The Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with Fewchore Finance, has launched a significant initiative to provide consumer credit access to personnel of the Nigerian Armed Forces. This program, commencing on Armed Forces Remembrance Day, aims to initially benefit 20,000 service members and aligns with President Bola Tinubu’s vision of expanding consumer credit access to over half of working Nigerians by 2030. The partnership underscores a dedicated commitment to improving the welfare of the nation’s military personnel, recognizing their sacrifices and service. This initiative provides a tangible mechanism to support the financial well-being of soldiers and their families.
The program offers affordable consumer credit, enabling armed forces personnel to acquire essential household assets and address immediate financial needs. This access to credit is particularly advantageous for purchasing locally manufactured goods, further stimulating the national economy. The initiative acknowledges the financial burdens faced by soldiers, especially considering the prolonged periods they spend away from their families while deployed. By facilitating access to credit, the program aims to alleviate these burdens, boost morale, and contribute to the overall well-being of military families. It represents a concrete step towards recognizing and addressing the unique financial challenges faced by those serving in the armed forces.
President Tinubu’s longstanding advocacy for the welfare of uniformed personnel is evident in this initiative. It reflects his commitment to creating robust support systems that address the specific needs of those serving the nation. The program goes beyond mere financial assistance, aiming to create a tangible impact on the lives of soldiers and their families by empowering them to improve their living standards and financial security. This proactive approach emphasizes the importance of supporting the armed forces, not just in times of conflict but also in their daily lives.
Uzoma Nwagba, Managing Director/CEO of CREDICORP, highlighted the program’s significance as a testament to President Tinubu’s commitment to supporting the armed forces. By providing access to credit, the initiative not only honors the service of military personnel but also advances the President’s broader goal of utilizing consumer credit as a tool for improving lives and driving economic growth. This collaborative effort demonstrates the potential of public-private partnerships to address critical societal needs and create positive change.
Sunkanmi Balogun, Managing Director/CEO of Fewchore Finance, expressed pride in partnering with CREDICORP to support the men and women of the armed forces. Fewchore Finance’s long-standing relationship with the military underscores its commitment to developing solutions that cater to their specific needs. The collaboration leverages Fewchore Finance’s expertise in financial services to provide tailored credit solutions for the armed forces, reflecting a deep understanding of their unique circumstances.
The initiative’s phased implementation will ensure equitable access to credit across all branches of the armed forces. The first phase, targeting 20,000 beneficiaries, will be carefully coordinated with the respective accounts and budget departments of each force to ensure a smooth and transparent process. This structured approach prioritizes fairness and efficiency in distributing the benefits of the program, ensuring that all eligible personnel have the opportunity to participate. The phased rollout also allows for ongoing monitoring and adjustments as needed, maximizing the program’s impact and reach. This collaborative effort between CREDICORP, Fewchore Finance, and the Nigerian Armed Forces marks a significant step towards enhancing the financial well-being of military personnel and their families.
