President Bola Tinubu has authorized the takeoff of the Consumer Credit Scheme to assist Nigerians buy homes, vehicles, and access education and healthcare, thereby improving their quality of life.
To facilitate this, the Nigerian Consumer Credit Corporation (CREDICORP) has introduced an online portal at www.credicorp.ng, where interested parties can apply for credit by May 15, 2024.
Presidential spokesman Ajuri Ngelale stated that the scheme, designed to enhance credit reporting systems and ensure all economically active citizens have reliable credit scores, will initially be available to civil servants before expanding to the broader public.
This initiative, in collaboration with various financial institutions and cooperatives, aims to make consumer credit more accessible across the country.
Read the full Statement here;
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 their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
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.
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 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.
In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
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 http://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.
Chief Ajuri Ngelale
Special Adviser to the President (Media & Publicity)
April 24, 2024
