In a bold move to strengthen Nigeria’s consumer credit system and extend financial inclusion to senior citizens, the Federal Government on Thursday launched a pension-backed loan scheme for retirees.
The initiative, introduced through the Nigerian Consumer Credit Corporation in partnership with Leadway Trustees and Optimus Bank, is designed to empower pensioners by giving them access to affordable and secure loans. Retirees can borrow from N50,000 upwards, with the maximum amount tied to the size of their pension income.
Speaking at the signing of the Memorandum of Understanding in Abuja, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the scheme would provide retirees with a new lease of life.
Launched under the theme “Empowering retirees with consumer credit,” the programme covers both federal and state pensioners.
According to Nwagba, it is built on the principles of affordability, security, and dignity for senior citizens.
“The programme leverages pension income, offering retirees tailored, low-interest loans that are both secure and sustainable,” he explained.
“This first-of-its-kind product ensures that Nigeria’s senior citizens can access credit with dignity, without the burden of exorbitant rates or complex processes.”
