President Tinubu Authorizes Consumer Credit Scheme Implementation

President Bola Tinubu has given the green light for the start of the first phase of the Consumer Credit Scheme, aimed at empowering Nigerians to improve their quality of life by accessing goods and services. According to a statement issued on Wednesday by his special media and publicity adviser, Ajuri Ngelale, stressing the significance of consumer credit in modern economies, it’s crucial that every hardworking Nigerian has the chance for social mobility.

The scheme is designed to facilitate crucial purchases like homes, vehicles, education, and healthcare, essential for individuals to pursue their aspirations and maintain stability. The Nigerian Consumer Credit Corporation (CREDICORP) will play a pivotal role in enhancing the country’s credit reporting systems to ensure every economically active citizen holds a dependable credit score, serving as personal equity to ease access to consumer credit.

In addition to offering credit guarantees and wholesale lending to financial institutions dedicated to expanding consumer credit access, CREDICORP will advocate for responsible consumer credit practices to enhance individuals’ quality of life and cultivate a cultural shift toward growth and financial responsibility.

Aligned with the President’s directive, CREDICORP has introduced a portal where Nigerian citizens can express their interest in receiving consumer credit. Working Nigerians interested in consumer credit can visit www.credicorp.ng to indicate their interest before May 15, 2024. The scheme will be rolled out gradually, starting with civil service members and eventually extending to the general public.