The first phase of Nigeria’s Consumer Credit Scheme, a program intended to provide credit facilities to the nation’s working inhabitants, has been authorized by President Bola Tinubu.
This was said in a statement released in Abuja on Tuesday by Ajuri Ngelale, the president’s special adviser on publicity and the media.
The program would be rolled out gradually, starting with civil service employees and working its way up to the general public, according to the statement.
Ngelale mentioned that Nigerians who are employed and would like to apply for consumer credit may do so by going to credicorp.ng.
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“President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme.
“Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.
“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
“Through responsibley repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates 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,” Ngelale said.
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Furthermore, Ngelale explained that the Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:
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.
Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
