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Accion Microfinance Bank (MfB) has joined forces with CrediCorp to introduce a consumer credit program designed to provide affordable loans to over 15,000 middle-income Nigerians. Scheduled to launch in September 2024, this initiative aims to enhance financial inclusion by offering flexible repayment options and simplifying the loan application process for easier access to funding.
This credit program is specifically designed for middle-income earners, featuring competitive interest rates and a repayment period of two years, with quarterly interest payments. Borrowers will have access to funds for essential expenses such as school fees, household appliances, and transitioning from kerosene to gas stoves, all while alleviating financial burdens.
Taiwo Joda, Managing Director and CEO of Accion Microfinance Bank, expressed enthusiasm for the partnership, stating, “We are excited to address the evolving financial needs of our customers through this collaboration. This initiative will empower us to make a significant difference in the lives of Nigerians, particularly in crucial areas such as education and home improvements.”
Sadiq, a representative from CrediCorp, emphasized the scheme’s potential benefits for middle-income earners and small business owners. “We believe this collaboration will provide accessible financial solutions that can enhance the quality of life for many Nigerians,” he remarked.
Key Features of the Consumer Credit Program:
- Lower Interest Rates: The scheme will offer loans at reduced interest rates starting from September 2024, making borrowing more affordable.
- Flexible Repayment Plans: Borrowers will have the option to select repayment schedules that align with their financial situations, facilitating easier debt management.
- Streamlined Loan Application Process: The initiative will implement a simplified application system, ensuring quicker access to funds with minimal paperwork and delays.
This new program represents a significant advancement in Nigeria’s financial sector, aiming to create a more inclusive economy and expand opportunities for Nigerians to thrive.
Accion Microfinance Bank, a prominent player in Nigeria’s microfinance sector with over 16 years of experience, has a strong track record of supporting entrepreneurs and small businesses, contributing to national economic growth. Backed by major shareholders including Ecobank, Zenith Bank, Citi Bank, and the International Finance Corporation, Accion MfB continues to provide innovative financial solutions that cater to a growing customer base across the nation.
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