President Bola Tinubu has approved the start of the Consumer Credit Scheme.
Consumer credit is crucial for modern economies because it lets people buy goods and services upfront and pay for them over time. This helps them buy important things like houses, cars, education, and healthcare, which are essential for their well-being and to achieve their dreams.
Paying back these credits on time helps individuals build good credit histories, which opens up more opportunities for a better life. It also boosts demand for goods and services, leading to more jobs and helping local industries grow.
President Tinubu believes that every hardworking Nigerian deserves a chance to improve their life, and consumer credit is key to making this happen.
The Nigerian Consumer Credit Corporation (CREDICORP) will support this by:
Improving Nigeria’s credit reporting systems to make sure every active worker has a reliable credit score, which helps them access consumer credit.
Providing credit guarantees and loans to banks focused on increasing consumer credit.
Encouraging responsible borrowing to improve quality of life and promote financial growth and responsibility.
Following President Tinubu’s order, CREDICORP has opened a website for Nigerians who want consumer credit. This plan, in partnership with banks and cooperatives across the country, aims to make consumer credit more available.
Working Nigerians who want consumer credit can sign up at http://credicorp.ng on or before May 15, 2024.
The Consumer Credit Scheme will start with government workers and then expand to the general public.