President Tinubu Approves Launch of Consumer Credit Scheme for Nigerian Workers

President Bola Ahmed Tinubu has approved the take-off of the first phase of the Consumer Credit Scheme for workers across the country.

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, according to a statement issued on Wednesday, by his Media Adviser, Ajuri Ngelale, believed every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

The statement explained that 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.

According to the statement, working Nigerians interested in receiving consumer credit could visit www.credicorp.ng  to express interest. The deadline is May 15, 2024.

The scheme would be rolled out in phases, starting with members of the civil service and cascading to members of the public.

The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: 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.

It also offers credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

Deji Elumoye

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