{"id":37966,"date":"2025-09-23T04:29:12","date_gmt":"2025-09-23T04:29:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/37966\/"},"modified":"2025-09-23T04:29:12","modified_gmt":"2025-09-23T04:29:12","slug":"credicorp-unveils-pension-backed-loan-scheme-to-deepen-credit-access-for-nigerian-retirees","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/37966\/","title":{"rendered":"CREDICORP unveils pension-backed loan scheme to deepen credit access for Nigerian retirees\u00a0"},"content":{"rendered":"

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<\/p>\n

In a strategic move to expand Nigeria\u2019s 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.<\/p>\n

The initiative, themed \u201cEmpowering Retirement with Consumer Credit,\u201d aims to integrate annuitants into the formal credit ecosystem through affordable, secure, and pension-linked financing.<\/p>\n

Historically, retirees have been excluded from mainstream consumer credit offerings, despite their consistent pension inflows.<\/p>\n

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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\u2019s pension earnings. Repayment is structured to align with monthly pension disbursements, ensuring minimal financial strain.<\/p>\n

Speaking at the launch event, Engr. Uzoma Nwagba, MD\/CEO of CREDICORP, emphasized the program\u2019s potential to redefine financial inclusion:<\/p>\n

\u00a0\u201cAnnuitants are the backbone of Nigeria\u2019s progress, yet they\u2019ve been sidelined in the credit ecosystem. This program changes that narrative. By partnering with Leadway Trustees\u2019 expertise in pension management, we\u2019re delivering a credit solution that is safe, affordable, and transparent.\u201d\u00a0<\/p>\n

Early beneficiaries shared testimonials highlighting the program\u2019s 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.<\/p>\n

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The initiative aligns with President Bola Ahmed Tinubu\u2019s Renewed Hope Agenda and CREDICORP\u2019s broader mandate to democratize access to consumer credit across all demographics. It also signals a shift toward more inclusive financial products in Nigeria\u2019s evolving credit landscape.<\/p>\n

Interested retirees can apply via Leadway Trustees or visit CREDICORP\u2019s website for eligibility details and FAQs.<\/p>\n

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