CREDICORP Partners With Sub-City, Letshego Microfinance Bank, Others To Unveil Affordable Tricycle Financing For Nigerians

In a bid to expand access to income-generating tools and dignified work for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-City Global Project, Letshego Microfinance Bank, TVS, Simba Groups and National Automotive Design and Development Council (NADDC), has 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 event, which took place in Ikorodu, Lagos State, on July 28, 2025, witnessed dozens of beneficiaries, including members of the Tricycle Owners Association of Nigeria (T.O.A.N.), Lagos Branch, receive brand-new, locally assembled tricycles, fully financed through structured and affordable repayment plans facilitated by Letshego Microfinance Bank.

Speaking at the event, Mrs. Olanike Kolawole, Executive Director, Operations at CREDICORP, emphasized the organization’s mission, stating, “We’re providing hardworking men with the tools they need to stand on their own feet”.

“In a challenging economy, asset-backed credit is more than just a product – it’s a pathway to economic empowerment.”

Speaking further on the purpose of the event, she said the event marks another major milestone in CREDICORP’s mission to unlock economic opportunities for everyday Nigerians through asset-backed consumer credit.

Also speaking at the event, Mr. Akinyele Makinwa, Chief Operating Officer of Sub-City Group, said, “This initiative is a gateway to independence, financial stability, and personal achievement. We are not just giving out tricycles; we are investing in the future of Nigeria’s youth.”

NewsRain Nigeria reports that this rollout falls under CREDICORP’s broader S.C.A.L.E. initiative (Securing Consumer Access for Local Enterprises), which connects qualified consumers with Nigeria’s manufacturing and credit infrastructure, ensuring that lending supports both productivity and long-term economic inclusion.

Distributed in partnership with Sub-City Global Project, the tricycles provide immediate commercial value in transportation and logistics, enabling beneficiaries to build stable livelihoods in one of Lagos’s most dynamic and growing corridors.

By working with Letshego Microfinance Bank, CREDICORP ensures that credit remains both inclusive and sustainable, with repayments tied to earnings and deductions designed to minimize financial strain on borrowers.

The Ikorodu rollout also advances local content development, as all vehicles were assembled in Nigeria, reinforcing CREDICORP’s dual mandate: empowering consumers while stimulating domestic manufacturing and job creation.

As with other S.C.A.L.E. deployments across the country, this initiative is designed to make credit work for the people, targeting productive sectors such as transportation, clean energy, and micro-enterprise.

Other programs like YouthCRED and C.A.L.M. reflect the same vision: providing responsible, life-enhancing credit to underserved Nigerians.

Finally, Hannah Omotuyi,  one of the tricycle beneficiaries, spoke on how the initiative changed her life.

She said after working as a domestic worker for two years, she decided to join a subsidy-backed empowerment program, and today she is financially independent and has been able to support her parents, owns a home, and she’s saving for further her education.

She also encouraged young women to take initiative, remain self-reliant, and pursue their dreams.