The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-City Global Project and Letshego Microfinance Bank, has recently empowered the members of the tricycle owners’ association of Nigeria with tricycle distribution in Ikorodu, Lagos State.
To provide a sustainable economic opportunities for everyday Nigerians through asset-backed consumer credit, CREDICORP rolled out to its dozens of beneficiaries, members of the Tricycle Owners Association of Nigeria (T.O.A.N.), Lagos Branch, and Tricycle Owners & Drivers Association of Lagos State (TODAL) brand-new, locally assembled tricycles, fully financed through structured and affordable repayment plans facilitated by Letshego Microfinance Bank.
This rollout falls under CREDICORP’s broader S.C.A.L.E. initiative (Securing Consumer Access for Local Enterprises), which connects qualified consumers with Nigeria’s manufacturing and credit infrastructure, ensuring that lending supports both productivity and long-term economic inclusion.
Distributed in partnership with Sub-City Global Project, the tricycles provide immediate commercial value in transportation and logistics, enabling beneficiaries to build stable livelihoods in one of Lagos’s most dynamic and growing corridors.
“What we’re doing here is simple, give hardworking men the tools they need to stand on their own feet,” said Olanike Kolawole, Executive Director, Operations at CREDICORP.
“For too long, mobility-like energy and education-has remained out of reach for many, not due to a lack of products, but because the cost of access was locked behind large upfront payments. This is the gap CREDICORP was created to close.
“In a tough economy, asset-backed credit isn’t just a product, it’s a pathway. This program gives structure to hustle and turns effort into enterprise.
“This initiative under the S.C.A.L.E. Project is just one of many that we are rolling out nationwide, ensuring that consumer credit drives development, not just in our cities, but in every corner of Nigeria.
“We are building a national credit infrastructure that operates through licensed financial institutions and credible vendors, ensuring credit flows responsibly, affordably, and at scale-reaching everyday Nigerians wherever they are”, she added.
By working with Letshego Microfinance Bank, CREDICORP ensures that credit remains both inclusive and sustainable, with repayments tied to earnings and deductions designed to minimize financial strain on borrowers.
The Ikorodu rollout also advances local content development, as all vehicles were assembled in Nigeria, reinforcing CREDICORP’s dual mandate: empowering consumers while stimulating domestic manufacturing and job creation.
“Let me be clear-this is only the beginning. With every new partner, we are one step closer to building a Nigeria where credit is no longer a privilege, but a right available to every responsible and hardworking citizen.
“To all our partners here today-from government, finance, industry, media, and civil society-we say: Join us. Walk with us as we build a national credit system that is transparent, inclusive, and truly Nigerian.
“And to every individual who will power their family, business, and future with the support of this partnership-know this: Access to credit, to opportunity, to mobility, is not a favor. It is your right. Our work is to make that right real, meaningful, and sustainable”, Olanike stated.
As with other S.C.A.L.E. deployments across the country, this initiative is designed to make credit work for the people, targeting productive sectors such as transportation, clean energy, and micro-enterprise. Other programs like YouthCRED and C.A.L.M. reflect the same vision: providing responsible, life-enhancing credit to underserved Nigerians.
Since inception, CREDICORP has onboarded 25 financial institutions, reached over 100,000 Nigerians, and enabled financing across mobility, education, digital inclusion, and clean energy.
CREDICORP continues to collaborate closely with the Central Bank of Nigeria (CBN), licensed financial institutions, and trusted vendors to deliver scalable credit solutions that address real economic needs at the grassroots level.
