Henzodaily.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the Stock Market.
Ecobank Nigeria has teamed up with the Nigerian Consumer Credit Corporation (CrediCorp) to provide affordable and easy-to-access loans for customers.
These loans can help cover expenses like school fees, rent, medical bills, car purchases or repairs, maintenance, and buying assets.
Nigerian Bank and Credicorp Offer Customers Cheap Loans for rents, School Fees, Car Purchases
Source: UGC
The offer is open to civil servants and private employees who receive their salaries through Ecobank.
New customers can also qualify if their employers agree to pay their salaries through Ecobank in the future. Starting this January, the program features flexible repayment plans and a simple loan application process.
CrediCorp, a Development Finance Institution (DFI) created by the Federal Government, aims to improve access to credit for Nigerian workers.
Through its partnership with Ecobank, CrediCorp will supply funds for Ecobank to lend to eligible customers.
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The agreement includes personal loans and financing for items like solar systems, home appliances, phones, laptops, and vehicle conversions to compressed natural gas (CNG).
Adeola Ogunyemi, Ecobank Nigeria’s Head of Consumer Banking, expressed enthusiasm for the partnership, highlighting its role in giving public and private sector salary earners easier access to financial services.
The Head, Consumer Banking, Ecobank Nigeria, Adeola Ogunyemi, expressed excitement about the collaboration, emphasizing that it would provide salary earners, both in the public and private sectors, with better access to financial products.
She said:
“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians. Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.”
The loans have low-interest rates, a two-year repayment period, and a fixed monthly payment plan. This means the amount paid each month, covering both the principal and interest, stays the same throughout the loan term, no matter the country’s economic conditions.
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Source: Henzodaily.ng