The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Autochek, has launched the second phase of its nationwide auto-financing program. The program provides pre-owned vehicles to a new group of beneficiaries to expand access to affordable vehicle ownership for Nigerians.
Speaking at yesterday’s handover ceremony in Abuja, Uzoma Nwagba, the Managing Director and Chief Executive Officer (MD/CEO) of CREDICORP, described the initiative as a significant stride in the organisation’s mission to democratise vehicle ownership through credit facilities.
“Car ownership is more than just convenience — it’s a gateway to economic opportunity, independence, and a higher quality of life,” Nwagba said.
CREDICORP, through its Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), has been offering highly discounted credit for brand-new, locally assembled vehicles to support Nigeria’s automotive industry. However, Nwagba acknowledged that for many Nigerians, pre-owned vehicles remain more financially accessible.
“In response to this reality, we are now extending credit access to used vehicles through our partnership with Autochek, enabling more Nigerians to purchase vehicles with credit packages tailored to their income levels,” he added.
Nwagba noted that uptake has been remarkable since the program opened on March 1, 2025, with thousands of applications received nationwide.
The first 205 successful applicants—who met credit requirements from participating financial institutions—received their vehicles during the event.
“This marks another significant milestone in our journey to expand consumer credit access and improve mobility for Nigerians,” he said.
Amaka Okafor, a schoolteacher and one of the recipients, shared how the initiative has positively impacted her life. “This car is more than just a vehicle to me — it’s freedom. I no longer worry about getting to school late or waiting hours for a bus. I can now focus on my work and spend more time with my family,” she said emotionally.
Other beneficiaries at the ceremony echoed similar sentiments, underscoring how credit access is changing lives and empowering Nigerians who previously depended on unreliable public transport.
Nwagba further explained that CREDICORP was established in April 2024 under President Bola Ahmed Tinubu’s Renewed Hope Agenda to drive economic inclusion by facilitating access to consumer credit nationwide.
According to him, CREDICORP is delivering on its mandate through three core pillars: improving the nation’s consumer credit infrastructure to provide every economically active citizen with a comprehensive credit score, giving capital through wholesale funding and credit guarantees to financial institutions, and driving a cultural shift toward responsible consumer credit through public education and institutional capacity building.
“Our target is to expand access to consumer credit to at least 50% of Nigeria’s working population by 2030,” he said.
