Olufemi Adeyemi
The collaboration aims to provide affordable credit options to over 15,000 middle-income individuals, thereby promoting greater financial inclusion across Nigeria. Emphasizing affordability, the initiative will feature competitive interest rates and a two-year repayment period with quarterly interest payments.
Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, expressed his excitement about the partnership, highlighting the bank's dedication to addressing the changing financial needs of consumers.
In discussions about the collaboration, he remarked, “As a leading bank in the country, we are eager to connect with consumers during this pivotal time, understanding their evolving requirements and offering innovative solutions. We are particularly enthusiastic about financing essential appliances, educational expenses, and facilitating the shift from kerosene to gas stoves, which will significantly enhance our customers' lives.”
Sadiq, a representative from CrediCorp, stated, “We believe this partnership will profoundly impact the lives of middle-income earners and small business owners. We are excited to collaborate and create meaningful change.”
Among the key benefits of this partnership is the reduction of interest rates, with plans for middle-income earners to access loans at lower rates starting in September 2024 for a designated period.
Additionally, borrowers will enjoy flexible repayment options, with personalized schedules designed to meet their unique financial situations. The simplified application process and streamlined procedures will facilitate quick access to funds, making it easier for middle-income earners to address their financial needs.
The introduction of a nationwide consumer credit scheme represents a pivotal achievement for both Accion Microfinance Bank and CrediCorp. This collaboration is anticipated to foster a positive influence and advance financial inclusion in Nigeria, providing citizens with the means to prosper.
With over 16 years of experience, Accion Microfinance Bank is a trailblazer in Nigeria's microfinance industry, delivering innovative financial solutions. The bank's extensive commitment to supporting entrepreneurs and small enterprises has significantly bolstered economic growth and development.
Accion Microfinance Bank benefits from robust shareholder investments from three prominent banks—Ecobank, Zenith Bank, and Citi Bank—as well as the International Finance Corporation, a member of the World Bank, and Accion Investments. These partnerships enhance its financial stability and enable the bank to cater to a growing customer base.