Consumer credit: CREDICORP rolls out new wave of first-time car owners

Vehicle ownership has been out of reach for many Nigerians due to high costs and limited financing options. Today, CREDICORP, in collaboration with Autochek, initiated a nationwide rollout of its a second auto financing programme, delivering cars to a new wave beneficiaries at a Handover Event in Abuja. This marks a major step in expanding access to vehicle ownership. Owning a car is more than just a convenience—it’s a gateway to economic opportunity, independence, and higher quality of life.

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Recall that CREDICORP has been providing highly discounted credit for brand-new locally-assembled vehicles of all types, through its Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative. This will continue and remain highly discounted to support local industry. However, the reality is that most Nigerians can only afford to purchase used cars. Recognising this, CREDICORP has expanded its credit access to pre-owned cars through this partnership with Autochek, ensuring that more Nigerians can own cars with credit tailored to their financial realities.

The uptake of CREDICORP’s pre-owned vehicle financing initiative has been overwhelming since the offer opened on 1 March, 2025. So far, thousands of applications have been received from across Nigeria; the first 205 applicants successful through credit checks by the participating financial institution are receiving their vehicles. Today marks a significant milestone in CREDICORP’s commitment to expanding access to consumer credit for vehicle ownership.The wave of beneficiaries continues.

For many of the new car owners, this program is more than just a means of transportation—it’s a life-changing opportunity. Amaka Okafor, a school teacher in Abuja, had relied on public transport for years, often struggling with long commute times and unreliable service. “This car is more than just a vehicle to me—it’s freedom. I no longer have to worry about getting to school late or standing for hours waiting for a bus. I can now focus on my work and spend more time with my family,” she said, her voice filled with emotion. Many other beneficiaries at the event echoed similar sentiments, emphasizing how access to credit is making mobility a reality for everyday Nigerians.

As part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Nigerian Consumer Credit Corporation (CREDICORP) was established in April 2024 to drive economic inclusion and expand access to consumer credit for Nigerians. CREDICORP achieves its mandate through three key pillars: first, infrastructure (by strengthening Nigeria’s consumer credit infrastructure, ensuring that every economically active citizen has a comprehensive credit score). Second, capital (by providing wholesale funding and credit guarantees to financial institutions committed to expanding consumer credit access).

Lastly, by driving a cultural re-orientation—educating the public on responsible consumer credit and equipping institutions with more effective consumer credit underwriting strategies. All this with a goal of expanding access to consumer credit to 50% of Nigeria’s working population by 2030.

With more than 10,000 vehicles set to be financed in the coming months, CREDICORP is not just enabling car ownership—it is unlocking better lives for Nigerians across the country.