FG approves takeoff of Consumer Credit Scheme

President Bola Tinubu has given the green light for the commencement of the initial phase of the Consumer Credit Scheme, as announced by Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, in a statement on Wednesday in Abuja.

This scheme will be introduced gradually, starting with civil servants and extending to the general public.

Consumer credit is vital for modern economies, allowing individuals to improve their living standards by obtaining goods and services upfront and responsibly paying for them over time.

It facilitates significant purchases like homes, cars, education, and healthcare, which are essential for maintaining stability and pursuing personal goals.

By making timely repayments, individuals establish credit histories, opening up more opportunities for a better life.

Moreover, the increased demand for goods and services generated by consumer credit stimulates local industries and creates employment opportunities.

The President envisions that every diligent Nigerian should have access to social mobility, with consumer credit playing a crucial role in realizing this goal.

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 the personal equity they build, facilitating access to consumer credit.

(2) Offering credit guarantees and 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.

Following the President’s call to enhance consumer credit accessibility for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has introduced a platform for Nigerians to indicate their interest in obtaining consumer credit.

In partnership with financial institutions and cooperatives across the country, this endeavour seeks to widen the availability of consumer credit.

Employees wishing to avail themselves of consumer credit can register their interest at www.credicorp.ng. The deadline for registration is May 15, 2024.