The Federal Government of Nigeria unveiled a groundbreaking pension-backed loan scheme on September 18, 2025, aimed at providing affordable credit to retirees struggling with healthcare costs, small business startups, and daily needs amid persistent economic pressures.
The initiative, spearheaded by the Nigerian Consumer Credit Corporation (CREDICORP), offers loans starting from ₦50,000, with maximum amounts tied to individual pension incomes, marking a significant step toward integrating senior citizens into the nation's credit ecosystem.
The program was formally launched through a Memorandum of Understanding (MoU) signed between CREDICORP, Leadway Trustees, and Optimus Bank in Abuja.
Uzoma Nwagba, Managing Director and CEO of CREDICORP, described it as a transformative tool under President Bola Tinubu’s Renewed Hope Agenda, emphasizing financial inclusion for a demographic often overlooked by traditional lenders.
“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we are delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined—inclusive, equitable, and empowering,” Nwagba stated.
Eligible retirees, including both federal and state pensioners under the Contributory Pension Scheme, can access low-interest loans secured directly against their monthly pension payments, with repayments automatically deducted to ensure sustainability and minimize default risks.
The scheme targets urgent needs such as medical bills, home improvements, and entrepreneurial ventures, addressing long-standing barriers like high interest rates and complex application processes that have excluded many from formal credit.
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