The Nigerian Consumer Credit Corporation has teamed up with Fewchore Finance to offer financial loans, known as consumer credit, to members of the armed forces. In the first stage of this program, 20,000 military personnel will benefit from these loans.
This new initiative was launched to honor the Armed Forces Remembrance Day, a day when the nation remembers and pays respect to its soldiers. A statement released on Thursday explained that this initiative aligns with President Bola Tinubu’s goal of helping more than half of working Nigerians access consumer credit by 2030. It also shows a clear commitment to improving the lives of Nigerian soldiers who bravely protect the country.
The plan is to allow armed forces members to get affordable loans that will help them buy important household items or tackle urgent financial needs. These loans will also offer better terms for products made in Nigeria. By doing this, the program aims to reduce financial stress for these soldiers and boost their spirits. Many of them leave their families behind while they serve, so the financial benefits can also support their loved ones at home.
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The statement continued by highlighting President Tinubu’s ongoing dedication to the welfare of uniformed personnel, emphasizing that this initiative is a part of his broader efforts to provide meaningful support for those who serve in the military.
In his comments, Uzoma Nwagba, the Managing Director and CEO of CREDICORP, praised the program as a reflection of the President’s commitment to assisting those who protect the country. He explained that providing loans to armed forces members not only honors their sacrifices but also helps fulfill the President’s vision of improving the quality of life for these individuals.
Sunkanmi Balogun, the Managing Director and CEO of Fewchore Finance, also expressed pride in supporting the brave men and women in the military. He noted that Fewchore Finance has a strong relationship with the armed forces and is dedicated to creating solutions that meet their needs.
The initiative will roll out in phases, starting with the first phase that aims to reach 20,000 service members across all branches of the military. This gradual approach is designed to ensure fair access to the loans and will be coordinated with the financial departments of the armed forces to manage the program effectively.
