Approximately 150 banks have indicated their interest in participating in the newly launched Consumer Credit Scheme, according to Dada Olusegun, Special Assistant to President Bola Tinubu, who shared updates on social media. The scheme, unveiled on April 21, aims to provide credit facilities to employed citizens across Nigeria.
Olusegun mentioned that both commercial banks and microfinance institutions have shown enthusiasm in joining the lending ecosystem created by CrediCorp, the scheme’s implementing institution. In the initial phase, more than 40,000 civil servants have applied to receive the first round of payments, with subsequent phases planned for the general population.
CrediCorp is collaborating with the National Identity Management Commission to link National Identity Numbers with a credit-scoring system, ensuring efficient implementation. It is projected that by May 2025, around 500,000 Nigerians will benefit from enhanced access to consumer credit.
Earlier, CRC Credit Bureau reported an increase in credit penetration in Nigeria to 14%, up from its inception 15 years ago. Dr. Tunde Popoola, Group Managing Director/CEO of CRC Credit Bureau Limited, emphasized the need for concerted efforts to expand credit access to more Nigerians during the CRC Finance and Credit Conference 2024.
