Positive Development: Nigerian Civil Servants to Receive N100 Billion in Upcoming Payments
The Nigerian Consumer Credit Corporation (CrediCorp) has announced that 500,000 civil servants will soon benefit from a N100 billion consumer credit initiative. This was revealed during the signing of a Memorandum of Understanding (MoU) with Credit Direct, a subsidiary of FCMB Group, at the program’s launch in Lagos.
CrediCorp highlighted that this partnership aims to expand access to consumer credit, with an initial focus on civil servants across the country. The program is part of a broader effort to enhance financial inclusion and improve the economic well-being of Nigerians, aligning with CrediCorp’s mission to extend credit access to 50% of economically active citizens by 2030.
Set to roll out in September, the initiative will provide discounted loans to over 15,000 civil servants per phase, with a goal of reaching more than 500,000 beneficiaries within the next year. CrediCorp’s CEO, Uzoma Nwagba, announced that civil servants registered under the Integrated Payroll and Personnel Information System (IPPIS) will be eligible for special loan offers. These offers include reduced interest rates and flexible repayment terms, enabling them to finance the purchase of essential goods such as household items, transportation, healthcare, and electronics.
Nwagba further explained that, depending on their repayment ability, applicants could secure loans ranging from N30,000 to N3 million. “By working through Credit Direct and other financial institutions that will join the program in the coming weeks, civil servants can access instant and affordable credit to alleviate financial pressures and improve their quality of life,” he said.
