CREDICORP Wins “Credit Access Company Of The Year” At BusinessDay BAFI Awards

The Nigerian Consumer Credit Corporation (CREDICORP) has been named the “Consumer Credit Access Company of the Year” at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The event, organised annually by BusinessDay, was held in Lagos over the weekend, bringing together leading players across banking, fintech, and financial services.

The Federal Government institution, which has only been in existence for barely 18 months, emerged alongside established private-sector brands like Opay and First Bank of Nigeria.

BusinessDay’s selection committee cited CREDICORP’s speed of results, innovative products, and an “ecosystem-first model” as key factors in its decision.

The committee noted that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”

CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem.

BusinessDay said CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20 percent.

The Corporation has also enabled financial institutions to reach demographics historically excluded from formal lending—from artisans and civil servants to small traders and youth, with 65 percent of its beneficiaries being first-time successful borrowers.

Despite having financial operations for less than a year, CREDICORP has already reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services—including vehicles, solar systems, home improvement, and productive tools—all financed with affordable credit.

The award also acknowledged CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians.

This includes YouthCred for National Youth Service Corps (NYSC) members and employed youth in general, and Pensioners’ Credit for retirees seeking liquidity and dignity in retirement.

Additionally, there are multiple thematic programs addressing credit for households, workers, and small business owners.

The Corporation’s credit interventions have been strategically directed at the pain points most affecting Nigerians’ quality of life.

Key initiatives include the Credit Access for Light and Mobility (CALM) Fund, which addresses mobility and alternative energy for homes and micro enterprises, and S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which aims at local production and job creation by combining credit expansion with industrial deepening.

These initiatives reflect what was described as a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”

Other winners at the event included Opay, which was named Mobile Payment Solutions Provider of the Year; First Bank of Nigeria, which secured the Dominant Force in Inclusive Banking award; Fidelity Bank, which was recognized as the Export Finance Bank of the Year; and Page Financials, which won Finance Company of the Year.