The Federal Government has opened the official portal for Nigerians to gain access to consumer credit on www.credicorp.ng following the approval of the CREDICORP scheme by President Bola Tinubu.
The President approved the commencement of the first phase of the Consumer Credit Scheme that would be achieved through the Nigerian Consumer Credit Corporation otherwise called CREDICORP, according to a statement signed by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity.
Tinubu also has given a directive to expand consumers’ access to credit interest as Nigerians can express interest in receiving consumer credit via the CREDICORP portal with a May 15 deadline for this first batch.
Ngelale announced that the scheme will begin with civil service members and later extend to the general public in subsequent phases.
How CREDICORP will work
Under the plan, the government-backed corporation, CREDICORP, is mandated to “remove structural, market and policy barriers, and accelerate access to consumer credit to 50% of all working Nigerians, by 2030.”
Expanding on this, Nguri stated that CREDICORP achieves its mandate through the following:
“(1) 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.
(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”
