President Bola Ahmed Tinubu has approved the first phase of the Consumer Credit Scheme in Nigeria for implementation. This scheme is a project intended to provide credit facilities to working residents in the country.
The CREDICORP launched a portal where Nigerians can indicate interest in obtaining consumer credit in response to the President’s directive to expand the availability of consumer credit to Nigerians.
CREDICORP, a firm the government manages, aims to provide consumer credit to 50%of Nigeria’s working population by 2030.
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This broadcast was initially presented by Ajuri Ngelale, who serves as the President’s communications and publicity adviser.
The statement states that the initiative will initially be offered to personnel of the Federal Civil Service and will then be made available to the general public.
The CREDIT CORP, on the other hand, is forming partnerships with several financial institutions in Nigeria, one of which is the Central Bank of Nigeria (CBN), to ensure that the actual consumer credit fund may be sourced independently and funded from other sources, including the private sector. At least, this is the hope.
7 initiative facts about CREDICORP
To provide consumer credit to all qualified Nigerians, boosting the business.
Aimed at utilising NIN as the unique identifier to democratise, standardise, and unify Nigeria’s credit registry and credit scores.
Increases consumer credit in Nigeria by addressing structural barriers and injecting capital.
Increases consumer credit availability to 50% of working Nigerians by 2030 by removing structural, market, and governmental impediments.
The project will launch quickly but in phases. The first phase will begin in May 2024 with federal, state, and white-collar professionals, as well as gig economy workers with traceable financial flows. The public will enter the second phase in May 2025.
Provides credit guarantee to financial institutions to accelerate people-centred credit products and incentivise purchasing locally-manufactured goods and services.
CrediCorp, with its consumer credit guarantee fund, collaborates with the Central Bank of Nigeria, financial institutions, identity management services, credit registries, fintech companies, consumer protection agencies, and policymakers to fulfil its mission.
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CREDICORP Application info
President Tinubu’s mission is to enable all eligible Nigerians access to consumer credit, starting with the consumer credit scheme and ultimately catalysing the entire industry.
The scheme will be rolled out rapidly but in phases. The portal to apply for consumer credit and receive it via our several partner financial institutions opens shortly.
The application portal will open shortly, as stated here