In keeping with his campaign promise to establish a consumer credit scheme in order to make goods and services more affordable and accessible for Nigerians, President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme (CCS).
According to a press release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, the essence of establishing the consumer credit scheme is to enable citizens to enhance their quality of life by accessing goods and services upfront, while paying responsibly over time.
Ajuri went on to state that the consumer credit scheme will facilitate crucial purchases for the citizens, such as homes, vehicles, education, and healthcare, which are essential in their quest to achieve stability and pursue their life aspirations for a better life. He added that the increased demand for goods and services would in turn stimulate local industry and job creation.
“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision”, Ajuri said.
The Nigerian Consumer Credit Corporation (CREDICORP) according to the statement achieves its mandate through:
- Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit;
- Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today; and
- Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
The Presidential spokesman also revealed that following President Tinubu’s directive to expand consumer credit access to Nigerians, the CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.
He added that this initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability and enjoined working Nigerians who are interested in receiving consumer credit to visit the portal, www.credicorp.ng to express interest.
The scheme it is gathered, would be rolled out in phases, starting with members of the civil service and cascading to members of the public. For this first phase, the deadline for expressing interest is May 15, 2024.
President Bola Ahmed Tinubu had earlier on April 5th approved the appointment of 36-year-old Uzoma Nwagba as the Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP) with a mandate to expand access to credit to all classes of Nigerian citizens, while promoting financial inclusion, and enhancing the quality of life of the Nigerian people as they access the tangibles of prosperity.