Tinubu approves takeoff of Consumer Credit Scheme

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme, aimed at empowering Nigerians to improve their quality of life through access to goods and services.

Announcing President Tinubu’s approval in a statement on Wednesday, his special adviser on media and publicity, Ajuri Ngelale, said “Consumer credit is the lifeblood of modern economies, and every hardworking Nigerian should have access to social mobility.

“This scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.”

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 will serve as personal equity, facilitating access to consumer credit. CREDICORP will also offer credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.

“This initiative promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility,” Ngelale said in the statement.

In line with the President’s directive, CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.

Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest before May 15, 2024.

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

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“This is a significant step towards empowering Nigerians to enhance their quality of life. We encourage all eligible citizens to take advantage of this opportunity and join the journey towards financial stability and growth”, the statement said.

It further said the Consumer Credit Scheme is expected to stimulate local industry and job creation, as increased demand for goods and services drives economic growth.

“Through responsible repayment, individuals will build credit histories, unlocking more opportunities for a better life”, the statement said.