President Bola Tinubu on Wednesday gave his approval for the Consumer Credit Scheme’s first phase to begin.
Ajuri Ngelale, the President’s Special Advisor on Media and Publicity, signed a statement that said as much.
According to the statement, “the President believes that social mobility should be available to every hardworking Nigerian, and consumer credit is crucial to achieving this vision.”
According to Ngalele, consumer credit is essential to modern economies because it allows people to improve their quality of life by obtaining products and services up front and making responsible payments over time.
In order to maintain stability and allow them to achieve their goals, he continued, it makes important purchases possible, including those for homes, cars, healthcare, and education.
“People can open up more possibilities for a better life by building credit histories through conscientious repayment. Furthermore, local industry and job development are stimulated by the increasing demand for goods and services”, according to the presidential spokesperson.
The following are the ways in which the Nigerian Consumer Credit Corporation carries out its mandate:
(1) Improving Nigeria’s credit reporting infrastructure so that every person engaged in the economy has a stable credit score. Their personal equity is increased by this score, which makes it easier for them to obtain consumer credit.
(2) Providing wholesale lending and credit guarantees to financial institutions committed to increasing consumer credit access today.
(3) Fostering a cultural shift towards growth and financial responsibility, by promoting responsible consumer credit as a pathway to an improved quality of life.” the statement went on to say.
The Nigerian Consumer Credit Corporation has established a platform for Nigerians to indicate their interest in obtaining consumer credit, in compliance with the President’s instruction to increase consumer credit accessibility for Nigerians.
This program, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
Nigerians who are employed and would like to apply for consumer credit can do so by going to www.credicorp.ng. It closes on May 15, 2024.
The program will be implemented gradually, beginning with civil servants and working its way down to the general population.
