Uzoma Nwagba, CEO of the Nigeria Consumer Credit Corporation, said 151 financial institutions ranging from commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks, and cooperatives have indicated their interest in the consumer credit scheme by CrediCorp.
He affirmed that 85 of those institutions were licensed by the Central Bank of Nigeria and served over 1.5 million consumer credit customers.
“The EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagement from financial institutions, especially the leading institutions of each type. This speaks to the excitement of financial institutions to partner with CrediCorp to receive our development finance or targeted credit guarantees,” the CEO said.
A recent report released by the corporation on the EOI revealed highlights on consumer credit by the CBN-licensed institutions, including that the participating institutions report an average interest rate of 37 percent annually on their consumer credit portfolios, with an average tenor for consumer credit being 26 months.
Nwagba highlighted that CrediCorp is collaborating with partners to expand access to consumer credit for millions of Nigerians. By leveraging income-based lending, the company aims to improve people’s lives by selecting financial institutions for the scheme.
The CrediCorp is a Federal Government corporation with a mandate to expand consumer credit access to millions of Nigerians.
According to Nwagba, the eagerness of financial institutions to partner with CrediCorp highlights the strategic vision and immense benefits of targeted consumer credit under President Bola Tinubu’s Renewed Hope Agenda, on a mission to improve the quality of lives, help stem corruption, and catalyse industry.
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