CREDICORP launches loan programme for pensioners
The Nigerian Consumer Credit Corporation (CREDICORP) has launched a programme to give pensioners access to loan facilities.
The programme is being implemented in collaboration with Leadway Trustees and Optimus Bank.
CREDICORP said the programme has revolutionised Nigeria’s consumer credit landscape and ended decades of retirees exemption from accessing credit facilities in banks.
It said that the transformative initiative tagged “Empowering Retirement with Consumer Credit”, introduces affordable, pension-backed loans for Nigeria’s senior citizens, ensuring annuitants are fully integrated into the nation’s consumer credit ecosystem.
The organisation observed that for decades, consumer credit has been a privilege reserved for active workers, leaving retirees, despite their years of service to Nigeria, struggling to fund critical needs like healthcare, home renovations, small business ventures, or family support.
“The programme addresses this head-on by leveraging pension income, offering retirees tailored, low-interest loans that are both secure and sustainable. This first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes.”
Retirees can apply for loans starting at ₦50,000 up to a maximum determined by their pension income, with repayment terms designed to align seamlessly with monthly pension inflows.
Speaking at the launch of the programme on Thursday, Uzoma Nwagba, Managing Director and CEO of CREDICORP, observed that though “annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem.
“This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering.”
According to him, some pensioners have already benefited from the new credit scheme.
One of the beneficiaries, 68-year-old retired teacher, Mrs Amina Sule said: “For years, I’ve wanted to start a small poultry business to stay active and support my family.
“This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit, it’s hope and independence.”
Another beneficiary, Mr Chukwuemeka Okeke said his medical bills were overwhelming. “With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”
