Ecobank partners with CrediCorp to offer flexible consumer loans

Ecobank Nigeria has teamed up with the Nigerian Consumer Credit Corporation (CrediCorp) to introduce an innovative loan program designed to provide affordable and flexible financial solutions to customers.

The initiative is aimed at helping Nigerians meet various needs, including school fees, rent, medical bills, car purchases and repairs, maintenance costs, asset acquisition, and more.

The program is open to both civil servants and private-sector employees whose salaries are paid through Ecobank.

New customers can also participate by presenting an employer undertaking to process future salaries through Ecobank.

The initiative, which began this January, features a streamlined application process and flexible repayment options tailored to suit the needs of salary earners.

CrediCorp, a Development Finance Institution (DFI) established by the Federal Government, is dedicated to improving access to consumer credit for Nigeria’s workforce.

Through this partnership, CrediCorp will provide funding to Ecobank for on-lending to eligible customers.

The loans cover a broad range of financing needs, including personal loans, asset financing for solar systems, home appliances, phones, laptops, and vehicle conversions to compressed natural gas (CNG).

Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, highlighted the partnership’s potential to positively impact the lives of Nigerians.

“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians. Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ogunyemi stated.

The loans come with competitive interest rates, a two-year repayment term, and a structured plan that ensures equal monthly installments, covering both principal and interest, remain consistent throughout the loan tenure, regardless of economic fluctuations.

Ecobank Nigeria, a subsidiary of the Ecobank Group, is a leading pan-African banking organization with a network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.