Accion Microfinance Bank (MfB) and CrediCorp have announced a partnership to launch a nationwide consumer credit scheme aimed at providing affordable loans to over 15,000 middle-income Nigerians. The initiative, set to begin in September 2024, offers flexible repayment plans and simplified loan application processes, further advancing financial inclusion in Nigeria.
The scheme targets middle-income earners with competitive interest rates and a two-year repayment period, allowing borrowers to make quarterly interest payments. This offering is designed to ease financial burdens and provide funds for essential needs such as school fees, household appliances, and even transitioning from kerosene to gas stoves.
Speaking on the collaboration, Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, said, “We are excited to meet the evolving financial needs of our consumers with this partnership. This initiative will enable us to make a tangible difference in the lives of Nigerians, especially in areas that truly matter, like education and home improvements.”
Sadiq, a representative from CrediCorp, also highlighted the partnership’s potential to impact middle-income earners and small business owners positively. “We believe this collaboration will provide accessible financial solutions to improve the quality of life for many Nigerians,” he noted.
Key highlights of the partnership include:
– Reduced Interest Rates: Middle-income earners will enjoy loans at reduced rates starting in September 2024.
– Flexible Repayment Plans: Borrowers can benefit from tailored repayment schedules that align with their financial situations.
– Simplified Application Process: Streamlined procedures will ensure quick and easy access to funds, minimizing paperwork and delays.
This initiative marks a significant milestone in the Nigerian financial sector, as it is expected to contribute to a more inclusive economy, offering opportunities for citizens to thrive.
Accion Microfinance Bank, a pioneer in Nigeria’s microfinance industry with over 16 years of experience, has played a key role in supporting entrepreneurs and small businesses, contributing to the nation’s economic growth. Backed by strong shareholders like Ecobank, Zenith Bank, Citi Bank, and the International Finance Corporation, Accion MfB continues to provide innovative financial solutions that benefit an increasing number of customers across the country.
