President Bola Ahmed Tinubu has greenlit the commencement of the first phase of the Consumer Credit Scheme, aimed at providing financial empowerment to workers across Nigeria.
Consumer credit serves as a vital component of modern economies, enabling individuals to access goods and services upfront while responsibly paying over time. This scheme will allow citizens to make crucial purchases, including homes, vehicles, education, and healthcare, contributing to their stability and pursuit of aspirations.
By fostering responsible repayment, individuals can build credit histories, unlocking more opportunities for advancement. Moreover, the increased demand for goods and services will stimulate local industries and job creation.
In a statement issued by his Media Adviser, Ajuri Ngelale, President Tinubu emphasized the importance of ensuring every hardworking Nigerian has access to social mobility. Consumer credit, he believes, plays a pivotal role in achieving this vision.
The Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal, www.credicorp.ng, where working Nigerians can express their interest in receiving consumer credit. The deadline for applications is May 15, 2024. This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden access to consumer credit.
The scheme will be implemented in phases, starting with civil servants and extending to the general public. CREDICORP’s mandate includes strengthening Nigeria’s credit reporting systems to ensure that every economically active citizen has a reliable credit score, which serves as personal equity for accessing consumer credit.
Furthermore, CREDICORP provides credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit access. The corporation also advocates for responsible consumer credit practices, promoting a cultural shift towards financial growth and responsibility, thereby improving the quality of life for Nigerians.
