The CEO of CrediCorp Nigeria, Uzoma Nwagba, has announced the receipt of N100 billion in funding for the launch of the much-anticipated loan scheme. The scheme’s initial phase aims to provide financial support to 500,000 civil servants, with plans to extend the program to other Nigerians in subsequent phases.

Disbursements to Participating Financial Institutions (PFIs) are expected to begin this week or by next Monday at the latest. Through this scheme, civil servants will have the opportunity to access loans of up to N3.5 million, depending on their income and financial needs.

The scheme is designed to offer the lowest interest rates available, alongside a highly flexible repayment plan, which is intended to ease the financial burden on borrowers. CrediCorp has partnered with Credit Direct, Nigeria’s largest lender to civil servants and a subsidiary of the FCMB Group, to kickstart the initiative.

Civil servants and other eligible Nigerians are encouraged to visit the Credit Direct website or contact their customer service center for more details on the special credit offers and eligibility criteria.

Uzoma Nwagba expressed confidence in the scheme, describing it as the dawn of a new era for financial access among civil servants and other Nigerians.