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 event is organized annually by BusinessDay, Nigeria?s foremost private-sector newspaper renowned for its authoritative analysis and independent reporting. The awards convene leading players across banking, fintech, and financial services.

Other notable winners at the event included:

Opay ? Mobile Payment Solutions Provider of the Year
First Bank of Nigeria ? Dominant Force in Inclusive Banking
Fidelity Bank ? Export Finance Bank of the Year
Page Financials ? Finance Company of the Year

CREDICORP ? a Federal Government institution that has existed for barely 18 months ? emerged alongside such established private-sector brands. The BusinessDay?s selection cites the Corporation?s speed of results, innovative products, and ?ecosystem-first model? as key factors in its decision, noting that ?CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.?

Recognizing Transformative Impact

According to BusinessDay?s selection committee, CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria?s consumer credit ecosystem. CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20%, and enabling financial institutions to reach demographics historically excluded from formal lending ? from artisans and civil servants to small traders and youth, with 65% of its beneficiaries being first-time successful borrowers.

Innovation Across Life Stages

The award also highlights CREDICORP?s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians:

YouthCred ? for National Youth Service Corps (NYSC) members, and employed youth in general.
Pensioners? Credit ? for retirees seeking liquidity and dignity in retirement;
and multiple thematic programs in between, addressing credit for households, workers, and small business owners.

Targeting What Matters Most

The Corporation?s credit interventions have been strategically directed at the pain points most affecting Nigerians? quality of life, including:

Mobility, and alternative energy for homes and micro enterprises through the Credit Access for Light & Mobility (CALM) Fund;
and local production and job creation through S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which combines credit expansion with industrial deepening.

These initiatives reflect what was described as a ?double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.? Despite financial operation for less than a year, CREDICORP has reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services ? including vehicles, solar systems, home improvement and productive tools ? financed with affordable credit.

Update news