The Federal Government has unveiled a pension-backed loan scheme aimed at strengthening Nigeria’s consumer credit system and extending financial inclusion to retirees.
The initiative, introduced on Thursday through the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with Leadway Trustees and Optimus Bank, allows pensioners to access affordable and secure loans. Beneficiaries can borrow from ₦50,000 upwards, with the maximum amount determined by their pension income.
Speaking at the signing of a Memorandum of Understanding in Abuja, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, described the scheme as a “new lease of life” for senior citizens.
Launched under the theme “Empowering retirees with consumer credit,” the programme is open to both federal and state pensioners. Nwagba explained that the product is designed around affordability, security, and dignity, enabling pensioners to access tailored low-interest loans without facing exorbitant rates or complex processes.
“This first-of-its-kind product ensures that Nigeria’s senior citizens can access credit with dignity,” he said.
