The Nigerian Consumer Credit Corporation, known as CrediCorp, has officially rolled out a major nationwide initiative designed to make essential digital tools like smartphones and laptops more affordable for working citizens. The scheme, announced on Tuesday, December 2, 2025, targets enabling over 15,000 Nigerians to acquire these devices through accessible credit.
Building on a Successful Pilot Programme
This new national programme is not starting from scratch. It expands on a highly successful pilot project that previously assisted more than 1,000 Nigerians in obtaining smartphones via affordable credit arrangements. CrediCorp reported that the pilot, powered by e-Finance Company and secured by Credlock's technology, saw high repayment rates and rapid adoption, proving a strong demand and need for such financing.
Uzoma Nwagba, the Managing Director of CrediCorp, framed the initiative as a core part of the organization's mission. He emphasized that in today's world, digital devices are foundational for education, employment, and innovation. A smartphone can link a fresh graduate to online job markets, while a laptop can significantly enhance a civil servant's productivity.
How the Device Financing Scheme Works
CrediCorp is implementing this scheme through partnerships with participating financial institutions (PFIs). E-Finance Company has been named as one such key partner. The technological backbone for securing the devices as collateral is provided by Credlock, ensuring a responsible and efficient credit process.
Dayo Fabayo, CEO of Credlock, highlighted the transformative power of everyday gadgets, stating they are vital tools that open doors to learning, earning, and a better quality of life. For small business owners, traders, and artisans, these tools can mean reaching new customers and managing operations more efficiently.
Nigerians interested in applying for credit to purchase a smartphone or laptop can do so by visiting CrediCorp's application portal through the approved PFIs.
Part of a Broader Consumer Credit Push
This device-specific scheme is one thread in CrediCorp's larger tapestry of consumer credit programmes aimed at boosting productivity and inclusion. The corporation had earlier, in September 2025, commenced a N100 billion consumer credit program targeted at 500,000 civil servants, offering discounted loans to batches of over 15,000 workers.
Another related initiative is the SCALE programme (Securing Consumer Access for Local Enterprises), designed to empower up to one million Nigerians with credit specifically for purchasing locally manufactured goods and services. CrediCorp also supports financing for other essential assets like mobility solutions and renewable energy systems.
In a related development, CrediCorp, alongside the Ministry of Finance and the Presidential Initiative, introduced the CALM Fund. This separate financing scheme is tailored to help Nigerians access credit for converting their vehicles to run on Compressed Natural Gas (CNG) and for installing solar power systems in their homes.
