The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled a new “fly now, pay later” credit scheme aimed at making domestic air travel more accessible for Nigerians.
The disclosure was contained in a statement issued by CREDICORP on its official X account on Tuesday.
The initiative allows eligible customers to book local flights immediately and repay the cost over time through structured financing, reducing the burden of upfront ticket payments.
What they are saying
According to the statement, the scheme was introduced to improve access to consumer credit and make air travel more affordable for Nigerians. CREDICORP noted that the initiative allows travelers to spread the cost of tickets instead of making full upfront payments.
- “We are proud to introduce Fly Now, Pay Later, a new consumer credit solution designed to make local air travel more accessible for Nigerians.”
- “Through this initiative, eligible customers can book domestic flights today and repay the cost over time through structured financing, removing the upfront barrier that often delays important trips.”
The programme is being delivered in partnership with Visaro and Alert Microfinance Bank, combining travel booking services with credit financing to support flexible payment options for customers.
Get up to speed
CREDICORP has expanded consumer credit offerings over the past months across multiple sectors.
- One such initiative is YouthCred, launched in 2025, which targets over 400,000 young Nigerians, including NYSC corps members, providing responsible, fair, and flexible credit. Eligible participants can access N100,000 to N150,000 upfront, repayable in small installments over their service year, enabling borrowing against future earnings.
- In October 2025, CREDICORP unveiled the Credit Access for Light and Mobility (CALM) Fund to provide credit for CNG conversions and solar home systems. The fund was launched with the Ministry of Finance Incorporated (MoFI) and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
- In 2025, CREDICORP introduced a pension-backed loan programme for retirees with Leadway Trustees and Optimus Bank, offering low-interest loans with repayment aligned to pension inflows.
In December 2024, it partnered with the National Automotive Design and Development Council (NADDC) to launch a consumer credit fund for locally assembled automobiles, signing agreements with manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.
What you should know
While the “fly now, pay later” scheme aims to improve access to air travel, its impact may remain limited due to the high cost of domestic flights.
Nairametrics checks show that an Ibom Air flight from Uyo to Abuja for March 19 (booked on March 18) starts from about N133,500, while an Air Peace flight from Enugu to Lagos for the same date begins from around N137,500.
- At Nigeria’s minimum wage of N70,000, a one-way ticket represents roughly 1.9 to 2 months’ income of an average Nigerian, meaning a round trip could exceed 4 months’ earnings for many Nigerians. Even with credit, this simply turns an expensive service into a loan obligation, raising affordability concerns.
- Meanwhile, rising aviation fuel prices—now between N1,850 and above N2,000 per litre in Lagos, up from around N950–N1,000—are being driven by global supply disruptions linked to ongoing Middle East tensions involving the United States, Israel, and Iran.
- With jet fuel accounting for a major share of airline costs, carriers are expected to pass these increases on to passengers, pushing fares even higher.
Data from the International Air Transport Association (IATA) shows that only about 40 flights per 1,000 people were taken in 2023, highlighting the limited reach of air travel in Nigeria.
Overall, the scheme may improve payment flexibility but does little to address the core issue of affordability, meaning its benefits will likely skew toward middle- and upper-income earners.
