In a bid to improve the welfare of Nigeria’s military personnel, the Nigerian Consumer Credit Corporation (NCBC) has partnered with Fewchore Finance to offer consumer credit to members of the Armed Forces.
The initiative, launched in commemoration of the Armed Forces Remembrance Day, will benefit 20,000 personnel in its first phase.
This partnership advances President Bola Tinubu’s goal of extending consumer credit access to over 50% of working Nigerians by 2030, with a particular focus on enhancing the well-being of the men and women who protect the nation.
According to a statement issued on Thursday, the fund allows members of the Armed Forces to access affordable credit to acquire essential household assets and meet immediate financial needs.
The programme also offers favorable terms for locally manufactured goods, aiming to alleviate financial burdens and boost morale for soldiers, many of whom leave behind families to serve in challenging environments.
“Through affordable consumer credit, members of the Armed Forces can now acquire life-enhancing assets and meet pressing financial challenges,” the statement read. “This initiative is part of President Tinubu’s ongoing commitment to the welfare of uniformed personnel.”
Uzoma Nwagba, the Managing Director/Chief Executive Officer of CREDICORP, emphasized that the programme was a testament to the President’s dedication to improving the lives of those who serve the country. “By providing credit to our armed forces, we not only honor their service but also contribute to the broader goal of enhancing the quality of life for them and their families.”
Sunkanmi Balogun, the Managing Director/CEO of Fewchore Finance, expressed pride in supporting the military, stating, “We have a long-standing relationship with the Armed Forces and are committed to addressing their real needs through solutions like this.”
The programme, which will initially serve 20,000 beneficiaries, will be rolled out in phases, ensuring equitable access for all branches of the Armed Forces.
It will be coordinated with the respective accounts and budget departments to facilitate smooth implementation.
This collaborative effort underscores the growing recognition of the importance of supporting the Nigerian Armed Forces beyond their military duties, offering them tools to better their lives and families.