Business & Economy

Ecobank Nigeria and CrediCorp Partner to Offer Flexible Loans

Published

3 months ago

Jan 19, 2025.

Ecobank Nigeria and CrediCorp Partner to Offer Flexible Loans

CrediCorp is a development Finance Institution established by the Federal Government
The partnership aims to provide better access to financial products for salary earners
The partnership covers personal loans, asset financing for various items, and vehicle conversions to compressed natural gas (CNG)

Ecobank Nigeria has joined forces with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and flexible loans to customers for a wide range of needs, including education, housing, healthcare, car purchases, and more.

Eko Hot Blog reports that the partnership aims to provide better access to financial products for salary earners in both the public and private sectors.

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Starting in January, the initiative offers convenient repayment options and a streamlined loan application process.

It is available to existing Ecobank customers whose salaries are paid through the bank, as well as new customers who provide an employer undertaking to receive their salaries through Ecobank.

CrediCorp, a Development Finance Institution established by the Federal Government, will provide funds to Ecobank for on-lending to qualified customers.

The partnership covers personal loans, asset financing for various items, and vehicle conversions to compressed natural gas (CNG).

Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed enthusiasm about the collaboration, stating that it would empower customers by providing better access to financial solutions.

She said, “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.

Ecobank Nigeria and CrediCorp Partner to Offer Flexible Loans

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 loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly installments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.