President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme, aimed at broadening access to consumer credit for working Nigerians.
The scheme, spearheaded by the Nigerian Consumer Credit Corporation (CREDICORP), seeks to enhance the quality of life for citizens by facilitating responsible access to goods and services through consumer credit.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity in a statement obtained by Africa Health Report on Wednesday, emphasised the importance of consumer credit in modern economies, stating, “Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.”
The President’s vision for the scheme is to ensure that every hardworking Nigerian has access to social mobility, with consumer credit playing a pivotal role in achieving this goal. Ngelale highlighted the benefits of consumer credit, stating, “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.”
CREDICORP aims to achieve its mandate through strengthening Nigeria’s credit reporting systems, offering credit guarantees and wholesale lending to financial institutions, and promoting responsible consumer credit as a pathway to an improved quality of life. The corporation has launched a portal for Nigerians to express interest in receiving consumer credit, in collaboration with financial institutions and cooperatives nationwide.
Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest, with the deadline set for 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.
