CREDICORP Launches New Auto Financing Programme for First-Time Car Owners in Abuja

The dream of car ownership is becoming a reality for many Nigerians, thanks to high costs and limited financing options no longer holding them back.  CREDICORP, in partnership with Autochek, unveiled its second auto financing initiative during a Handover Event in Abuja, marking a pivotal moment in enhancing access to vehicle ownership across the nation. Owning a vehicle is not merely a convenience; it represents a pathway to economic opportunity, independence, and an enhanced quality of life.

CREDICORP has been providing significantly discounted credit for brand-new, locally assembled vehicles through its initiative, Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises). This effort will continue, maintaining affordable options to support local industry. However, recognizing that many Nigerians can only afford used cars, CREDICORP has broadened its financing options by partnering with Autochek to enable access to pre-owned vehicles.

Since launching the pre-owned vehicle financing program on March 1, 2025, CREDICORP has seen an overwhelming response, receiving thousands of applications from across Nigeria. Today, the first 205 applicants who successfully passed credit checks conducted by participating financial institutions are receiving their vehicles. This event signifies a major milestone in CREDICORP’s commitment to enhancing consumer credit access for vehicle ownership.

For many new car owners, this initiative transcends mere transportation; it is a transformative opportunity. Amaka Okafor, a schoolteacher in Abuja, expressed her joy, stating, “This car is more than just a vehicle to me—it’s freedom. I no longer have to worry about getting to school late or standing for hours waiting for a bus. I can now focus on my work and spend more time with my family.” Her sentiments were echoed by many beneficiaries at the event, highlighting how accessible credit is making mobility a reality for everyday Nigerians.

CREDICORP was established in April 2024 as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at fostering economic inclusion and broadening access to consumer credit for all Nigerians. The organization operates under three main pillars: strengthening Nigeria’s consumer credit infrastructure to ensure comprehensive credit scoring for every economically active citizen, providing wholesale funding and credit guarantees to financial institutions, and promoting responsible consumer credit education.

With a plan to finance over 10,000 vehicles in the upcoming months, CREDICORP is not just facilitating car ownership; it is unlocking new possibilities for Nigerians nationwide.

For more information and to apply, visit www.autochek.africa or www.credicorp.ng.