CREDICORP Drives Economic Empowerment in Ikorodu with Distribution of 50 Tricycles to Youth  

 

Nigerian youths in Ikorodu have taken a significant step toward financial independence thanks to the collaborative efforts of the Consumer Credit Corporation (CREDICORP), Sub-City Project Global Consult, and Letshego Microfinance Bank. Fifty locally assembled tricycles were provided to deserving beneficiaries through an asset-backed hire-purchase program designed to foster economic inclusion and entrepreneurial growth.

 

The handover, which occurred on Monday, July 28, forms part of CREDICORP’s flagship S.C.A.L.E. initiative—Securing Consumer Access for Local Enterprises. Through this program, affordable financing channels enable individuals to acquire essential tools that drive economic productivity. Beneficiaries, primarily members of the Tricycle Owners’ Association of Nigeria (T.O.A.N.), gained access to the vehicles through credit terms facilitated by Letshego Microfinance Bank.

 

Umar Tolihat Imam, Managing Director of Sub-City Project Global Consult, highlighted the transformative impact of the project during the event, describing it as a crucial pathway toward financial independence and entrepreneurship for Nigerian youth. By converting determination into opportunity, the initiative equips beneficiaries to operate as self-sufficient transportation providers, creating ripple effects across local communities.

Mrs. Olanike Kolawole, Executive Director of Operations at CREDICORP, offered her perspective, emphasizing that the program is far more than distributing vehicles; it is a structured form of empowerment built on trust in the energy and resilience of young Nigerians. Rather than offering mere charity, the initiative provides a framework for success through access to credit and productive resources.

 

The tricycles were sourced from Simba TVS and locally assembled, aligning with the program’s complementary goal of supporting Nigerian manufacturing and stimulating job creation. Repayment plans are facilitated through Sub-City’s platform, contributing to a revolving credit system that sustains similar opportunities for future beneficiaries over time.

 

According to Aderoju Adebowale, Managing Director of Letshego Microfinance Bank, the initiative reflects sustainable development in action. Each repayment not only fulfills an individual’s obligation but also enables the realization of ambitions for successive participants, generating a wave of economic activity.

Prominent stakeholders from organizations such as CREDICORP, Simba TVS, Eonsfleet, Wydep Consulting, Brand Edges Media, and others were present to celebrate the rollout and acknowledge collective contributions that brought this project to life.

 

This Ikorodu program marks another impactful intervention by CREDICORP targeting excluded communities nationwide. Complementing projects like YouthCRED and C.A.L.M., the S.C.A.L.E. initiative underscores CREDICORP’s dedication to responsible lending practices that uplift underserved Nigerians, transitioning them from survival modes to stability and growth.

 

Imam concluded with an inspiring sentiment about the initiative’s broader vision: empowering Nigeria’s youth through collaboration rather than passive support. He affirmed that building alongside young Nigerians reflects trust in their potential to drive progress for themselves and their communities.

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