Tinubu Launches Consumer Credit Scheme

President Bola Ahmed Tinubu has recently approved the takeoff of the first phase of the Consumer Credit Scheme, a move aimed at enhancing the quality of life for Nigerians by enabling them to access goods and services upfront, with the option to pay responsibly over time. This initiative was announced on April 24, 2024, and it has been met with significant interest from the public.

The Consumer Credit Scheme will serve as a lifeline for modern economies, offering citizens an opportunity to enhance their quality of life by making crucial purchases such as homes, vehicles, education, and healthcare more affordable. This initiative is part of President Tinubu’s vision to provide every hardworking Nigerian with access to social mobility through consumer credit.

To facilitate this, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal where Nigerians can express interest in receiving consumer credit. The deadline for submitting interest is May 15, 2024. The scheme will be rolled out in phases, starting with members of the civil service and then cascading to members of the public.

CREDICORP’s mandate includes strengthening Nigeria’s credit reporting systems to ensure that every economically active citizen has a dependable credit score. It also involves offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access. Furthermore, the initiative promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

Engineer Uzoma Nwagba has been appointed as the Managing Director/Chief Executive Officer of CREDICORP to lead the implementation of this significant economic initiative. The President’s directive to expand consumer credit access to Nigerians is a step towards addressing economic hardship and improving the standard of living for the Nigerian populace.

For more information and to express interest in receiving consumer credit, Nigerians are encouraged to visit the CREDICORP portal before the deadline of May 15, 2024.