A ccion Microfinance Bank has teamed up with Nigeria Consumer Credit Corporation (CrediCorp) to offer affordable financing for tricycles and motorcycles to riders in Lagos. The vehicles were officially handed over at a ceremony held on Thursday.
Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, praised President Bola Tinubu for enabling this initiative, emphasizing its broader impact. “When CrediCorp approached us with this vision, we saw it as an opportunity to truly make a difference. This initiative goes beyond financial intervention—it is about improving lives and fostering financial health. With the right tools, Nigerians can achieve greatness, and this program is here to provide those tools,” he said.
Accion MFB has played a pivotal role in connecting underserved communities to essential financial services, with each tricycle costing N3.6m. The bank has structured a 24-month installment plan, reducing financial risk for riders while ensuring repayment confidence with CrediCorp.
Joda also noted the project’s expansion plans to include Ilorin, Kano, and Kaduna, with a focus on increasing female participation.
Uzoma Nwagba, CEO of CrediCorp, highlighted the profound impact of consumer credit on the economy. “It is an essential tool to improve lives, reduce corruption, and support local industries,” he said, emphasizing that the project would stimulate job creation by promoting the use of locally produced goods.
Joseph Osanipin, Director-General of the National Automotive Design and Development Council, urged for greater local content in the manufacturing of these vehicles. He announced ongoing discussions with the Bank of Industry to support local component producers and strengthen Nigeria’s automotive sector.
The partnership between Accion MFB and CrediCorp aims to provide sustainable mobility solutions while boosting local industries and empowering Nigerians through affordable financing.
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