Ecobank, CrediCorp Collaborate to Provide Affordable Loans to Customers.

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Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and flexible loans to customers, aimed at financing various needs such as school fees, rent, maintenance costs, medical bills, car purchases, and asset purchases.

The program is available to civil servants and private-sector employees whose salaries are paid through Ecobank, with new customers also eligible upon presentation of an employer undertaking to pay subsequent salaries through Ecobank. Starting this month, the initiative provides flexible repayment options and a streamlined loan application process.

CrediCorp, a development finance institution (DFI) established by the Federal Government, focuses on enhancing access to consumer credit for Nigeria’s workforce. Under the partnership, CrediCorp will provide funds to Ecobank for on-lending to qualified customers, covering personal loans and asset financing for items like solar systems, home appliances, and vehicles.

Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed excitement about the collaboration, emphasizing its potential to improve the quality of life for many Nigerians. “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians,” Ogunyemi said.

The loans offered through this partnership come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly installments, including principal and interest, remain unchanged throughout the life of the facility, regardless of the country’s economic situation.

Ogunyemi further stated, “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.”

The partnership between Ecobank and CrediCorp is expected to provide a much-needed boost to Nigeria’s workforce, offering them access to affordable credit and financial services. With this initiative, Ecobank Nigeria is reaffirming its commitment to supporting the financial inclusion goals of the Central Bank of Nigeria and the Federal Government.

The loan application process is designed to be straightforward and efficient, with customers able to apply through various channels, including Ecobank’s online banking platform, mobile app, and branches nationwide.

As part of its efforts to promote financial literacy and inclusion, Ecobank Nigeria will also be providing educational materials and workshops to help customers manage their finances effectively and make informed decisions about their loan applications.

With this partnership, Ecobank Nigeria and CrediCorp are poised to make a significant impact on the lives of millions of Nigerians, providing them with access to affordable credit and financial services that can help them achieve their goals and improve their overall well-being.

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