The Nigerian Consumer Credit Corporation (CREDICORP) has deployed more than N30 billion in credit within its first few months of operation, providing financial support to nearly 200,000 Nigerians, according to its Chief Executive Officer, Uzoma Nwagba.
Nwagba said the institution has also enabled 31 financial institutions to expand their lending capacity, describing the development as evidence of what a modern, efficient public institution can achieve when built “deliberately from the ground up.”
Established by the Federal Government in April 2024 under the Renewed Hope Agenda, CREDICORP was created to democratise access to consumer credit for working Nigerians who have long been excluded from formal lending channels.
The corporation does not lend directly but partners with banks, microfinance institutions and fintechs by providing credit guarantees and wholesale funding.
The goal, Nwagba said, is to empower citizens to acquire essential goods — including vehicles, solar power systems, home improvements and devices — through structured credit rather than relying solely on savings.
This, he noted, is intended to boost consumption, raise living standards and stimulate local industries.
Providing an update through the organisation’s in-house publication, Nwagba said all funds deployed so far are fully performing, with zero non-performing loans, a feat he attributed to strict internal controls and a modern operational framework.
He highlighted the corporation’s intentionally lean structure — a team of 25 staff and a few youth corps members with a median age of 34 — which he said was designed to model a new template for public sector performance.
Nwagba outlined five foundational principles guiding CREDICORP’s operations:
The agency operates a 100 per cent digital workflow, eliminating physical files and enabling instant, traceable digital approvals for all internal processes.
Staff are trained to use tools such as Microsoft CoPilot, ChatGPT and Gemini, allowing artificial intelligence to handle routine tasks while personnel focus on designing credit products and supporting partner institutions.
CREDICORP operates exclusively with electric vehicles, cutting transportation costs by 62 per cent.
Its headquarters runs solely on solar power, eliminating generator use and supporting clean-energy credibility.
Nwagba said the agency chose to “live the future before it becomes convenient,” making clean mobility and renewable energy part of its identity.
Staff award one another digital tokens — “CrediCoins” — for meaningful contributions, tracked on an internal dashboard. The highest earner each quarter becomes “Managing Director for a Day,” participating in leadership processes.
Nwagba stressed that these principles are not symbolic but designed to redefine how government institutions can function — efficiently, transparently and with a strong sense of purpose.
He reaffirmed CREDICORP’s mission to expand consumer credit access nationwide, saying the corporation remains committed to building a system capable of improving the lives of millions of Nigerian households.
