The Nigerian Consumer Credit Corporation, CREDICORP, has kicked off its Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), a transformative initiative to accelerate growth of Nigeria’s local industries by providing consumer credit to Nigerians specifically for purchase of goods and services of local vendors and manufacturers.
This is a part of President Bola Ahmed Tinubu’s vision for the acceleration of consumer credit access for Nigerians: to improve quality of life, stem corruption, and catalyse industry.
S.C.A.L.E. is a bold step toward supporting Nigerian enterprises by accelerating demand, which in turns grows local industries and creates jobs. This program connects Nigerian consumers with credible local manufacturers and vendors across critical sectors, while ensuring consumers afford these products via affordable consumer credit.
CREDICORP seeks to drive an initial one million credit-backed consumers to local vendors and manufacturers. CREDICORP invites local vendors and manufacturers across to participate in this transformative program. Interested parties should submit an Expression of Interest, EOI, by visiting the official S.C.A.L.E. website: www.credicorp.ng/scale.
Key Impact Areas
The S.C.A.L.E. Program will drive access to locally-made products, and incremental value addition, across five high-impact thematic areas:
Home Improvement (Furniture, Appliances & Building Materials): S.C.A.L.E. will enable households to upgrade their living standards by heavily incentivising consumer credit for locally-manufactured furniture, building materials, and appliances.
Mobility (esp. CNG & Electric vehicles): S.C.A.L.E. aims to promote accessible transportation by facilitating access to Compressed Natural Gas, CNG, and electric vehicles (cars, motorbikes, keke, bicycles). This will enable cheaper and cleaner transportation, and stimulate growth and value addition in Nigeria’s automotive sector.
Electronics (Digital Devices): S.C.A.L.E. will provide consumers with affordable access to essential digital devices, including smartphones, tablets, and laptops, fostering digital inclusion and participation in the digital economy.
Energy Solutions (Generators & Solar Panels): S.C.A.L.E. will empower homes and small businesses with affordable, sustainable energy solutions, such as solar panels and efficient generators, addressing Nigeria’s energy challenges.
General Merchandise (Healthcare, Apparel & Textiles, Food & Beverage): S.C.A.L.E. will enhance access to essential healthcare products, quality apparel, and nutrition, while advancing growth in those sectors.
Speaking on the S.C.A.L.E. programme, MD/CEO of CREDICORP, Engr. Uzoma Nwagba, says, “the public has followed CREDICORP’s journey from what was a series of ideas of Mr. President, to now several Participating Financial Institutions, to about 30,000 civil servants receiving consumer credit for life-enhancing goods and services, and our ongoing expansion to the public. We are driving towards a product-led approach to credit – where we enable and tailor consumer credit for specific themes of impact on our beneficiaries, while also heavily incentivising and driving consumption of locally-produced goods and services along those themes. S.C.A.L.E is a win for both the consumers and the local vendors and manufacturers. As the acronym says, it is Supporting Consumer Access for Local Enterprises.”
Call to Action: CREDICORP invites vendors and manufacturers across the focus industries to participate in this transformative program. Interested parties should submit an Expression of Interest, EOI, by visiting the official S.C.A.L.E. website: www.credicorp.ng/scale. The phase 1 deadline for Vendors and Manufacturers to submit an expression of interest to be a part of this program is December 15, 2024.
About CREDICORP: The Nigerian Consumer Credit Corporation, CREDICORP, is a development finance institution of the Federal Government of Nigeria, with a mandate to accelerate access to consumer credit to 50% of all working Nigerians by 2030, by removing structural barriers, catalysing the industry with capital and guarantees, and cultural reorientation around credit. For inquiries or additional information about the S.C.A.L.E. Program, please visit www.credicorp.ng or send an email to: [email protected]
Together, let’s S.C.A.L.E. local enterprises, improve affordability, and secure a brighter future for Nigeria!
