Ecobank partners with credicorp on flexible customer loans

Ecobank Nigeria has teamed up with the Nigerian Consumer Credit Corporation to provide customers with affordable and flexible loan options to address various needs, such as paying for school fees, rent, maintenance, medical expenses, car purchases, repairs, asset acquisitions, and more. 

According to a statement from the bank, the program is available to civil servants and private-sector employees whose salaries are processed through Ecobank. “New customers can also take advantage of this offer by presenting an employer's commitment to direct future salary payments through Ecobank. Starting this January, the initiative will feature flexible repayment options and a simplified loan application process,” the statement noted.

CrediCorp, a development finance institution set up by the federal government, aims to improve access to consumer credit for Nigeria’s workforce. As part of this partnership, CrediCorp will supply funds to Ecobank for lending to eligible customers.

The arrangement includes personal loans and asset financing for items such as solar systems, home appliances, phones, laptops, and vehicle conversions to compressed natural gas (CNG). Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed enthusiasm for the collaboration, highlighting that it would enhance financial product access for salary earners in both public and private sectors.

She stated: “This partnership presents a fantastic opportunity to serve our customers, and we believe it will enhance the quality of life for many Nigerians. Eligible customers can utilize the loans for purchasing electronics, solar systems, or CNG vehicle conversions, as well as for essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to take advantage of this initiative.”

The loans feature affordable interest rates, a two-year term, and a repayment plan that guarantees equal monthly installments, including both principal and interest, remain unchanged throughout the loan's duration, irrespective of the country's economic conditions.