Empowering Youth Through Economic Inclusion
In a powerful demonstration of grassroots empowerment and economic inclusion, the Nigerian Consumer Credit Corporation (CREDICORP) has launched its tricycle distribution initiative in Ikorodu, Lagos State. This project aims to bring opportunities and hope to numerous young people across the country.
The initiative, carried out in partnership with Sub-City Global Project and Letshego Microfinance Bank, saw the delivery of 50 brand-new, locally assembled tricycles to members of the Tricycle Owners’ Association of Nigeria (T.O.A.N.), specifically the Lagos branch. These tricycles are part of CREDICORP’s broader S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises. The goal is to create inclusive credit systems that support productivity, dignified work, and sustainable livelihoods for everyday Nigerians.
Beneficiaries will repay the cost of these vehicles through structured, affordable hire-purchase plans facilitated by Letshego MFB. According to Olanike Kolawole, Executive Director, Operations at CREDICORP, the program’s core objective is to provide hardworking individuals with the tools they need to become self-reliant.
“In a tough economy, asset-backed credit is not just a product; it’s a pathway. This program gives structure to hustle and turns effort into enterprise,” she explained. “By targeting the transportation sector, a key component of urban livelihoods, the program creates an immediate avenue for income generation.”
She further highlighted that beneficiaries can start earning from the day they receive the tricycles, with repayments scheduled to align with their daily or weekly earnings. This ensures affordability without compromising their income potential.
Kolawole also noted that the initiative reflects CREDICORP’s dual mandate: to empower consumers and stimulate domestic manufacturing. All tricycles distributed under this scheme were locally assembled, contributing to job creation in Nigeria’s auto-assembly and supply chain sectors.
A Collaborative Effort
The success of the Ikorodu rollout was built on a strong collaboration between various stakeholders. Sub-City Global Project, a mobility service provider, acted as the coordinating platform for the distribution and post-disbursement supervision. Letshego Microfinance Bank handled the financing, while Simba TVS ensured timely assembly and delivery of the tricycles.
Umar Tolihat Imam, Managing Director of Sub-City Project Global Consult, emphasized the transformative vision behind the initiative. “This is more than transportation; it is empowerment. It is about transforming our youths from jobseekers to self-reliant entrepreneurs,” he stated.
Imam praised the federal government for enabling youth empowerment through CREDICORP and acknowledged Letshego MFB for its role in providing transparent and efficient access to financing. He stressed the importance of the repayment cycle, noting that each successful paydown would open the door for more youths to benefit.
“This program is about shared responsibility. When our young beneficiaries succeed and repay, others can benefit. That’s the cycle of sustainable development,” he said.
For many recipients, the tricycle marks their first real step into financial independence. As Imam aptly put it, “To the young recipients, this tricycle is more than just a means of transportation; it is a gateway to independence, financial stability, and personal achievement.”
Structured Repayment and Long-Term Benefits
The tricycles, provided on a structured hire-purchase plan spanning 24 to 26 months, will become the beneficiaries’ full property after completion of payments. Sub-City will supervise the scheme to ensure adherence to the agreement and provide maintenance support.
Ajibola Fadeyi, Chief Financial Officer of Letshego MFB, provided context on how the initiative fits into the bank’s broader national strategy. “We are a national microfinance bank with a mandate to operate across all states. Our mission is to democratise access to credit.”
He emphasized the transparency of the process, noting that not a single kobo was demanded from applicants for registration or processing. This approach ensures that the program remains accessible and fair for all participants.
Through this initiative, CREDICORP, along with its partners, is making a significant impact on the lives of Nigerian youth. By providing them with the tools to generate income and build sustainable livelihoods, the program is paving the way for long-term economic growth and development.
