Ecobank Nigeria, in partnership with the Nigerian Consumer Credit Corporation (CrediCorp), has unveiled an innovative loan programme designed to provide affordable and flexible credit facilities for salary earners in Nigeria.
This initiative targets civil servants and private-sector employees whose salaries are paid through Ecobank with new customers also eligible upon presentation of an employer undertaking to transfer future salaries to the bank.
The loan programme offers a streamlined application process and flexible repayment options.
Borrowers can access funds for various needs, including school fees, rent, medical bills, car purchases, maintenance, asset acquisition, and even vehicle conversions to compressed natural gas (CNG).
CrediCorp, a development finance institution established by the Federal Government, will provide the funds to Ecobank for on-lending to qualified customers.
The partnership also includes asset financing for items such as solar systems, home appliances, phones, and laptops.
Head of Consumer Banking at Ecobank Nigeria, Adeola Ogunyemi, expressed optimism about the collaboration’s impact on improving access to financial products for Nigerian workers.
“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 said.
The loans feature affordable interest rates and a two-year repayment term.
Borrowers will benefit from equal monthly instalments that remain consistent throughout the loan’s duration, ensuring stability regardless of economic fluctuations.
The programme reinforces Ecobank’s commitment to supporting financial inclusion and empowering Nigerians with access to credit tailored to their everyday needs. By simplifying the borrowing process and offering competitive terms, the partnership with CrediCorp aims to enhance the quality of life for Nigeria’s workforce.
With its broad scope and emphasis on affordability, the loan initiative is expected to attract widespread interest, providing much-needed financial support for salary earners across the country.