CREDICORP unveils pension-backed loan scheme to deepen credit access for Nigerian retirees

Retirees in Nigeria can now access low-interest, pension-secured loans to meet personal needs like healthcare, business, or home improvementsThe initiative, in partnership with Leadway Trustees and Optimus Bank, ensures financial inclusion and dignity for annuitantsLoan amounts start from N50,000 with repayment terms aligned to monthly pension inflows, making credit accessible and sustainable

In a strategic move to expand Nigeria’s consumer credit market, the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Leadway Trustees and Optimus Bank, has launched a pension-backed loan program targeted at retirees.

The initiative, themed “Empowering Retirement with Consumer Credit,” aims to integrate annuitants into the formal credit ecosystem through affordable, secure, and pension-linked financing.

Historically, retirees have been excluded from mainstream consumer credit offerings, despite their consistent pension inflows.

This new product leverages pension income to offer low-interest loans tailored to the financial realities of senior citizens. Loan amounts start from N50,000, with upper limits determined by the applicant’s pension earnings. Repayment is structured to align with monthly pension disbursements, ensuring minimal financial strain.

Speaking at the launch event, Engr. Uzoma Nwagba, MD/CEO of CREDICORP, emphasized the program’s potential to redefine financial inclusion:

“Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. This program changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent.”

Early beneficiaries shared testimonials highlighting the program’s impact. Amina Sule, a 68-year-old retired teacher, said the loan enabled her to start a poultry business, while Chukwuemeka Okeke, a retired civil servant, noted that the facility helped him manage medical expenses without financial stress.

The initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and CREDICORP’s broader mandate to democratize access to consumer credit across all demographics. It also signals a shift toward more inclusive financial products in Nigeria’s evolving credit landscape.

Interested retirees can apply via Leadway Trustees or visit CREDICORP’s website for eligibility details and FAQs.