President Bola Tinubu has given the green light for the commencement of the inaugural phase of the Consumer Credit Scheme in Nigeria, aimed at providing credit facilities to the country’s workforce.
This announcement was made by the President’s special adviser on media and publicity, Ajuri Ngelale, in a statement released on Tuesday in Abuja.
The initiative is set to be implemented gradually, starting with civil servants and later extending to the general populace.
Ngelale emphasised that Nigerian citizens employed in various sectors who are interested in availing consumer credit can express their interest by visiting credicorp.ng.
“President Bola Tinubu has sanctioned the launch of the initial phase of the Consumer Credit Scheme. This scheme is vital for modern economies, enabling citizens to access goods and services upfront and pay responsibly over time,” Ngelale stated.
He further highlighted the significance of consumer credit in facilitating essential purchases such as homes, vehicles, education, and healthcare, which are crucial for societal stability and personal aspirations.
Ngelale elaborated on the objectives of the Nigerian Consumer Credit Corporation (CREDICORP), including strengthening credit reporting systems, offering credit guarantees, and promoting responsible consumer credit practices.
In line with the President’s directive to enhance access to consumer credit, CREDICORP has introduced an online portal where Nigerians can indicate their interest in obtaining consumer credit.
Ngelale emphasised that this initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden the availability of consumer credit.
He urged working Nigerians interested in accessing consumer credit to register their interest on Credicorp.ng before the deadline on May 15, 2024.
The phased rollout of the scheme will initially target civil service members before extending to the wider public, marking a significant step towards enhancing financial inclusion and social mobility in Nigeria.
