CREDICORP Boosts Ikorodu Economy with Tricycle Distribution

The Nigerian Consumer Credit Corporation (CREDICORP) distributed dozens of brand-new tricycles to members of the Tricycle Owners Association of Nigeria (T.O.A.N.), Lagos Branch, in a bid to expand access to income-generating tools and dignified work for Nigerian men and women, at an event held in Ikorodu, Lagos State, on July 28, 2025.

The tricycle distribution event, held in partnership with Sub-City Global Project, Letshego Microfinance Bank, TVS, Simba Groups and National Automotive Design and Development Council (NADDC), marks another major milestone in CREDICORP’s mission to unlock economic opportunities for everyday Nigerians through asset-backed consumer credit.

The tricycles, which were locally assembled in Nigeria, were fully financed through structured and affordable repayment plans facilitated by Letshego Microfinance Bank. This initiative falls under CREDICORP’s broader S.C.A.L.E. initiative, which aims to connect qualified consumers with Nigeria’s manufacturing and credit infrastructure.

Mrs. Olanike Kolawole, Executive Director, Operations at CREDICORP, emphasized the organization’s mission, stating, “We’re providing hardworking men with the tools they need to stand on their own feet. In a challenging economy, asset-backed credit is more than just a product – it’s a pathway to economic empowerment.”

The S.C.A.L.E. initiative, which this tricycle distribution program is a part of, aims to make credit accessible and impactful for Nigerians. By targeting key sectors such as transportation, clean energy, and micro-enterprise, CREDICORP is working to drive economic growth and development.

This vision is also reflected in other CREDICORP programs, including YouthCRED and C.A.L.M., which provide responsible and life-enhancing credit solutions to underserved Nigerians. By providing access to credit and economic opportunities, CREDICORP is helping to create a more inclusive and sustainable economy.

The Ikorodu rollout advances local content development and reinforces CREDICORP’s dual mandate: empowering consumers while stimulating domestic manufacturing and job creation. CREDICORP continues to collaborate 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.

For more information visit: www.credicorp.ng