Consumer Credit Program Launched for Armed Forces
The Nigerian Consumer Credit Corporation (CREDICORP) has partnered with Fewchore Finance to launch a consumer credit initiative for personnel of the Nigerian Armed Forces. The program, which aligns with Armed Forces Remembrance Day celebrations, aims to provide financial support to service members, with an initial phase targeting 20,000 beneficiaries.
Supporting Soldiers and Their Families
This initiative, part of President Bola Tinubu’s vision to expand consumer credit access to over 50% of working Nigerians by 2030, highlights the government’s commitment to improving the welfare of the nation’s armed forces. The program offers affordable credit options for acquiring essential household assets and addressing financial needs, with preferential terms for locally manufactured goods.
In a statement, CREDICORP noted, “By providing affordable consumer credit, members of the Armed Forces can acquire life-enhancing household assets and meet immediate financial challenges. This program eases their financial burden, boosts morale, and enhances the well-being of their families, many of whom are separated from them during their service.”
Leadership Commitment to Armed Forces Welfare
The initiative reflects President Tinubu’s dedication to supporting uniformed personnel. Uzoma Nwagba, Managing Director and CEO of CREDICORP, remarked, “This program demonstrates Mr. President’s unwavering commitment to those who protect and serve our nation. By making credit accessible to armed forces personnel, we not only honor their service but also advance the President’s goal of improving lives through consumer credit.”
Fewchore Finance’s Role in the Initiative
Fewchore Finance’s Managing Director/CEO, Sunkanmi Balogun, expressed pride in partnering on this impactful initiative, stating, “We are proud to support the courageous men and women of the Armed Forces. At Fewchore Finance, we have a long-standing relationship with the Armed Forces and remain committed to creating solutions that address real needs.”
Phased Implementation for Equitable Access
The program, which involves personnel from all branches of the Armed Forces, will be implemented in phases to ensure equitable access. Coordination with the respective accounts and budget departments of the forces will facilitate a smooth rollout.
Boosting Morale and Enhancing Welfare
The initiative not only aims to address the financial challenges faced by service members but also seeks to boost their morale and improve the overall well-being of their families. By leveraging consumer credit, the program offers a tangible way to honor the sacrifices of those who serve on the frontlines to protect the nation.
A Step Toward Broader Financial Inclusion
This partnership underscores the potential of consumer credit to enhance the quality of life for working Nigerians. As the program expands, it is expected to serve as a model for financial inclusion, aligning with broader economic goals and fostering social and economic stability.
This launch is a significant step toward recognizing the sacrifices of Nigeria’s armed forces personnel while advancing the national goal of financial empowerment for all citizens.
