Creditcorp Reveals 1.9 million Nigerians Have Shown interest in Consumer Credit Scheme

Since the Consumer Credit Scheme’s inception in April 2024, over 1.8 million Nigerians have expressed interest in it, according to Uzoma Nwagba, CEO of Nigerian Consumer Credit Corporation.

 In an interview with CNBC Africa, he made this claim and clarified how structural issues with data and trust deficits are impeding the ability of Nigerians to obtain effective and broad consumer credit.

He claims that despite similar schemes like the Student Loan Fund, the data from the expressions of interest so far shows that there is a significant desire for the product among students and federal servants.

He stated, “The expression of interest became a way for Nigerians to not just essentially let us know that they want to get consumer credit but also let us know about themselves. As at today, we are getting closer to the 1.9 million people who have done that expression of interest to receive that consumer credit support.”

“And in that list, we see people across every state of the country and 90% of the LGAs were represented in that expression of interest and we are learning so much from that data. Some of the things we are learning is that civil servants particularly want to buy homes and pay over the course of their service.”

Furthermore, he explained that the problem of consumer credit in Nigeria is related to the lack of data and infrastructure to track credit performance among Nigerians, which leads to trust deficit by financial institutions.