CREDICORP Named “Credit Access Company of the Year” at BAFI Awards
By Patience Ikpeme
The Nigerian Consumer Credit Corporation (CREDICORP) has been named Consumer Credit Access Company of the Year at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos on Saturday.
The prestigious annual event, organized by BusinessDay, Nigeria’s leading private-sector newspaper, celebrates excellence and innovation across banking, fintech, and financial services. It brings together top executives, regulators, and stakeholders shaping the country’s financial landscape.
Other notable winners at the ceremony included Opay, which clinched Mobile Payment Solutions Provider of the Year; First Bank of Nigeria, awarded Dominant Force in Inclusive Banking; Fidelity Bank, named Export Finance Bank of the Year; and Page Financials, which won Finance Company of the Year.
CREDICORP’s recognition marks a significant milestone for the 18-month-old federal government institution, which has quickly risen to prominence within Nigeria’s evolving consumer credit market. According to BusinessDay’s selection committee, the Corporation was selected for its “speed of results, innovative products, and ecosystem-first model.”
The committee noted that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.” It explained that the Corporation’s initiatives have expanded access to affordable credit, reduced effective interest rates by as much as 20 percent, and empowered financial institutions to reach previously excluded groups — including artisans, civil servants, small traders, and youth. “About 65 percent of CREDICORP’s beneficiaries are first-time successful borrowers,” the statement added.
CREDICORP was established to make consumer credit accessible and affordable to all working Nigerians, with a strong focus on social inclusion and financial literacy. The Corporation’s achievements over its short operational period have drawn commendation for the speed at which it has impacted lives.
The BAFI Awards committee said the Corporation’s success lies in its ability to bridge the gap between consumers and lenders through a model that enables collaboration rather than competition. “CREDICORP has achieved measurable success in driving down borrowing costs while boosting confidence among lending institutions,” the committee said.
Part of CREDICORP’s recognition stems from its innovative credit programs designed to meet Nigerians’ diverse life-stage needs. These include YouthCred, which supports National Youth Service Corps (NYSC) members and employed youth; and Pensioners’ Credit, a facility designed to give retirees access to liquidity and dignity in retirement.
The Corporation also runs thematic programs addressing credit for households, wage earners, and small business owners. Its interventions target areas with the greatest social and economic impact, such as mobility and alternative energy for homes and micro enterprises through the Credit Access for Light & Mobility (CALM) Fund.
In addition, the S.C.A.L.E. (Securing Consumer Access to Local Enterprises) initiative combines credit expansion with industrial deepening, promoting local production and job creation. According to BusinessDay, these programs reflect “a double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”
Despite being in operation for less than a year, CREDICORP has already facilitated access to affordable consumer credit for over 180,000 Nigerians. Beneficiaries have used the financing to acquire vehicles, solar energy systems, home improvement tools, and productive equipment — all aimed at improving living standards and boosting small-scale productivity.
The Corporation’s growing influence has positioned it as a central pillar in the federal government’s effort to institutionalize consumer credit as a driver of economic growth and household prosperity.
