The Digest:
The Federal Government has launched a "Fly Now, Pay Later" consumer credit scheme to make domestic air travel more accessible to Nigerians. The Nigerian Consumer Credit Corporation (CREDICORP) announced the initiative on Tuesday, allowing eligible customers to book local flights and repay costs over time through structured financing. Delivered in partnership with MyVisaro and Alert Microfinance Bank, the scheme aims to remove upfront financial barriers that delay important trips. CREDICORP stated the initiative aligns with its mandate to expand responsible consumer credit and promote financial inclusion amid rising domestic airfare costs.
Key Points:
- The scheme addresses affordability challenges as domestic fares have risen sharply, exceeding N300,000 during peak periods.
- Structured financing allows Nigerians to spread flight costs, making travel more manageable for families and businesses.
- The partnership with microfinance banks expands credit access to underserved populations.
- Rising aviation fuel costs and forex constraints have driven up ticket prices, creating demand for flexible payment options.
- The initiative could boost domestic tourism and business travel by reducing upfront payment barriers.
Eligible Nigerians can now book flights through visaro and repay over time, potentially increasing air travel accessibility despite high fare environments.
Sources: The Punch, CREDICORP, MyVisaro
