Ecobank Nigeria has collaborated with CrediCorp to launch a consumer credit scheme, providing customers with easy and affordable access to loans. Eligible borrowers, including civil servants and private-sector employees who receive their salaries through Ecobank, can utilize these loans to cover various expenses such as education, rent, healthcare, vehicle purchases, and other personal needs.

New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank. Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.

CrediCorp, a Development Finance Institution (DFI) established by the Federal Government, is focused on enhancing access to consumer credit for Nigeria’s workforce. Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers. The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).

Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed excitement about the collaboration, emphasizing that it would provide salary earners, both in the public and private sectors, with better access to financial products. She said, “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.

Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative.”

The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly installments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.

Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.