The Nigerian Consumer Credit Corporation (CREDICORP) has been named Credit Access Company of the Year at the 13th edition of the BusinessDay Banks and Other Financial Institutions (BAFI) Awards held on Saturday in Lagos.
The annual event, organized by BusinessDay, Nigeria’s leading private-sector newspaper, celebrates excellence and innovation across banking, fintech, and the broader financial services industry.
Other winners at the 2025 ceremony included Opay (Mobile Payment Solutions Provider of the Year), First Bank of Nigeria (Dominant Force in Inclusive Banking), Fidelity Bank (Export Finance Bank of the Year), and Page Financials (Finance Company of the Year).
CREDICORP — a federal government institution established just 18 months ago — stood out among leading private-sector players. BusinessDay’s selection committee cited the Corporation’s rapid progress, innovative products, and “ecosystem-first” approach, noting that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”
Recognizing Transformative Impact
According to the award committee, CREDICORP was chosen after a rigorous data-driven assessment of institutions transforming Nigeria’s consumer credit landscape through access, affordability, and innovation.
Within its short existence, the agency has made measurable progress in expanding access to consumer credit, lowering effective interest rates by up to 20%, and helping financial institutions reach underserved groups — including artisans, civil servants, small traders, and youth. About 65 percent of its beneficiaries are first-time borrowers.
Innovation Across Life Stages
CREDICORP’s programs span the financial life cycle of Nigerians, from early employment to retirement. They include:
YouthCred, designed for National Youth Service Corps (NYSC) members and young workers;
Pensioners’ Credit, tailored for retirees seeking liquidity and financial dignity;
and other targeted initiatives supporting households, employees, and small business owners.
Targeting What Matters Most
The Corporation’s credit interventions focus on key areas affecting Nigerians’ daily lives — including mobility, energy access, and local production. Its Credit Access for Light & Mobility (CALM) Fund promotes access to vehicles and alternative energy for homes and microenterprises, while S.C.A.L.E. (Securing Consumer Access to Local Enterprises) links credit expansion to job creation and industrial growth.
Despite operating financially for less than a year, CREDICORP has facilitated affordable credit for over 180,000 Nigerians, enabling access to vehicles, solar systems, home improvements, and productivity tools.
BusinessDay described its model as a “double-bottom-line approach that simultaneously empowers citizens and stimulates local enterprise” — a model that appears to be redefining Nigeria’s consumer credit future.