Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to provide affordable and flexible loan options to Nigerians.
The initiative, announced in a statement on Saturday, targets both public and private sector employees whose salaries are processed through Ecobank. It also extends eligibility to new customers, provided their employers commit to routing future salaries through the bank. The program offers competitive interest rates, flexible repayment terms, and a streamlined application process to ensure ease of access for borrowers.
CrediCorp, a federal government-backed development finance institution, will supply funds for the loans, which Ecobank will disburse to qualifying customers. The loans cover a wide range of needs, including personal expenses such as school fees, rent, medical bills, and car maintenance. Additionally, customers can access asset financing for items like solar systems, electronics, and vehicle conversions to compressed natural gas (CNG).
Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, highlighted the partnership’s potential to improve the financial well-being 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 said.
The loan facility comes with a two-year tenure and features fixed monthly repayments that remain unchanged despite economic fluctuations. The partnership aims to foster financial stability among Nigerian workers while driving demand for environmentally sustainable technologies like CNG vehicle conversions and solar energy systems.
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