The federal government has introduced a pension-backed loan scheme aimed at improving access to credit for retirees and pensioners across the country.
The initiative, launched through the Nigerian Consumer Credit Corporation (CREDICORP), allows pensioners to borrow amounts starting from ₦50,000, with maximum limits determined by their monthly pension income.
Speaking at the launch event in Abuja on Friday, CREDICORP Managing Director Uzoma Nwagba described the programme as “a first-of-its-kind product” designed to make credit more inclusive. “This programme leverages pension income, offering retirees tailored, low-interest loans that are both secure and sustainable,” he said.
Nwagba explained that the scheme was created to address the long-standing exclusion of senior citizens from Nigeria’s consumer credit system. He added that the loans are intended to help retirees cover essential expenses such as healthcare, small business ventures, and home improvements.
“This ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes,” Nwagba said. He also noted that CREDICORP partnered with Leadway Trustees to ensure the product’s safety and transparency.
One beneficiary, Chukwuemeka Okeke, a retired civil servant, said the programme has already made a difference in his life. “Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree,” he said.
The scheme, themed “Empowering Retirement with Consumer Credit,” is open to both federal and state pensions.
