Recently, President Bola Tinubu granted approval for the commencement of the first phase of the Consumer Credit Scheme.
Gatekeepers News reports that the scheme is designed to serve as a vital component of modern economies, enabling citizens to improve their quality of life by accessing goods and services upfront and paying responsibly over time.
This credit facility is intended to aid in the acquisition of essential purchases such as homes, vehicles, education, and healthcare, which are crucial for ongoing stability and the pursuit of aspirations.
To help you better understand this new credit scheme, here are key facts that every Nigerian should know;
- The Nigerian Consumer Credit Corporation (CrediCorp) has launched a new initiative named the Consumer Credit Scheme, aimed at increasing consumer credit access to 50% of working Nigerians by 2030.
- CrediCorp will remove the structural barriers to accessing consumer credit in Nigeria and provide capital, guarantees, and policies to catalyze the market. President Tinubu believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a vital role in achieving this vision.
- To participate in the program, Nigerians interested in receiving the consumer credit can visit the official website of CrediCorp and express their interest. As with other loan schemes, working Nigerians can build credit histories through responsible repayment, which will unlock more opportunities for a better life.
- CrediCorp, which is owned by the Federal Government of Nigeria, including its consumer credit guarantee fund, works closely with the Central Bank of Nigeria (CBN), the financial sector, identity management, credit registries, fintechs, consumer protection, and policy makers on the mission to avail loans to qualified Nigerians.
- The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public. The first phase of the exercise has a deadline of Wednesday, May 15th, 2024. Eligible Nigerians seeking to benefit from this scheme should register on or before this date.
- There is no charge associated with access to the portal or loans offered under the scheme. Nigerians are advised to beware of scammers who may try to take advantage of the scheme and defraud unsuspecting Nigerians.
- The Consumer Credit Scheme will not only promote responsible consumer credit as a pathway to an improved quality of life but also strengthen Nigeria’s credit reporting systems, ensuring that every economically active citizen has a dependable credit score. Under the scheme, credit guarantees will be offered, and wholesale lending to financial institutions dedicated to broadening consumer credit access will be attained.
