The Credit Corporation of Nigeria has made significant strides in consumer lending, having provided credit facilities to over 100,000 Nigerians within just six months of receiving its seed funding. This development was disclosed by Chief Executive Officer Engr. Uzoma Nwagba at a briefing with State House correspondents in Abuja.
Nwagba revealed that 23 licensed financial institutions have already partnered with CreditCorp, and there are plans to onboard many more. “We got our funding a little over six months ago. As of today, we have signed on 23 financial institutions and delivered credit access to more than 100,000 people,” he said. He added, “Of that total, roughly 35,000 are federal and state civil servants.”
The CEO pointed out that the initial data shows high uptake for loans directed at household goods, educational expenses, and equipment for small businesses. This announcement marks the first public update since President Bola Tinubu tasked CreditCorp with leading the National Consumer Credit Scheme as part of his Renewed Hope agenda.
If verified, the rapid expansion of CreditCorp’s services could position it as one of the most dynamic credit providers in West Africa. More updates are expected as the program continues.