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Fintech to play critical role in consumers’ credit journey – CrediCorp

Nigerian fintechs regain top spot with $140m in funding

The board chairman of the Nigerian Consumer Credit Corporation (CrediCorp), Aderemi Abdul-Bojela, has disclosed that the fintech industry has a critical role to play in creating a holistic credit culture for Nigerian consumers.

According to Abdul-Bojela, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of consumer credit in Nigeria.

He said further that partnering with key industry players will drive initiative that supports consumer credit schemes through a robust payment platform provided by fintech.

Read also: Guidelines for fintechs in Nigeria are stale – Experts

Themed, ‘Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,’ the social meet is an initiative of the FinTechNGR geared towards building collaboration among members of the Nigerian Fintech industry.

“We want to interact to understand how technology will drive the CrediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” he said during the recent ninth edition of the FinTechNGR Social Meet hosted by the Credit Registry in Lagos.

Abdul-Bojela said further that CrediCorp will build an ecosystem of independent management that would ensure the right technology is put in place to recover all monies, and will also offer competitive interest rates that would be below a single digit.

He also disclosed that CrediCorp is addressing issues of risk and consumer trust, by putting in place measures to ensure banks involved in lending are protected and guaranteed of the repayment of the loans within the ecosystem.

Babatunde Obrimah, chief operating officer of FinTechNGR, said the initiative will enhance the savings culture among Nigerians, and also help in addressing inflation and liquidity flow in the economy.

Obrimah said that the consumer credit corporation will enhance Nigeria’s credit culture and enable Nigerians to save and plan well with their savings. According to him, the initiative will help to build trust in customers’ borrowing, boost credit culture, and enhance the culture of savings among Nigerians.

“Our role in the FinTechNGR, CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor,” he said