The federal government, through the Nigerian Consumer Credit Corporation (CREDICORP), has inaugurated the ‘first-ever’ pension-backed loan scheme.
The scheme was inaugurated in partnership with Leadway Trustees and Optimus Bank, according to a statement, and designed to support and empower retirees, transforming the country’s consumer credit system.
The scheme is expected to offer retirees access to loans from N50,000 — with the maximum amount determined by the size of their pension income.
Speaking at the signing of the initiative’s memorandum of understanding (MoU) in Abuja on Thursday, Uzoma Nwagba, CREDICORP’s managing director (MD), said the scheme covers federal and state pensioners.
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The MD commended President Bola Tinubu for prioritising financial inclusion through the ‘renewed hope’ agenda.
He said the pension-backed loan programme reflects the administration’s commitment to creating opportunities for all Nigerians, including senior citizens who had long been excluded from access to consumer credit.
Nwagba said the scheme gives retirees access to affordable financing for healthcare, small businesses, home improvements, and family needs after years of dedicated service.
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“The programme leverages pension income, offering retirees tailored, low-interest loans that are both secure and sustainable,” the CREDICORP MD was quoted as saying.
“This first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes.
“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This programme changes that narrative.
“By partnering with Leadway Trustees’ expertise in pension management we are delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined inclusive, equitable, and empowering.”
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The statement said stakeholders from the financial sector, pension industry, and annuitants associations attended the event, which featured testimonials from early beneficiaries.
