By Peace Udugba
The Nigerian Consumer Credit Corporation (CREDICORP) has extended its nationwide rollout of 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, as part of efforts to make productive assets more accessible to working Nigerians through affordable consumer credit.
The latest rollout took place on Tuesday, September 1, 2026, at the historic Ooni of Ife Palace in the presence of His Imperial Majesty, the Ooni of Ife.
The activation represents another milestone in CREDICORP’s national mobility programme, which is aimed at expanding access to credit-backed vehicle ownership across communities in Nigeria.
According to the corporation, the programme has progressed through the North Central and South-West regions, including Ijebu-Ode and Ile-Ife, and will next move to Adamawa and Borno in the North-East before extending into the South-East.
CREDICORP said the mobility initiative forms part of its broader effort to make consumer credit an everyday tool that enables Nigerians to acquire useful and productive assets, improve their livelihoods and enhance their standard of living.
The corporation disclosed that more than 301,000 Nigerians nationwide have so far accessed CREDICORP-supported consumer credit covering mobility, digital devices, home improvement, life essentials and other productive assets.
CREDICORP Links Consumer Credit to Local Production
The vehicle rollout is being implemented under CREDICORP’s S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises.
The initiative seeks to connect the purchasing power created through consumer credit with Nigerian production and enterprise by financing locally assembled vehicles and other locally manufactured goods.
CREDICORP said the approach is designed to achieve two objectives: improving consumers’ livelihoods and earning capacity while creating sustained demand for local manufacturers, assemblers and businesses.
Speaking at the Ile-Ife rollout, CREDICORP’s Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba, said the activation was part of a larger national programme.
“What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey. We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow and live better now,” Nwagba said.
He added that access to vehicle financing could expand the economic opportunities available to beneficiaries while simultaneously supporting locally assembled products.
“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria,” he said.
Nwagba said multiplying the impact across thousands of beneficiaries, communities and industries could make consumer credit an important driver of economic growth.
Ooni’s Presence Highlights Ile-Ife Rollout
The presence of the Ooni of Ife at the rollout in his palace added cultural significance to the activation.
Ile-Ife, widely regarded as the cradle of Yoruba civilisation, has a long history of commerce and enterprise.
CREDICORP said taking its national consumer credit programme to the ancient city reflects its commitment to ensuring that access to formal consumer credit reaches Nigerians in communities across the country.
The Ile-Ife activation builds on CREDICORP’s mobility interventions, including programmes supporting commercial transport operators and the 10,000 Women in Mobility Programme, which seeks to expand vehicle ownership and economic opportunities for Nigerian women.
Partners Support CREDICORP’s Mobility Programme
CREDICORP said it works through licensed financial institutions and an expanding network of manufacturers, vendors and community partners to implement its programmes.
For the Ile-Ife rollout, Gamma Mobility supported beneficiary profiling and onboarding, while Simba TVS supplied the locally assembled three-wheelers.
Accion Microfinance Bank supported the credit administration process.
Through the S.C.A.L.E. initiative and its wider consumer credit programmes, CREDICORP said it is working to develop a national marketplace where responsible credit enables Nigerians to acquire productive assets and improve their earning capacity while simultaneously supporting Nigerian industry and job creation.
