CREDICORP Launches S.C.A.L.E. Program to Boost Local Enterprises and Consumer Credit
The Nigerian Consumer Credit Corporation (CREDICORP) has launched Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), a groundbreaking initiative designed to connect Nigerian consumers with local manufacturers and vendors through affordable credit.
This program, a key part of President Bola Ahmed Tinubu’s consumer credit agenda, aims to enhance the quality of life for Nigerians, curb corruption, and catalyze local industries. S.C.A.L.E. seeks to bridge the gap between consumer needs and locally made products by providing credit-backed purchasing power to at least one million Nigerians in its first phase.
By targeting critical sectors of the economy, the program is expected to drive demand for locally manufactured goods, create jobs, and boost industrial growth.
“The public has followed CREDICORP’s journey from an idea by Mr. President to now seeing over 30,000 civil servants benefiting from consumer credit. S.C.A.L.E. takes this vision further by making consumer credit accessible to the general public while encouraging the purchase of locally produced goods,” said Engr. Uzoma Nwagba, MD/CEO of CREDICORP.
The program focuses on five high-impact sectors: home improvement, mobility, electronics, energy solutions, and general merchandise.
Each area has been chosen to address key consumer needs while stimulating growth in local production and value addition.
In the home improvement category, S.C.A.L.E. aims to enable Nigerians to upgrade their living conditions with access to locally manufactured furniture, appliances, and building materials.
Affordable credit will incentivize households to invest in better living standards while supporting local artisans and manufacturers in the home goods sector.
The mobility sector is another priority. S.C.A.L.E. promotes access to compressed natural gas (CNG) and electric vehicles, including cars, motorbikes, and bicycles.
This focus aligns with Nigeria’s push for cleaner, more sustainable transportation solutions, while fostering growth in the nation’s burgeoning automotive industry. Electronics and digital inclusion are also at the heart of the program.
By providing affordable financing for digital devices like smartphones, tablets, and laptops, S.C.A.L.E. seeks to bridge the digital divide, enabling more Nigerians to participate in the digital economy and access online services.
In the energy solutions space, the program addresses Nigeria’s persistent energy challenges by making solar panels and efficient generators more accessible. This move is expected to empower small businesses and households with reliable and sustainable energy options, improving productivity and quality of life.
The general merchandise category will target healthcare, apparel, textiles, and food and beverages. By facilitating credit access for essential goods, CREDICORP ensures that consumers can meet their needs while boosting local production in these vital industries.
CREDICORP is inviting local vendors and manufacturers to join the program to create a robust network of suppliers who can meet the anticipated demand surge. Interested parties are encouraged to submit an Expression of Interest (EOI) through the S.C.A.L.E. website by December 15, 2024.
“Our product-led approach to credit is transformative,” Nwagba added. “S.C.A.L.E. is not just about credit; it’s about empowering local enterprises and improving lives. It’s a win for consumers and businesses alike.”
CREDICORP, a Federal Government development finance institution, aims to provide consumer credit access to 50% of working Nigerians by 2030.
Through initiatives like S.C.A.L.E., the organization is addressing structural barriers, catalyzing the industry with capital and guarantees, and driving cultural change around credit use.
