*The Nigerian Consumer Credit Corporation shines, as the agency is named the 鈥楥onsumer Credit Access Company of the Year鈥� for its data-driven evaluation of institutions, redefining access, affordability, and innovation in the country鈥檚 consumer credit ecosystem, at the recent 13th BusinessDay Banks and Other Financial Institutions Awards, in Lagos

Gbenga Kayode | 绿帽献妻

The Nigerian Consumer Credit Corporation (CREDICORP) has been named the 鈥淐onsumer Credit Access Company of the Year鈥� at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held in Lagos recently.

BusinessDay has organised the prestigious event annually, which awards convene leading players across banking, Financial Technology (FinTech), and financial services in the country.

绿帽献妻 reports CREDICORP, a Federal Government鈥檚 institution that has existed for barely 18 months, emerged alongside such established private-sector brands.

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Other notable winners at the event included Opay as the 鈥淢obile Payment Solutions Provider of the Year鈥�, First Bank of Nigeria as 鈥淒ominant Force in Inclusive Banking鈥�, Fidelity Bank, 鈥淓xport Finance Bank of the Year鈥�, and Page Financials, as the 鈥淔inance Company of the Year鈥� respectively.

The organisers鈥� selection particularly cited the Corporation鈥檚 speed of results, innovative products, and 鈥渆cosystem-first model鈥� as key factors in its decision.

The newspaper also observed that 鈥淐REDICORP operates not to crowd out or compete with lenders, but to win by enabling them.鈥�

Recognising CREDICORP transformative impact

According to the selection committee for the awards, CREDICORP was chosen in regard to its data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria鈥檚 consumer credit ecosystem.

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CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20 percent, and enabling financial institutions to reach demographics historically excluded from formal lending 鈥� from artisans and civil servants to small traders and youth, with 65 percent of its beneficiaries being first-time successful borrowers.

On innovation across life stages in economy

According to the BusinessDay Selection Committee, the award has also highlighted CREDICORP鈥檚 pioneering innovation in product development, spanning the entire life spectrum of working Nigerians.

These, the Committee stated, included the Corporation鈥檚 YouthCred for National Youth Service Corps (NYSC) members, and employed youth in general; Pensioners鈥� Credit for retirees seeking liquidity and dignity in retirement; and multiple thematic programmes in between, addressing credit for households, workers, and small business owners.

In terms of its targeting what matters most, the award equally noted the Corporation鈥檚 credit interventions have been strategically directed at the 鈥減ain points鈥� most affecting Nigerian consumers鈥� quality of life.

These include mobility, and alternative energy for homes and micro enterprises through the Credit Access for Light & Mobility (CALM) Fund; and local production and job creation through S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which combines credit expansion with industrial deepening.

The organisers; as well affirmed such initiatives reflected what was described as a 鈥渄ouble-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.鈥�

Despite financial operations for less than a year in the Nigerian economy, CREDICORP has reached up to 180,000 consumers.

The Corporation is also noted to have facilitated access to life-enhancing goods and services, including vehicles, solar systems, home improvement and productive tools, all financed with affordable credit for Nigerians.

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