FG moves to democratise credit access, inaugurates CREDICORP Board

…Targets 50% of working population by 2030

….Says N37b released to 200,000 beneficiaries in 18 months

Vice President Kashim Shettima, on Thursday, inaugurated Board of the Nigerian Consumer Credit Corporation (CREDICORP), with an ambitious target to cover at least, 50 percent of the working population, by 2030.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, office of the Vice President, said Shettima described the consumer credit as “critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.”

Shettima, speaking during the inauguration of the Board at the Presidential Villa, said the quality of life of Nigerians cannot improve, unless the federal government is able to close the gap between access to capital and human dignity.

According to him, “President Bola Ahmed Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.

Read also: CREDICORP launches ‘10,000 women in mobility’ scheme to boost economic inclusion

“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.

Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.

The Vice President said the organisation is specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.

“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.

Shettima also explained that the new board’s role is not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”

He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.

Earlier, Chairman of CREDICORP, Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of Corporation marked an important step towards strengthening the nation’s financial architecture.

He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.

For his part, Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu saying 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.

He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.

He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.

Other members of the board inaugurated include Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Engr. Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mohammed Naziru Abbas, Representative of FMITI.

Others are Marvin Nadah, Representative of FCCPC; Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.