The Bola Tinubu administration has launched a new initiative aimed at enhancing the quality of life of hardworking Nigerians through the provision of consumer credit.
The scheme seeks to facilitate access to goods and services to enable citizens to make purchases upfront and repay over time.
According to Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, Tinubu recognises the role of consumer credit in modern economies to enable citizens to acquire homes, vehicles, education, and healthcare.
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Through responsible repayment, citizens can build credit histories and unlock more opportunities for a better life.
The Nigerian Consumer Credit Corporation (CREDICORP) has been tasked with achieving the mandate through three key initiatives.
They are, “(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.”
Ngelale added that the CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.
Launched in collaboration with financial institutions and cooperatives such as the Central Bank of Nigeria (CBN), Bank of Industry (BOA) and Federal Inland Revenue Service (FIRS), the scheme aims to broaden consumer credit availability in Nigeria.
The presidency said working Nigerians interested in receiving consumer credit can visit http://credicorp.ng to register their interest before the deadline of May 15, 2024.
The scheme will be rolled out in phases, starting with members of the civil service and extended to members of the public later.