The Federal Government has launched a pension-backed loan scheme to improve access to credit for retirees and pensioners across the country.
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The initiative, rolled out through the Nigerian Consumer Credit Corporation (CREDICORP), enables pensioners to borrow amounts starting from ₦50,000, with maximum limits tied to 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,” Nwagba said.
He explained that the scheme was created to address the long-standing exclusion of senior citizens from Nigeria’s consumer credit system. The loans, he added, would help retirees meet essential needs 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 stressed. He also noted that CREDICORP partnered with Leadway Trustees to guarantee safety and transparency.
One beneficiary, Chukwuemeka Okeke, a retired civil servant, shared his experience: “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.”
The scheme, themed “Empowering Retirement with Consumer Credit”, is open to both federal and state pensioners.
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