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President Bola Tinubu has authorised the commencement of the first phase of the Consumer Credit Scheme.
Consumer credit stands as the cornerstone of modern economies, empowering individuals to improve their standard of living by accessing goods and services upfront and responsibly repaying over time.
It enables critical purchases like homes, vehicles, education, and healthcare, crucial for maintaining stability and pursuing aspirations.
This information was communicated in a statement by the Special Adviser on Media and Publicity to the President, Ajuri Ngelale, on Wednesday.
Through responsible repayment, individuals establish credit histories, unlocking more opportunities for a better life.
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Moreover, the growing demand for goods and services stimulates local industries and creates jobs.
The President believes every diligent Nigerian should have the opportunity for social mobility, with consumer credit playing a pivotal role in realizing this vision.
The Nigerian Consumer Credit Corporation (CREDICORP) fulfills its mandate by strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a reliable credit score. This score serves as personal equity, facilitating access to consumer credit.
It also provides credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit access today, promoting responsible consumer credit as a pathway to an improved quality of life, and fostering a cultural shift towards growth and financial responsibility.
In alignment with the President’s directive to extend consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to indicate their interest in receiving consumer credit.
This initiative, undertaken in collaboration with financial institutions and cooperatives nationwide, aims to broaden the availability of consumer credit.
Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express their interest. The deadline is May 15, 2024.
The scheme will be implemented in phases, starting with civil service members and gradually expanding to the general public.
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