President Bola Tinubu has approved the launch of the first phase of the Nigeria Consumer Credit Scheme (CREDICORP).
Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale in a statement on X, said the President approved the launch of consumer Credit Scheme today.
The President’s directive to expand consumer credit access to Nigerians, is in line with the Nigerian Consumer Credit Corporation (CREDICORP) launching a portal for Nigerians to express interest in receiving consumer credit.
This initiative, is in collaboration with financial institutions and cooperatives nationwide, aimed to broaden consumer credit availability.
CREDICORP 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.
It also facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations and through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.
Also, 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 following:
(1) Strengthening 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.
(2) Offering credit guarantees wholesale lending to financial institutions dedicated to broadening consumer credit access today.
(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
Therefore interested working Nigerians who wants to receive consumer credit can visit credicorp.ng to express interest and the deadline is May 15, 2024.
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The scheme will hereby be rolled out in phases, starting with members of the civil service and then come down to members of the public.
