The Nigerian Consumer Credit Corporation (CREDICORP) introduces a groundbreaking initiative, S.C.A.L.E. (Securing Consumer Access for Local Enterprises), designed to provide credit to Nigerian consumers for purchasing locally manufactured products and services. This ambitious project aims to support local industries by linking one million credit-backed consumers with Nigerian manufacturers and vendors.
Announcing the initiative on Monday, CREDICORP reveals that S.C.A.L.E. will stimulate demand for local goods, creating opportunities for businesses while promoting job growth and economic development. The program focuses on fostering access to quality locally made products across key sectors.
Focus Areas
- Home Improvement: Facilitates access to locally produced furniture, building materials, and appliances, enabling families to enhance their living conditions.
- Mobility: Supports the purchase of vehicles, including electric and compressed natural gas (CNG) cars, motorbikes, and bicycles, to promote cleaner, affordable transportation while boosting the local automotive industry.
- Electronics: Provides credit for essential digital devices like smartphones, tablets, and laptops, fostering greater digital inclusion.
- Energy Solutions: Eases access to sustainable energy products, such as solar panels and energy-efficient generators, addressing persistent power challenges for homes and businesses.
- General Merchandise: Expands access to health products, textiles, apparel, and food items, spurring growth in these essential sectors.
Building Local Demand
CREDICORP highlights the transformative potential of S.C.A.L.E., stating, “This initiative strengthens local industries by connecting credit-backed consumers with reliable Nigerian manufacturers and vendors across crucial sectors. By driving demand, we aim to unlock job creation and long-term economic growth.”
To ensure effective participation, CREDICORP calls on local manufacturers and vendors to register for the program’s first phase, with a deadline of December 15, 2024.
Previous Efforts
This announcement follows CREDICORP’s recent launch of the CALM (Credit Access for Light and Mobility) Fund, aimed at enabling Nigerians to access solar energy systems and CNG vehicle conversions through partner financial institutions.
CREDICORP has also partnered with 151 financial institutions, including fintech firms, microfinance banks, and commercial banks, to enhance consumer credit access. Currently, five institutions—Credit Direct, Wema Bank, Accion Microfinance Bank, LETSHEGO Microfinance Bank, and Abbey Mortgage Bank—are operational under the program.
Strengthening Consumer Credit
To perfect the scheme, CREDICORP recently partnered with the National Identity Management Commission (NIMC) to streamline credit scoring for Nigerians using the National Identification Number (NIN).
Through projects like S.C.A.L.E., CREDICORP continues to drive consumer credit innovation, empowering Nigerians to support local industries and improving access to essential goods and services.
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