President Tinubu Approves Takeoff of Consumer Credit Scheme

Nigeria to Start Consumer Credit Scheme

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme.

In a statement in Abuja today, April 24, 2024, the Special Adviser to the President, Media & Publicity, Chief Ajuri Ngelale, noted that consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations. 

The President hopes that, through responsible repayment, individuals build credit histories, and unlock more opportunities for a better life. Furthermore, the increased demand for goods and services will stimulate 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) hopes to achieve its mandate through the following:

•  Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score will become the personal equity they build, facilitating access to consumer credit;
• Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today;
• Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

The Nigerian Consumer Credit Corporation (CREDICORP) has now launched a portal for interested individuals to express interest in receiving consumer credit. This is in response to the President’s directive to expand consumer credit access to Nigerians.

This initiative is implemented in collaboration with financial institutions and cooperatives nationwide.

Those interested in receiving consumer credit can visit www.credicorp.ng to express interest on or before May 15, 2024.

The scheme is planned to be rolled out in phases, starting with civil servants and then to other categories of the public.

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