President Bola Tinubu, on Wednesday, 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.
Ajuri Ngelale, presidential spokesman, in a statement, said, the scheme would 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.
The president believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the strengthening of Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
Others include offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today, as well as promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
In line with the president’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has also launched a portal for Nigerians to express interest in receiving consumer credit.
This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.
“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” Ngelale said.
