Ecobank Nigeria Partners with CrediCorp to Offer Affordable Loans for Nigerians
Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to provide affordable and easily accessible loans to customers. This initiative aims to help Nigerians cover essential expenses such as school fees, rent, medical bills, car purchases or repairs, maintenance, and asset acquisition.
The loan program is available to civil servants and private-sector employees who receive their salaries through Ecobank. New customers can also qualify if their employers agree to route future salary payments through Ecobank. Beginning this January, the program offers flexible repayment plans and a streamlined loan application process.
CrediCorp, a Development Finance Institution (DFI) established by the Federal Government, focuses on improving access to credit for Nigerian workers. Under the partnership, CrediCorp will provide funding for Ecobank to lend to eligible customers. The agreement includes personal loans and financing options for items such as solar systems, home appliances, phones, laptops, and vehicle conversions to compressed natural gas (CNG).
Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed enthusiasm for the partnership, highlighting its role in expanding financial access for salary earners in both the public and private sectors. She stated:
“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.”
The loan program features low-interest rates, a two-year repayment period, and a fixed monthly payment plan. Borrowers will pay the same monthly amount—covering both the principal and interest—throughout the loan term, providing stability regardless of economic conditions.
This initiative underscores Ecobank’s commitment to empowering Nigerians with financial solutions tailored to their needs while enhancing their quality of life.
