• Tuesday, May 28, 2024
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1.6m applications received for consumer credit since launch — CrediCorp

consumer credit economy

Barely a month after the launch of the first phase of the Consumer Credit Scheme, at least 1.6 million Nigerians have submitted applications.

Uzoma Nwagba, the Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP) who disclosed this on Tuesday during an interview on Channels Television’s Politics Today, described the volume of application as “overwhelming”.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest; they told us what they do, submitted their income information, and talked about what they need credit for. We didn’t even expect that volume, he said.

“So I think people have been listening to the utterances of the President and are quite expectant of this”, he added.

Nwagba said that CrediCorp is prepared to take a systematic approach to ensure that it continues to go through the demography of Nigeria.

President Bola Tinubu, in April, approved the take-off of the first phase of the Consumer Credit Scheme.

The credit scheme would enable willing working-class Nigerians to access loan facilities to meet their needs and repay over time. In many climes, credit scheme serves as the lifeblood of modern economies, as it enhances the quality of life of the citizens by helping them to access goods and services upfront.

The scheme is expected to facilitate crucial purchases such as homes, vehicles, education, and healthcare.

Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation, according to the Presidency.