The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank, has distributed 50 Nigerian-assembled tricycles to transport operators in Ijebu-Ode, Ogun.
The handover ceremony at the Awujale Palace on Friday aimed to expand consumer credit, reduce poverty, promote financial inclusion, and boost local economic growth through productive asset ownership.
CREDICORP Board Chairman Otunba Aderemi Abdul-Bojela described consumer credit as a key driver of industrialization, economic inclusion, and sustainable development.
He stated that the initiative aligns with President Bola Tinubu’s vision of making consumer credit accessible to ordinary Nigerians to stimulate growth and strengthen local industries.
Abdul-Bojela added that structured consumer credit would boost purchasing power, increase demand for Nigerian-made products, and support manufacturers through better inventory turnover and job creation.
Earlier, CREDICORP Executive Director of Operations, Olanike Kolawole, explained that the program is part of the corporation’s nationwide mobility initiative under its S.C.A.L.E. program.
She noted that the initiative enables Nigerians to acquire productive assets responsibly, complementing interventions like the Women in Mobility Programme.
Imowo Microfinance Bank Chairman Mrs. Abolaji Osibogun said beneficiaries are transitioning from transport operators to asset owners through structured financing.
She explained that the bank provided the credit framework, conducted due diligence, and ensured regulatory compliance, reaffirming its commitment to funding farmers, traders, and small businesses.
IDIPR Chairman Lekan Bello said the organization has impacted over 133,000 beneficiaries through poverty reduction, enterprise development, healthcare, and financial inclusion programs.
He added that IDIPR has facilitated over 189 community societies, created more than 1,300 jobs, and maintained a 99.4% loan recovery rate.
Bello stated that the partnership with CREDICORP would expand access to credit and create more opportunities for transport operators and entrepreneurs across Ijebuland.
In his remarks, CREDICORP Managing Director Uzoma Nwagba reaffirmed the company’s commitment to expanding consumer credit as a tool for productivity, wealth creation, and improved living standards.
Nwagba disclosed that CREDICORP has enabled 227,728 Nigerians to access consumer credit through 35 financial institutions, maintaining zero non-performing loans while supporting 15 local industries.
