Accion Microfinance Bank and CrediCorp have teamed up to introduce a nationwide consumer credit initiative

 Accion Microfinance Bank and CrediCorp have teamed up to introduce a nationwide consumer credit initiative aimed at supporting Nigerians, especially middle-income earners. The scheme, which is scheduled to launch in September 2024, will provide accessible and affordable credit to over 15,000 individuals, enhancing financial inclusion in the country. 

The collaboration focuses on offering loans with competitive interest rates and a two-year repayment period, with quarterly interest payments. Accion Microfinance Bank’s Managing Director, Taiwo Joda, expressed excitement about the initiative, highlighting the bank’s commitment to addressing the evolving financial needs of its customers. He noted that the partnership will help finance essential items like appliances, school fees, and the transition from kerosene to gas stoves, directly improving the lives of consumers.

CrediCorp’s Managing Director, Engr Uzoma Nwagba, echoed similar sentiments, stating that the initiative will greatly benefit middle-income earners and small business owners. He emphasized that the partnership would offer reduced interest rates starting in September 2024, along with flexible repayment options tailored to individual financial situations.

The program also aims to simplify the loan application process, ensuring quick and easy access to funds for borrowers. This initiative represents a significant achievement for both Accion Microfinance Bank and CrediCorp, contributing to a more financially inclusive Nigeria.

Accion Microfinance Bank, a pioneer in the microfinance industry with over 16 years of experience, has played a key role in supporting small businesses and entrepreneurs, driving economic growth in the country. Its strong financial backing from major investors such as Ecobank, Zenith Bank, Citi Bank, the International Finance Corporation, and Accion Investments has enabled it to expand its services and reach a growing customer base.