Tinubu launches Consumer Credit Scheme… here’s all you need to know about the scheme

President Bola Tinubu has greenlit the commencement of Nigeria’s inaugural phase of the Consumer Credit Scheme. 

The program aims to provide credit facilities to employed individuals across the nation. Ajuri Ngelale, the President’s special media and publicity adviser, conveyed this announcement on Tuesday in Abuja. 

The initiative will be rolled out gradually, starting with civil servants before reaching the wider populace. Ngelale emphasized that employed Nigerians seeking consumer credit can register their interest at www.credicorp.ng

Moreover, Ngelale mentioned that following the President’s directive to enhance access to consumer credit for Nigerians, CREDICORP has introduced a portal where Nigerians can indicate their interest in obtaining consumer credit. 

He explained that this initiative, in partnership with financial institutions and cooperatives across the country, seeks to expand the availability of consumer credit. 

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He added that working Nigerians who are interested in obtaining consumer credit should visit credicorp.ng to register their interest. 

Things to know about the Consumer Credit Scheme:

Purpose: The Consumer Credit Scheme aims to provide access to credit for Nigerian citizens, enabling them to acquire goods and services upfront and pay responsibly over time.

Key Benefits: It facilitates crucial purchases such as homes, vehicles, education, and healthcare, contributing to ongoing stability and allowing individuals to pursue their aspirations.

Credit History Building: Through responsible repayment, individuals can build credit histories, unlocking more opportunities for a better life and enhancing their personal equity.

Stimulating Local Economy: Increased demand for goods and services stimulates local industry and job creation, contributing to economic growth.

Social Mobility: The scheme aims to provide social mobility for hardworking Nigerians by offering access to consumer credit, thereby enabling them to improve their quality of life.

Strengthening Credit Reporting Systems: The scheme includes efforts to strengthen Nigeria’s credit reporting systems to ensure that every economically active citizen has a dependable credit score, facilitating access to consumer credit.

Credit Guarantees and Wholesale Lending: It involves offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.

Cultural Shift Towards Financial Responsibility: The scheme promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

Collaboration: The initiative involves collaboration with financial institutions and cooperatives nationwide to broaden consumer credit availability.

Rollout Plan: The scheme will be rolled out in phases, starting with members of the civil service and then extending to members of the public. Interested individuals can express their interest by visiting credicorp.ng, with a deadline of May 15, 2024.