CREDICORP and NCGCL Sign MoU to Expand Consumer Credit Access
CREDICORP and NCGCL signed a risk-sharing MoU on 10 July 2026 to expand consumer credit for qualified Nigerians through wholesale funding and guarantees.
The Nigerian Consumer Credit Corporation (CREDICORP) and the National Credit Guarantee Company Limited (NCGCL) signed a Memorandum of Understanding on 10 July 2026 to establish a risk-sharing partnership that expands access to consumer credit for qualified Nigerians.
CREDICORP will supply wholesale funding, credit appraisal, implementation, and portfolio monitoring expertise. NCGCL will supply guarantee instruments and risk-sharing solutions to de-risk lending portfolios.
Partnership details
Under the agreement CREDICORP acts as the wholesale financier and risk-sharing platform while NCGCL extends formal credit guarantees. The structure allows banks, microfinance institutions, fintech companies, and cooperatives to obtain bulk capital and partial loss coverage, reducing the cost of extending loans to previously excluded borrowers. The target group remains qualified Nigerians, with initial focus on working citizens and federal civil servants.
CREDICORP was established in April 2024 as a federal government-owned development finance institution. It launched the Consumer Credit Scheme on 21 April 2024 targeting federal civil servants and does not lend directly to individuals. In December 2024 it introduced Project S.C.A.L.E. to channel single-digit loans toward locally manufactured vehicles and solar solutions, with a goal of enabling one million credit-backed purchases across five sectors by the end of 2026, subject to funding. It also launched a Mobility Credit Fund that same month, partnering assemblers including Nord, Innoson, Jets, CIG, NEV, Simba, PAN, Mikano, and DAG. An initial ₦20 billion consumer credit fund for locally assembled automobiles was announced jointly with the National Automotive Design and Development Council.
Background and timeline
The MoU announcement follows a series of CREDICORP initiatives that began in 2024. President Bola Tinubu approved the CREDICORP board in 2024 to accelerate consumer credit expansion. Ecobank Nigeria partnered with CREDICORP in January 2025 to offer affordable consumer loans. By early 2025 the first beneficiaries received credit-backed tricycles and motorbikes from Simba Group factories under the mobility programme. The 10 July 2026 MoU adds NCGCL’s guarantee capacity to this existing wholesale model.
NCGCL operates as a national credit guarantee institution that provides instruments to absorb portions of default risk. The partnership combines CREDICORP’s funding and monitoring role with NCGCL’s de-risking tools, creating a layered support system for lenders.
Implications for lenders and borrowers
Banks, fintech lenders, salary-advance apps, and buy-now-pay-later platforms can now offload part of their credit risk to government-backed entities. This arrangement supports algorithmic and data-driven lending at lower collateral thresholds. The framework also aligns consumer credit expansion with industrial policy by directing funds toward locally assembled vehicles and solar products, benefiting Nigerian manufacturers and adjacent technology distribution channels.
Consumers who meet eligibility criteria gain access to longer tenors and potentially lower rates. The partnership operates as a contractual cooperation framework without an accompanying regulatory circular from the Central Bank of Nigeria.
Next steps
Market participants should monitor rollout announcements with partner banks and fintechs, disbursement volumes under the risk-sharing facility, and progress toward the one-million credit-backed purchases target by the end of 2026. Nairametrics first reported the MoU details. Additional information appears on the CREDICORP X account, CREDICORP Instagram, and Wikipedia.
