The Nigerian Consumer Credit Corporation (CREDICORP) has been named the “Consumer Credit Access Company of the Year” at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
The event, organised annually by BusinessDay, took place in Lagos over the weekend, bringing together major stakeholders across banking, fintech, and financial services. The Federal Government institution, which has been in operation for just about 18 months, stood out among top private-sector brands such as Opay and First Bank of Nigeria.
According to BusinessDay’s selection committee, CREDICORP’s recognition was based on its speed of results, innovative financial products, and what it described as an “ecosystem-first model.” The committee noted that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”
The evaluation process was data-driven, focusing on institutions that are redefining access, affordability, and innovation in Nigeria’s growing consumer credit ecosystem. BusinessDay said CREDICORP has made measurable progress in improving credit affordability and expanding inclusion, driving down effective interest rates by as much as 20 percent.
The Corporation has helped financial institutions reach groups traditionally excluded from formal lending systems, including artisans, civil servants, traders, and young people. About 65 percent of its beneficiaries are first-time successful borrowers, marking a major step forward for financial inclusion in Nigeria.
Despite having financial operations for less than a year, CREDICORP has already reached around 180,000 Nigerians. It has enabled access to essential goods and services such as vehicles, solar power systems, home improvements, and work tools, all financed with affordable consumer credit.
The award also recognized CREDICORP’s role in pioneering innovative credit products designed to serve Nigerians across different life stages. These include YouthCred, which targets National Youth Service Corps (NYSC) members and employed youth, and Pensioners’ Credit, which provides retirees with financial support and dignity in retirement. The Corporation also offers programs designed for households, workers, and small business owners.
CREDICORP’s credit interventions are focused on key areas that directly impact the lives of Nigerians. Notable among these are the Credit Access for Light and Mobility (CALM) Fund, which supports mobility and alternative energy for homes and small enterprises, and S.C.A.L.E. (Securing Consumer Access to Local Enterprises), a program that promotes local production, job creation, and industrial growth through expanded credit access.
According to BusinessDay, these initiatives demonstrate a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”
Other notable winners at the event included Opay, which was named Mobile Payment Solutions Provider of the Year; First Bank of Nigeria, which won the Dominant Force in Inclusive Banking award; Fidelity Bank, which received the Export Finance Bank of the Year award; and Page Financials, which was recognized as Finance Company of the Year.