Source: Guardian Nigerian News
Accion Microfinance Bank (MfB) and CrediCorp have announced a new partnership to launch a nationwide consumer credit scheme aimed at offering affordable loans to over 15,000 middle-income Nigerians. The program, which is set to commence in September 2024, will feature flexible repayment plans and a simplified loan application process, further promoting financial inclusion across Nigeria.
This initiative specifically targets middle-income earners, offering competitive interest rates and a two-year repayment term, allowing borrowers to make quarterly interest payments. The scheme is designed to alleviate financial strain and provide funding for critical needs such as education costs, home appliances, and even the transition from kerosene to gas stoves.
Commenting on the partnership, Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, expressed enthusiasm about addressing the evolving financial needs of consumers through this collaboration. He noted, “This initiative enables us to make a meaningful impact on the lives of Nigerians, particularly in areas that matter most, such as education and home improvements.”
Sadiq, a representative from CrediCorp, echoed the sentiment, emphasizing the positive impact on middle-income earners and small business owners. “We believe this partnership will deliver accessible financial solutions to enhance the quality of life for many Nigerians,” he stated.
Key features of the partnership include:
– Reduced Interest Rates: Middle-income borrowers will have access to loans at lower interest rates starting from September 2024.
– Flexible Repayment Plans: Tailored repayment schedules will be available to accommodate borrowers’ financial circumstances.
– Simplified Application Process: Streamlined procedures will facilitate quick and easy access to loans, reducing paperwork and delays.
This collaboration marks a pivotal moment in Nigeria’s financial sector, with expectations that it will foster a more inclusive economy by providing citizens with opportunities to improve their financial well-being.
Accion Microfinance Bank, a trailblazer in Nigeria’s microfinance industry with over 16 years of experience, has been instrumental in supporting entrepreneurs and small businesses, thereby contributing to the country’s economic development. Supported by major shareholders such as Ecobank, Zenith Bank, Citi Bank, and the International Finance Corporation, Accion MfB continues to innovate in delivering financial solutions that cater to an expanding customer base across Nigeria.
