Tinubu approves take-off of consumer credit scheme
By Omeiza Bilal
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 their quality of life by accessing goods and services upfront, paying responsibly over time.
In a statement, Special Adviser (Media & Publicity) to the President, Chief Ajuri Ngelale, the President said the Scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
He said, “Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, 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.”
According to its mandate, the Nigerian Consumer Credit Corporation (CREDICORP) will strengthen 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; offer credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today; and promote responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
The Presidential spokesman further said that a portal for Nigerians to express interest in receiving consumer credit has been launched.
“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
“Working Nigerians interested in receiving consumer credit can visit credicorp.ng to express interest. The deadline is May 15, 2024.
“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” the statement read.
