Lukman Abdulmalik
The Nigerian Consumer Credit Corporation (CREDICORP) has launched a new initiative to promote credit as a tool for economic empowerment, beginning with a public awareness campaign in Kano State.
The program officially kicked off on Wednesday at Sani Abacha Stadium in Kano, with widespread participation from market communities, trade associations, financial institutions, and government officials.
This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and represents the third strategic pillar of CREDICORP’s mission: reshaping how Nigerians view credit.
The corporation aims to shift the narrative, positioning credit as a means to foster self-reliance and economic stability rather than as a financial burden.
To ensure broader access, CREDICORP is working with banks and faith-based lending institutions to offer interest-free loans, specifically targeted at low-income earners.
Kano State Governor, Abba Kabir Yusuf, led the event alongside state government representatives and key financial sector stakeholders.
The newly launched campaign is designed to educate citizens on the benefits of using credit to access essential goods and services, such as vehicles, solar energy systems, and home improvements, through manageable installment plans instead of upfront cash payments.
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, has emphasized the strategic importance of Kano State as the commercial hub of Northern Nigeria.
Speaking at the launch of a new consumer credit initiative, Nwagba highlighted the Federal Government’s commitment to improving the quality of life for Nigerians, in line with President Bola Ahmed Tinubu’s agenda.
“The purpose of our gathering today is to address the issue of access to consumer credit—an essential step toward improving the lives of Nigerians,” Nwagba said.
“With access to credit, individuals no longer need to save for years or even decades to afford essential services, as long as they repay responsibly over time.”
He noted that thousands of Nigerians, particularly civil servants, have already benefited from consumer credit facilities, using the funds to complete home construction, purchase vehicles, and install solar power systems—all in partnership with financial institutions.
Beyond providing credit, Nwagba emphasized the importance of strengthening infrastructure and legal frameworks.
“Our work also focuses on creating a robust regulatory environment that empowers financial institutions—not the government—to confidently lend their capital to Nigerians. The scale of funding needed for consumer credit cannot be met by the government alone.”
He reassured the public that borrowing, when managed responsibly, is beneficial. “Borrowing is not inherently bad. And for Kano, which has a predominantly Islamic population, we have tailored our credit products to comply with Islamic financing principles.”
Also speaking at the event, the Chairman of Kwari Market, Musa Umar Sanda Arzai, expressed his appreciation to CREDICORP for launching the initiative in Kano.
“We are truly grateful that Kano State was chosen from among the 36 states as a strategic starting point for this vital program.
“I urge financial institutions, especially the banks, to simplify the requirements and make it easier for our people to qualify and benefit,” he said.
He concluded by expressing hope and trust in CREDICORP.
“Our people have tried many programs in the past without success.
“But we have confidence in CREDICORP and believe this new initiative will bring real benefits to our community.”
Testimonies from early beneficiaries of the scheme were shared, offering insight into the impact of the program and highlighting a shift in public perception toward credit.
The campaign is expected to expand to other states across the country in the coming months, as CREDICORP continues to work toward normalizing the use of credit as a practical solution for financial growth and improved living standards.
