Tinubu Approves Takeoff Of Consumer Credit Scheme, See How To Register

The Consumer Credit Scheme, which intends to enable Nigerians to enhance their quality of life by gaining access to products and services, has been approved by President Bola Tinubu to begin its first phase.

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

“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.

CREDICORP has up a platform for Nigerians to indicate their interest in obtaining consumer credit in compliance with the President’s mandate.

Before May 15, 2024, working Nigerians who would like to register interest in acquiring consumer credit can do so by visiting www.credicorp.ng

The program will be implemented gradually, beginning with civil servants and working its way down to the general population.

“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. [CONTINUE READING HERE]