Nigerian Bank and Credicorp Offer Customers Cheap Loans for rents, School Fees, Car Purchases
- Ecobank has partnered with CrediCorp to provide affordable loans for salary earners, covering needs such as school fees, rent and medical bills
- The scheme offers flexible two-year repayment plans with low-interest rates and fixed monthly payments, ensuring stability
- The initiative is open to both existing and new Ecobank customers, with financing also available for items like solar systems and electronics
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.
Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and easily accessible loans to its customers.
These loans can help cover expenses such as school fees, rent, medical bills, car purchases or repairs, maintenance, and asset purchases.
Source: UGC
The offer is open to civil servants and private employees who receive their salaries through Ecobank.
New customers can also qualify if their employers agree to pay their salaries through Ecobank in the future. Starting this January, the program features flexible repayment plans and a simple loan application process.
CrediCorp, a Development Finance Institution (DFI) created by the Federal Government, aims to improve access to credit for Nigerian workers.
Through its partnership with Ecobank, CrediCorp will supply funds for Ecobank to lend to eligible customers.
The agreement includes personal loans and financing for items like solar systems, home appliances, phones, laptops, and vehicle conversions to compressed natural gas (CNG).
Adeola Ogunyemi, Ecobank Nigeria’s Head of Consumer Banking, expressed enthusiasm for the partnership, highlighting its role in giving public and private sector salary earners easier access to financial services.
The Head, Consumer Banking, Ecobank Nigeria, Adeola Ogunyemi, expressed excitement about the collaboration, emphasising 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."
The loans have low-interest rates, a two-year repayment period, and a fixed monthly payment plan.
This means the amount paid each month, covering both the principal and interest, stays the same throughout the loan term, no matter the country’s economic conditions.
The FG recently launched the application process for the 2025 Green Money Project, a presidential initiative focused on empowering Nigerian youth through agribusiness.
Source: UGC
FG launches YouthCred to empower NYSC members
In related news, Legit.ng reported that CREDICORP, in partnership with the NYSC, has launched YouthCred to provide serving Corps members with access to affordable consumer credit.
The program offers loans, repayable in instalments, and is designed to meet real-life needs while promoting financial literacy and credit education.
Beneficiaries must complete a digital financial training program, making YouthCred both a financial support system and a tool for responsible credit use.
Source: Legit.ng
