The Nigerian Consumer Credit Corporation (CREDICORP) has been named ‘Consumer Credit Access Company of the Year’ at the 13th edition of the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held in Lagos on Saturday.
The annual BAFI Awards, organised by BusinessDay, Nigeria’s leading private-sector newspaper renowned for its independent reporting and insightful analysis, celebrates excellence and innovation across banking, fintech, and the broader financial services ecosystem.
CREDICORP, a Federal Government institution established barely 18 months ago, was honoured alongside some of the country’s most established private-sector brands.
According to BusinessDay’s selection committee, the award recognises the Corporation’s rapid progress, innovative product design, and its “ecosystem-first model,” which focuses on enabling lenders rather than competing with them.
The committee explained that CREDICORP’s selection followed a rigorous, data-driven evaluation of institutions transforming access, affordability, and innovation within Nigeria’s consumer credit landscape.
The Corporation has notably driven down effective interest rates by as much as 20%, expanded financial inclusion, and empowered lenders to reach previously excluded segments of society, including artisans, civil servants, small traders, and young people.
Remarkably, 65% of CREDICORP’s beneficiaries are first-time successful borrowers.
CREDICORP’s recognition also reflects its pioneering approach to product development across various life stages of working Nigerians. Its credit programmes include “YouthCred”, designed for members of the National Youth Service Corps (NYSC) and employed youth; “Pensioners’ Credit”, which provides retirees with access to liquidity and financial dignity; and several thematic programmes targeting households, workers, and small business owners.
The Corporation’s interventions are strategically focused on areas that directly affect Nigerians’ quality of life. Through initiatives such as the Credit Access for Light & Mobility (CALM) Fund, CREDICORP supports access to mobility and alternative energy solutions for homes and microenterprises.
Similarly, its “S.C.A.L.E. (Securing Consumer Access to Local Enterprises)” initiative combines credit expansion with industrial deepening to promote local production and job creation.
These efforts, described as part of a “double-bottom-line model,” are designed to simultaneously empower citizens and stimulate domestic enterprise.
Despite operating financially for less than a year, CREDICORP has already reached over 180,000 Nigerians, enabling access to life-enhancing goods and services, including vehicles, solar systems, home improvement tools, and other productive assets, all financed through affordable credit.
