Credit Direct wants a bigger role in how Nigerians access financial services

Credit Direct, a consumer lending subsidiary of FCMB Group, is looking to expand its role in Nigeria's financial services market. The company is shifting towards embedded finance, integrating credit services into platforms where customers already conduct transactions. This strategy aims to provide credit and other financial services more conveniently to individuals and businesses.

Victoria Arinze, the product marketing lead at Credit Direct, explained that Credit Direct wants to leverage partnerships with businesses and merchants to bring credit closer to these transactions. The continent's 50 million small and medium-sized enterprises (SMEs) are facing a funding gap of over $330 billion, and Credit Direct seeks to address this through its lending expertise and integration into various platforms used by businesses and individuals.

Despite its core focus on credit, Credit Direct recognizes that providing credit is just one aspect of a person's financial life. Customers often need to pay for various expenses when they want to, such as rent, medical bills, or school fees. In 2025, the average loan amount on Credit Direct's platform increased by 23.5% to ₦449,178 ($326.75), with rent, medical bills, and school fees being the primary reasons for borrowing.

The company is also branching out into SME financing through CreditDirect Business, offering general-purpose loans, invoice-backed financing, and loan purchase order (LPO) contract financing. Loans can reach up to ₦50 million ($37,130) for eligible businesses. Arinze emphasized that the company is not aiming to compete with banks or fintechs but rather to partner with the people who need access to credit.

They are currently exploring expansion into other West African markets, with ongoing discussions about potential countries and timelines.