FG launches new pension-loan scheme to empower middle class, retirees
From Idu Jude, Abuja
The Federal Government of Nigeria has launched a new pension scheme to accommodate and uplift the lives of the middle class and retirees in Nigeria, to provide free access to credit facilities and loans.
The new programme initiative by the administration is said to be another landmark move to revolutionise Nigeria’s consumer credit landscape and to bridge the gap of inclusivity, and as part of the renewed hope agenda of the President.
Speaking at a brief ceremony to launch the programme, and signing of Memorandum of Understanding (MoU), with a few partners of the financial institutions, the Managing Director/CEO of the Nigeria Consumer Credit Corporation (CREDICORP), Engr Uzoma Nwagba, underscored the programme’s transformative potential stating that,
“Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined inclusive, equitable, and empowering.”
He highlighted that this bold programme introduces affordable, pension-backed loans for Nigeria’s senior citizens, ensuring annuitants are fully integrated into the nation’s consumer credit ecosystem.
“For decades, consumer credit accessibility has been a privilege reserved for active workers, leaving retirees despite their years of service to Nigeria struggling to fund critical needs like healthcare, home renovations, small business ventures, or family support.
“The programme addresses this head-on by leveraging pension income, offering retirees tailored, low-interest loans that are both secure and sustainable.”
Engr Nwagba further stated that this first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes.
Annuitants during the ceremony testified that the new programme had come at the right time when all hope seemed to have been lost.
One of the early beneficiaries is Mrs Amina Sule, a 68-year-old retired teacher,
“For years, I’ve wanted to start a small poultry business to stay active and support my family.
This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit, it’s hope and independence.”
Another beneficiary, Mr Chukwuemeka Okeke, a retired civil servant, added:
“Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”
Retirees can apply for loans starting at ₦50,000 up to a maximum determined by their pension income, with repayment terms designed to align seamlessly with monthly pension inflows.
Meanwhile, the MD of CREDICORP has earmarked 100 million subscribers as its target, with the resolve that the programme marks a pivotal moment in Nigeria’s journey toward universal financial inclusion.
“By extending consumer credit to retirees, CREDICORP and its partners are setting a new standard for equity in Nigeria’s financial system. The initiative aligns with CREDICORP’s broader mission to expand access to consumer credit for all Nigerians, supported by President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
Representatives of financial institutions present during the launch said the programme is to address the lacuna of non-inclusivity among people in Nigeria and they have come to help bridge the gap.
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