Accion MfB, CrediCorp Unveil Affordable Tricycle Financing for Lagos Riders

Sunday Ehigiator

Accion Microfinance Bank (MfB), in collaboration with CrediCorp, unveiled an affordable tricycle financing scheme for riders in Lagos to provide easy access to tricycles, enhancing the livelihoods of riders and promoting economic growth.

The vehicles were officially handed to the riders at an event held recently in Lagos in collaboration with Simba Group TVS.

Speaking at the ceremony, the Managing Director/CEO of Accion Microfinance Bank, Taiwo Joda, said, “This was made possible by President Bola Tinubu, who had the vision and the drive. When CrediCorp called to sell this vision to Accion Microfinance Bank and asked, ‘Are you ready to run with us?’ we said, ‘It is about impact; we are ready to go the whole hog and every mile to show that we care.

“This is not just about financial intervention but about making people have meaning in their lives. It is about financial health and making people look away from trying to corruptly enrich themselves to realising that hard work pays, and if they have the tools in their hands, there is no limit to where a Nigerian can grow.”

He added, “The critical role that Accion MFB played is to be able to link the underserved and unserved to financial possibilities and vehicles that can uplift their welfare. We partnered with CrediCorp, which serves as a wholesale banker; they don’t give piecemeal credit; we are the ones who give it piecemeal. Each of the tricycles costs N3.6m to the end users, and we allow them to pay in instalments over 24 months.”

The Chief Executive Officer of Nigeria Consumer Credit Corporation, Uzoma Nwagba, affirmed that the provision of consumer credit has a multiplier effect on the economy.

“Consumer credit is just about the only non-negotiable tool in an economy of this size to enhance people’s quality of life and to stem corruption by reducing the pressure that people face to amass funds to be able to pay for stuff up front.

“They can get the same things and pay over time. It is to catalyse the local industry by using credit to buy made-in-Nigeria goods, provide a market for our local industries, and in doing so, create millions of jobs,” he averred.