CREDICORP's tricycle empowerment initiative transforms youth lives

CREDICORP’s tricycle empowerment initiative delivers 50 tricycles to Ikorodu youth under S.C.A.L.E., driving income, dignity, and financial inclusion in Nigeria

The CREDICORP tricycle empowerment initiative has taken a bold step in creating dignified and income-generating opportunities for Nigerian youth.

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In a landmark event held at Golden Kharis Event Centre, Ikorodu, Lagos, 50 tricycles were distributed to young members of TOOAN and TODAL under a groundbreaking credit scheme.

This collaboration between the Nigerian Consumer Credit Corporation (CREDICORP), Sub-City Global Project, Simba Group, and Letshego Microfinance Bank is part of the S.C.A.L.E. initiative—Securing Consumer Access for Local Enterprises.

Beneficiaries received brand-new, locally assembled tricycles, fully financed with structured and affordable repayment plans managed by Letshego MFB.

With this model, recipients start earning income immediately and repay over time—turning access into ownership.

Speaking at the event, Olanike Kolawole, Executive Director of Operations at CREDICORP, emphasized that the initiative delivers more than just vehicles.

“This is what access looks like. This is what dignity feels like. This is what structured empowerment means,” she declared.

The CREDICORP’s tricycle empowerment initiative is powered by the Mobility Access Window under the S.C.A.L.E. Fund.

Letshego MFB screens applicants, structures loans responsibly, and ensures financial sustainability, while Sub-City Global and Simba TVS deliver high-quality tricycles, ready for immediate commercial use.

By anchoring credit in productive assets like tricycles, the initiative turns borrowing into earning, offering not just hope but practical economic mobility.

Umar Tolihat Imam, CEO of Sub-City Global Project, praised the project as a symbol of hope and opportunity:

“This is not just about transportation. It’s about creating entrepreneurs and empowering youth to drive their own success.”

He also encouraged beneficiaries to be responsible with their repayments, ensuring future waves of beneficiaries can be supported.

Anoop Palliyil, Head of Service at Simba Group, added:

“At Simba TVS, we believe in the power of mobility—not just to move people, but to transform lives. Own it. Grow with it. Let it be the start of something great.”

All the tricycles were assembled in Nigeria, reinforcing CREDICORP’s dual mission of consumer empowerment and domestic manufacturing.

This promotes job creation and enhances local economic development.

Aderoju Adebowale, MD of Letshego MFB, highlighted:

“We’re proud to support the Federal Government’s agenda of empowering people at the bottom of the pyramid. This aligns 100% with our mission at Letshego.”

This initiative is just one arm of CREDICORP’s national strategy to build a sustainable consumer credit infrastructure.

Other programs like YouthCRED and C.A.L.M. target sectors such as clean energy and micro-enterprises.

CREDICORP works closely with the Central Bank of Nigeria, licensed financial institutions, and vetted vendors to ensure credit is responsibly structured, inclusive, and impactful.

The CREDICORP’s tricycle empowerment initiative is not charity—it’s a well-engineered model for grassroots empowerment.

By connecting access to productive use, the initiative ensures that beneficiaries not only earn income but gain dignity and long-term ownership.

Also read: Nigeria reaffirms youth empowerment commitment at UN ECOSOC youth forum

As Nigeria’s credit landscape evolves, programs like this are proof that responsible lending can be a force for good—lifting lives, supporting families, and building the nation’s economic backbone from the ground up.