How CREDICORP Is Creating a New Class of Empowered Entrepreneurs in Ikorodu

In a powerful display of what structured empowerment truly means, the Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with Sub City Global Project, Simba Group, and Letshego Microfinance Bank, has officially handed over 50 tricycles to youth beneficiaries in Ikorodu, Lagos.

This initiative is more than a giveaway. It is a calculated step toward ensuring income stability and mobility for hardworking Nigerians. Through flexible repayment plans and local manufacturing, CREDICORP is crafting a replicable model for dignified, asset-backed entrepreneurship.

Tricycles, Credit, and Dignity: The Power of S.C.A.L.E

The event, held at the Golden Kharis Event Centre in Ikorodu, brought together key partners to celebrate the success of the S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative. The beneficiaries, members of TOOAN (Tricycle Owners and Operators Association of Nigeria) and TODAL (Tricycle Owners and Drivers Association of Lagos State), received brand-new, locally assembled vehicles under a credit scheme facilitated by Letshego MFB.

Olanike Kolawole, Executive Director of Operations at CREDICORP, shared the impact of this model. “What we’re doing here is simple, giving people the tools to stand on their own,” she said. “This is mobility. This is dignity. This is inclusion.”

CREDICORP’s system is designed to reduce financial stress while promoting ownership. Recipients can begin earning income immediately and repay gradually, shifting them from dependency to economic autonomy.

Building Credit Pathways for Youth Inclusion

Umar Tolihat Imam, MD/CEO of Sub City Global Project, described the initiative as a pathway to sustainable empowerment. “This signifies hope and opportunity,” he said. “These tricycles are not just vehicles. They are economic tools that put youth in charge of their futures.”

He applauded the Federal Government’s vision in reducing youth unemployment and encouraged beneficiaries to fulfill their repayment commitments, so others in the community can benefit.

By tying repayments to income, CREDICORP ensures that its model remains inclusive and replicable. This structure keeps the credit ecosystem healthy while building borrower confidence and credit history.

Local Manufacturing and National Impact

Simba Group, one of the partners in the initiative, ensured that the tricycles were assembled locally. This decision not only supports Nigerian manufacturing but also creates jobs and reinforces national economic resilience.

Anoop Palliyil, Head of Service at Simba Group, emphasized the importance of mobility. “Mobility is more than movement, it’s a means to transformation. What we’re giving today is opportunity,” he said. “We are committed to supporting every tricycle handed over with dependable service and long-term value.”

This commitment to local production aligns perfectly with CREDICORP’s dual mission, to empower consumers and support domestic enterprise growth.

Financial Institutions Driving Grassroots Change

Letshego Microfinance Bank played a crucial role in facilitating the repayment structure. Its Managing Director, Aderoju Adebowale, reiterated the bank’s alignment with the Federal Government’s vision to support people at the bottom of the economic pyramid.

“We are proud to be a part of this journey,” he said. “It aligns with our mission to build the lives of our customers and create real community impact.”

By connecting financing with local entrepreneurs, Letshego ensures the system works not just for financial institutions but for everyday Nigerians who are ready to work, earn, and grow.

A Model for National Replication

This Ikorodu rollout is just one part of a national strategy. Through programs like YouthCRED and CALM, CREDICORP continues to unlock access to consumer credit in underserved areas. These initiatives target productive sectors such as transportation, clean energy, and micro-enterprise.

By working closely with the Central Bank of Nigeria, licensed financial institutions, and trusted vendors, CREDICORP ensures that credit is not just available, but also responsible and scalable.

The tricycle initiative in Ikorodu proves that with structure, partnerships, and purpose, credit can become a force for national progress.