The Federal Government has launched a ‘Fly Now, Pay Later’ (FNPL), consumer credit scheme to improve access to domestic air travels nationwide.
The initiative, which is being championed by the Nigerian Consumer Credit Corporation (CREDICORP), a Federal Government-owned development finance institution launched in April 2024 to accelerate consumer credit access, is designed to allow Nigerians to book flights and repay the cost over time through structured financing.
The corporation stated that the initiative reflected part of the government’s effort to expand consumer credit access and address affordability challenges in the aviation industry.
Under the FNPL scheme, eligible airline customers can book domestic flights instantly and make payments in instalments, removing the hitherto requirement for full upfront payment, which had made air travels difficult for many Nigerians.
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According to the agency, the scheme operates through a structured credit system that allows the spreading of payments by air travellers across a defined timeline, applies credit assessment mechanisms, and aligns with Buy Now, Pay Later (BNPL) frameworks in many countries globally.
On access and application process of the scheme, interested air travellers can apply by booking flights through the partner platform by visiting the Visaro platform (visaro.ng), selecting a domestic destination, and completing eligibility and credit checks
While the CREDICORP is the primary driver of the initiative based on its mandate, which includes expanding access to responsible consumer credit, promoting financial inclusion, enabling Nigerians to access essential services through financing the FNPL scheme is being implemented through strategic partnerships with MyVisaro, which provides the digital platform for booking and credit processing, and Alert Microfinance Bank, which facilitates financing and credit delivery
The collaboration highlights a public–private collaboration model aimed at scaling consumer credit solutions efficiently, particularly at a time when airfares are increasing by the day in the country.
Industry experts believe that by making flights more financially accessible, the scheme will increase air passenger traffic, improve airline seat occupancy (load factors), and support sustainability of domestic routes
They also anticipate that if well implemented, the scheme has great potential to boost the growth of the economy by improving the performance of the aviation sector, encouraging business and regional mobility, and deepening the nation’s consumer credit ecosystem, among other benefits.
