The Nigerian Consumer Credit Corporation, CREDICORP, brought its national rollout of 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, on Tuesday, September 1, 2026, with Managing Director and Chief Executive Officer Uzoma Nwagba unveiling the latest phase of the mobility programme at the Palace of the Ooni of Ife.
The Ile-Ife activation represents another stage in CREDICORP’s effort to use affordable consumer credit to help working Nigerians acquire productive assets while supporting demand for locally manufactured and assembled goods.
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The rollout was held in the presence of His Imperial Majesty, the Ooni of Ife, at the historic palace in the ancient Yoruba city.
CREDICORP has been taking the mobility programme across different parts of the country, moving from the North Central region into the South West, including Ijebu-Ode and now Ile-Ife.
The programme is scheduled to continue into Adamawa and Borno in the North East before moving to the South East as the corporation expands the initiative nationally.
For CREDICORP, the vehicle programme is part of a wider strategy to make formal consumer credit more accessible to Nigerians seeking assets that can support their livelihoods.
The corporation says more than 301,000 Nigerians have accessed CREDICORP-supported consumer credit across areas including mobility, digital devices, home improvement, essential goods and other productive assets.
At the centre of the vehicle programme is CREDICORP’s S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises.
The initiative is designed to connect consumer purchasing power with Nigerian production by financing locally assembled vehicles and other locally made goods.
The approach seeks to create a two-way economic benefit. Consumers gain access to assets that can improve their earning capacity, while manufacturers and local businesses gain sustained demand for their products.
Nwagba said the Ile-Ife activation should be viewed as part of a much larger national programme rather than an isolated event.
“What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey,” Nwagba said. “We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow and live better now.”
He said the programme could have wider economic consequences when repeated across communities and industries.
“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset,” Nwagba said. “We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria.”
The presence of the Ooni of Ife added a distinctive local dimension to the rollout.
Ile-Ife holds a central place in Yoruba history and is widely regarded as the cradle of Yoruba civilisation. The city also has a long association with trade, enterprise and commercial activity.
Taking the credit programme to Ile-Ife therefore reflects CREDICORP’s stated ambition of reaching consumers beyond Nigeria’s largest commercial centres.
The corporation’s mobility interventions extend beyond individual vehicle ownership.
CREDICORP has also developed programmes aimed at commercial transport operators and launched the 10,000 Women in Mobility Programme, which seeks to expand vehicle ownership and economic opportunities for Nigerian women.
The Ile-Ife rollout involves several partners working alongside CREDICORP.
Gamma Mobility supported beneficiary profiling and onboarding, while Simba TVS supplied the locally assembled three-wheelers. Accion Microfinance Bank supported the credit administration process.
The partnership model allows CREDICORP to combine financing, vehicle supply and beneficiary onboarding through licensed financial institutions and an expanding network of manufacturers, vendors and community partners.
The programme also comes against a broader backdrop of efforts to expand access to consumer credit in Nigeria.
For many households and small businesses, access to productive assets can be difficult when the full purchase price has to be paid upfront.
CREDICORP’s model is intended to spread the cost through structured credit while encouraging responsible repayment.
The corporation’s broader ambition is to develop a marketplace in which consumer credit supports both household purchasing power and domestic production.
The Ile-Ife activation consequently represents more than the arrival of another batch of vehicles.
For beneficiaries, the vehicles can provide a means of transport and potentially a source of income.
For local manufacturers and assemblers, increased demand offers an opportunity to expand production and sustain jobs.
CREDICORP’s national rollout will now move to Adamawa and Borno before extending into the South East, continuing the corporation’s effort to make credit-backed ownership available to Nigerians across different regions.
As the programme expands, its longer-term impact will depend on how effectively beneficiaries use the financed assets, maintain responsible repayment and convert access to credit into sustainable economic opportunity.
Also read: CREDICORP issues firm warning on debt harassment
For CREDICORP, the Ile-Ife rollout marks another significant step in that broader effort to make consumer credit a practical tool for Nigerians seeking to own productive assets and improve their livelihoods.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
