Not less than 500,000 civil servants are set to benefit from a ₦100bn total sum under the first phase of the Nigerian Consumer Credit Corporation (CrediCorp) scheme.

This was disclosed on Wednesday by the Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun.

According to him, the Chief Executive Officer (CEO) of Credit Corp, Uzoma Nwagba, has confirmed the receipt of the ₦100bn for the take-off of the initial phase of the scheme.

The presidential aide added that disbursement to Participating Financial Institutions (PFI) is expected this week or latest next Monday.

Olusegun explained that civil servants will have the opportunity to access loans of up to ₦3.5 million, depending on their income and needs, adding that the scheme offers the lowest interest rate around and a super flexible repayment plan that takes pressure off their finances.

“The CEO of @CrediCorpNG, Uzoma Nwagba has today confirmed the receipt of N100bn for the take off of the initial phase of the much-awaited scheme.

“Phase one of the scheme targets 500,000 civil servants after which other Nigerians will be incorporated.

⁠”Disbursement to Participating Financial Institutions (PFI) expected this week or latest next Monday.

⁠”Civil servants will have the opportunity to access loans of up to ₦3.5 million, depending on their income and needs.

⁠”The scheme offers the lowest interest rate around and a super flexible repayment plan that takes pressure off their finances.

⁠”Credicorp has partnered with Credit Direct, who is Nigeria’s largest lender to civil servants and a subsidiary of the FCMB Group to kickstart the scheme.

“⁠Civil servants and other eligible Nigerians are encouraged to visit the Credit Direct website or contact their customer service centre for more information about the special credit offers and eligibility criteria,” he wrote via his account on the X platform.