A consumer credit scheme in the offing promises to improve the quality of life of teeming Nigerians by availing them the opportunity to enjoy spread-out payments on the purchase of goods and services, in place of the current cumbersome system of full and immediate out of pocket payments.
To this end, President Bola Tinubu has approved the take-off of the first phase of the Consumer Credit Scheme for access to goods and services.
Announcing the President’s approval of the scheme on Wednesday, Ajuri Ngelale, special adviser on media and publicity to the president, 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, according to Ngelale.
“This initiative promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility,” he further averred.
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.
“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.
