showing that hard work can truly lead to success, and empowering them to break away from corrupt practices. Each of the tricycles, which cost N3.6 million, will be paid for in manageable instalments over 24 months,” he said.

Joda assured CrediCorp, which acts as the wholesale banker for the project, that Accion MFB had thoroughly assessed the riders’ creditworthiness.

“We know these individuals are reliable and committed to repaying their loans,” he stated.
The initiative is set to expand to other cities such as Ilorin, Kano, and Kaduna, with plans to include more women in the programme.

Joda also emphasised the importance of adhering to traffic laws and responsible vehicle usage to ensure the project’s long-term success.

Chief Executive Officer, CrediCorp, Uzoma Nwagba, highlighted the wider economic impact of the initiative, explaining that providing consumer credit was crucial for enhancing people’s quality of life and reducing the pressure to seek illegal means of wealth.

“This programme is designed to stimulate the local economy by encouraging the purchase of made-in-Nigeria products, creating jobs, and fostering entrepreneurship,” he said.

Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, called for an increase in the use of locally sourced tricycle components.

He urged manufacturers to support local suppliers and contribute to the national economy by boosting local production.

Managing Director of Simba Group, Vinay Grover, also supported the initiative, emphasising the importance of durable and reliable vehicles in driving Nigeria’s economic growth.

Grover, whose company launched Nigeria’s first CNG tricycle in November 2023, stressed that expanding consumer credit would provide more individuals with opportunities to invest in their futures.