The Federal Government of Nigeria (FGN) has unveiled a pension-backed loan scheme for retirees under the supervision of the Nigerian Consumer Credit Corporation (CREDICORP) in collaboration with Leadway Trustees and Optimus Bank.
This was made known during the signing of the Memorandum of Understanding in Abuja by the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba.
He said, “Under the initiative, retirees can apply for loans starting at N50,000 up to a maximum determined by their pension income, with repayment terms designed to align seamlessly with monthly pension inflows.
“Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. This programme changes that narrative.
“By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering.”