Accion Microfinance Bank and CrediCorp Partner to Launch Nationwide Consumer Credit Scheme for Middle-Income Nigerians
Accion Microfinance Bank (MfB) and CrediCorp have announced a strategic partnership to roll out a consumer credit scheme aimed at providing affordable loans to over 15,000 middle-income Nigerians. Set to launch in September 2024, this initiative seeks to further financial inclusion by offering flexible loan repayment options and streamlining the application process for easier access to funds.
The credit scheme is tailored for middle-income earners, offering competitive interest rates and a two-year repayment period with quarterly interest payments. Borrowers will have access to funds for essential needs such as school fees, household appliances, and transitioning from kerosene to gas stoves, all while benefiting from reduced financial pressure.
Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, expressed his excitement about the collaboration, saying, “We are thrilled to meet the evolving financial needs of our consumers through this partnership. This initiative will enable us to make a meaningful impact on the lives of Nigerians, especially in areas that matter most, like education and home improvements.”
Sadiq, a representative from CrediCorp, highlighted the scheme’s potential to positively affect middle-income earners and small business owners, adding, “We believe this collaboration will offer accessible financial solutions that can improve the quality of life for many Nigerians.”
Key Features of the Consumer Credit Scheme:
- Reduced Interest Rates: The scheme will provide loans at lower interest rates starting from September 2024, making it more affordable for borrowers.
- Flexible Repayment Plans: Borrowers can opt for tailored repayment schedules that suit their financial capabilities, making it easier to manage debt.
- Simplified Loan Application Process: The initiative will feature a streamlined application system, ensuring quicker access to funds with minimal paperwork and delays.
This new scheme marks a significant milestone for Nigeria’s financial sector, as it aims to build a more inclusive economy and provide greater opportunities for Nigerians to thrive.
Accion Microfinance Bank, a leader in Nigeria’s microfinance industry with over 16 years of experience, has consistently supported entrepreneurs and small businesses, contributing to the nation’s economic growth. With backing from major shareholders like Ecobank, Zenith Bank, Citi Bank, and the International Finance Corporation, Accion MfB continues to deliver innovative financial solutions that cater to a growing customer base across the country.
Source: MSME Africa
