CREDICORP named ‘Credit Access Company of the Year’ at BusinessDay BAFI Awards in Lagos

*The Nigerian Consumer Credit Corporation shines, as the agency is named the ‘Consumer Credit Access Company of the Year’ for its data-driven evaluation of institutions, redefining access, affordability, and innovation in the country’s consumer credit ecosystem, at the recent 13th BusinessDay Banks and Other Financial Institutions Awards, in Lagos

Gbenga Kayode | ConsumerConnect

The Nigerian Consumer Credit Corporation (CREDICORP) has been named the “Consumer Credit Access Company of the Year” at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held in Lagos recently.

BusinessDay has organised the prestigious event annually, which awards convene leading players across banking, Financial Technology (FinTech), and financial services in the country.

ConsumerConnect reports CREDICORP, a Federal Government’s institution that has existed for barely 18 months, emerged alongside such established private-sector brands.

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Other notable winners at the event included Opay as the “Mobile Payment Solutions Provider of the Year”, First Bank of Nigeria as “Dominant Force in Inclusive Banking”, Fidelity Bank, “Export Finance Bank of the Year”, and Page Financials, as the “Finance Company of the Year” respectively.

The organisers’ selection particularly cited the Corporation’s speed of results, innovative products, and “ecosystem-first model” as key factors in its decision.

The newspaper also observed that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”

Recognising CREDICORP transformative impact

According to the selection committee for the awards, CREDICORP was chosen in regard to its data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem.

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CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20 percent, and enabling financial institutions to reach demographics historically excluded from formal lending — from artisans and civil servants to small traders and youth, with 65 percent of its beneficiaries being first-time successful borrowers.

On innovation across life stages in economy

According to the BusinessDay Selection Committee, the award has also highlighted CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians.

These, the Committee stated, included the Corporation’s 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 programmes in between, addressing credit for households, workers, and small business owners.

In terms of its targeting what matters most, the award equally noted the Corporation’s credit interventions have been strategically directed at the “pain points” most affecting Nigerian consumers’ quality of life.

These include 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.

The organisers; as well affirmed such initiatives reflected what was described as a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”

Despite financial operations for less than a year in the Nigerian economy, CREDICORP has reached up to 180,000 consumers.

The Corporation is also noted to have facilitated access to life-enhancing goods and services, including vehicles, solar systems, home improvement and productive tools, all financed with affordable credit for Nigerians.

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