The Nigerian Consumer Credit Corporation (CREDICORP) has launched a landmark pension-backed loan program, giving retirees access to affordable credit for the first time.
Unveiled in Abuja under the theme “Empowering Retirement with Consumer Credit”, the initiative is in partnership with Leadway Trustees and Optimus Bank. It allows retirees to take low-interest loans using their pension income as collateral.
CREDICORP MD/CEO Engr, Uzoma Nwagba in his remarks stated that: “This first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes”
“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This program changes that narrative. By partnering with Leadway Trustees’ expertise in pension management we are delivering a credit solution that is safe, affordable, and transparent.”
Nwagba praised President Bola Tinubu for “driving financial inclusion through the Renewed Hope Agenda,” saying the scheme would help retirees meet needs such as healthcare, home improvements, and small businesses.
The program covers federal and state pensioners and is expected to significantly ease post-retirement financial burdens nationwide.
