Government’s CREDICORP Named ‘Consumer Credit Access Company of the Year’ at BAFI Awards

The Nigerian Consumer Credit Corporation (CREDICORP), a federal government institution that has been operational for barely 18 months, has clinched the prestigious Consumer Credit Access Company of the Year award at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The event, which gathers Nigeria's leading financial players, was held in Lagos on Saturday. 

CREDICORP emerged victorious alongside established private-sector giants, including Opay, First Bank, and Fidelity Bank.

BusinessDay's selection committee cited CREDICORP's speed of results, innovative products, and its unique “ecosystem-first model” as key drivers for the win. The committee noted that CREDICORP operates not by competing with lenders, but by "enabling them" to win.

The award recognizes the institution's measurable success in redefining access and affordability within Nigeria's consumer credit ecosystem:

Affordability: The Corporation has successfully driven down effective interest rates by as much as 20%.

Inclusion: It has enabled financial institutions to reach demographics historically excluded from formal lending, including artisans, civil servants, and small traders.

First-Time Borrowers: An impressive 65% of its beneficiaries are first-time successful borrowers.

The recognition specifically highlighted CREDICORP's pioneering innovation in product development, which targets the entire life spectrum of working Nigerians:

YouthCred: Designed for National Youth Service Corps (NYSC) members and employed youth.

Pensioners’ Credit: Provides liquidity and dignity for retirees.

Thematic Programs: Includes credit access for households, workers, and small business owners.

The Corporation has strategically directed its credit interventions toward key national pain points, such as Mobility and alternative energy for homes and micro enterprises through the Credit Access for Light and Mobility (CALM) Fund.

Furthermore, its S.C.A.L.E. (Securing Consumer Access to Local Enterprises) initiative operates a "double-bottom-line model" by combining credit expansion with industrial deepening to stimulate local production and job creation.

Despite being in operation for less than a year, CREDICORP has already reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services including vehicles, solar systems, and home improvement financed through affordable credit.