CrediCorp disburses N3.5bn to over 10k beneficiaries in five days

The Nigerian Consumer Credit Corporation (CrediCorp) says over N3.5 billion has been disbursed to 10,942 beneficiaries through financial institutions participating in its consumer credit scheme.

In a statement on X on Thursday, CrediCorp said the amount was disbursed within five days of its launch to civil servants, including teachers, medical doctors, police officers, paramilitary personnel, and government administrators.

CrediCorp said among those benefitting so far are “4,786 federal and state teachers, 1,307 government medical doctors, 2,831 administrators from federal and state ministries departments and agencies (MDAs), and 1,264 workers from police and paramilitary institutionsl”.

“753 workers from specialised services such as judiciary staff and environmental workers have also benefitted,” CrediCorp said.

“The total amount provided includes N1,502,834,192.09 for education and teachers, N600,245,991.49 for medical doctors, N755,930,121.25 for federal and state administrators, N367,463,073.38 for police and paramilitary personnel, and N273,591,121.79 for specialised services such as judiciary staff and environmental workers.

“The credit has been provided to meet various specific needs, such as alternative fuel options like solar panels and compressed natural gas (CNG) conversions, as well as for home improvements, school fees, and medical expenses.”

The corporation had earlier in September promised that 500,000 civil servants would benefit from the N100 billion consumer credit scheme.

CrediCorp signed a memorandum of understanding (MoU) with Credit Direct, a subsidiary of FCMB Group, in Lagos, to kick-off the initiative.