The Federal Government of Nigeria has unveiled a new pension-backed consumer credit scheme aimed at uplifting the lives of middle-class citizens and retirees, with access to loans and credit facilities designed to foster inclusivity.
The programme was launched under the Renewed Hope Agenda of President Bola Ahmed Tinubu, and is expected to transform Nigeria’s financial system by extending credit opportunities to a group that has long been left out of the ecosystem.
At the official launch and signing of a Memorandum of Understanding (MoU) with financial partners, the Managing Director and Chief Executive Officer of the Nigeria Consumer Credit Corporation (CREDICORP), Engr Uzoma Nwagba, described the initiative as a turning point for the country’s consumer credit system.
He explained that the programme would redefine credit access in a way that is transparent, affordable, and empowering.
“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,” Nwagba stated.
He emphasized that the new scheme introduces affordable, pension-backed loans for Nigeria’s senior citizens, ensuring annuitants are fully integrated into the nation’s financial system.
“For decades, consumer credit accessibility has been a privilege reserved for active workers, leaving retirees despite their years of service to Nigeria struggling to fund critical needs like healthcare, home renovations, small business ventures, or family support.
“The programme addresses this head-on by leveraging pension income, offering retirees tailored, low-interest loans that are both secure and sustainable.”
According to him, the product is the first of its kind in the country, designed to ensure retirees can access credit with dignity without being burdened by high interest rates or complex loan processes.
Beneficiaries at the launch expressed optimism that the new scheme came at a time when many retirees were struggling financially. One of the first recipients, Mrs Amina Sule, a 68-year-old retired teacher, shared her relief.
“For years, I’ve wanted to start a small poultry business to stay active and support my family. This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit, it’s hope and independence.”
Another beneficiary, Mr Chukwuemeka Okeke, a retired civil servant, explained how the initiative is already addressing pressing personal needs. “Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”
Under the scheme, retirees will be able to apply for loans starting from ₦50,000, with maximum amounts determined by their pension income. Repayment schedules will be structured to align with monthly pension payments, ensuring that the loans remain manageable.
Engr Nwagba announced that the programme is targeting 100 million subscribers, stressing that the goal is to mark a significant step in Nigeria’s financial inclusion drive.
“By extending consumer credit to retirees, CREDICORP and its partners are setting a new standard for equity in Nigeria’s financial system. The initiative aligns with CREDICORP’s broader mission to expand access to consumer credit for all Nigerians, supported by President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
Representatives of financial institutions present at the launch said their involvement was to support bridging the gap in credit inclusivity, noting that the initiative was designed to address longstanding financial challenges faced by retirees and the middle class in Nigeria.
