President Bola Tinubu has given the green light for the commencement of the first phase of the Consumer Credit Scheme, aiming to revolutionize access to credit for Nigerians.
Consumer credit, often hailed as the lifeblood of modern economies, plays a pivotal role in enhancing citizens’ quality of life. It enables individuals to acquire essential goods and services upfront while responsibly managing payments over time. From homes to vehicles, education, and healthcare, consumer credit facilitates vital purchases crucial for individuals to pursue their aspirations and maintain stability.
President Tinubu envisions a Nigeria where every hardworking citizen has access to social mobility, with consumer credit serving as a catalyst for this vision.
The Nigerian Consumer Credit Corporation (CREDICORP) is tasked with realizing this vision through several key initiatives. Firstly, it aims to strengthen Nigeria’s credit reporting systems, ensuring that every economically active citizen has a reliable credit score, thus facilitating access to consumer credit. Additionally, CREDICORP provides credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit access. Moreover, it promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
*STATE HOUSE PRESS RELEASE*
*PRESIDENT TINUBU APPROVES TAKEOFF OF CONSUMER CREDIT SCHEME*
President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme.
Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance… pic.twitter.com/jYSLhbwkxl
— Daddy D.O?? (@DOlusegun) April 24, 2024Aligned with the President’s directive to broaden consumer credit access, CREDICORP has launched a portal for Nigerians to express their interest in receiving consumer credit. This initiative, conducted in collaboration with financial institutions and cooperatives nationwide, seeks to enhance consumer credit availability.
Working Nigerians keen on accessing consumer credit can visit www.credicorp.ng to express their interest, with the deadline set for May 15, 2024.
The scheme will be implemented in phases, commencing with members of the civil service before extending to the general public.