Millions of Nigerians register in first phase of Consumer Credit Scheme
Over 1.6 million Nigerians have expressed interest and submitted required personal details for enrolment in the first phase of the Nigerian Consumer Credit Scheme.
This is as the deadline date of 15th May, 2024 elapsed.
The Nigerian Consumer Credit Scheme was launched by President Bola Ahmed Tinubu on the 21st of April this year with the objective of “accelerating consumer credit access to at least, 50% of working Nigerians by 2030.”
Expatriating on the president’s vision of the scheme, presidential spokesman, Ajuri Ngelale, had said at its launch that, “President Bola Ahmed Tinubu believes every hardworking Nigerians should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.”
The Nigerian Consumer Credit Corporation, CREDITCORP, was established as an institutional vehicle for the operations of the scheme with Mr Uzoma Nwagba appointed as its pioneer Managing Director/Chief Executive Officer.
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The credit scheme, which is to enhance access to loans for important purchases, is aimed initially at working citizens but expected to cascade down over time to include wider segments of the public.
The scheme, according to Ngelale, will also be “offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit today.”
Furthermore, he said that the scheme will be “promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”
Speaking on the response to the scheme by the public, Nwagba stated that, “Since the unveiling of the first phase in April by President Bola Tinubu, the volume of applications received so far has been overwhelming.
“We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.
“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for.
“So I think people have been listening to the utterances of the President and are quite expectant of this.”
