President Bola Tinubu on Wednesday has approved the takeoff of the first phase of the N100billion Consumer Credit Scheme.
The scheme is aimed at empowering Nigerians to improve their quality of life through access to goods and services.
Tinubu also has approved the appointment of Engineer Uzoma Nwagba as the new Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP).
Engineer Nwagba, 36, holds a Master’s degree in Business Administration from the Harvard Business School and a first-class Bachelor of Engineering from Howard University, Washington DC.
Announcing President Tinubu’s approval in a statement on Wednesday, his special adviser on media and publicity, Ajuri Ngelale, said “Consumer credit is the lifeblood of modern economies, and every hardworking Nigerian should have access to social mobility.
“This scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.”
The Nigerian Consumer Credit Corporation (CREDICORP) will strengthen Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score.
This score will serve as personal equity, facilitating access to consumer credit. CREDICORP will also offer credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.
“This initiative promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility,” Ngelale said in the statement.
In line with the President’s directive, CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.
Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest before May 15, 2024.
The scheme will be rolled out in phases, starting with members of the civil service and cascading to other members of the public.
“This is a significant step towards empowering Nigerians to enhance their quality of life. We encourage all eligible citizens to take advantage of this opportunity and join the journey towards financial stability and growth”, the statement said.
In summary, below are things to know about Tinubu’s consumer credit scheme for Nigerians:
1. The scheme was conducted in partnership with financial institutions and cooperatives across the country to broaden consumer credit availability. Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, and paying responsibly over time.
2. It 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.
3. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.
4. A whooping N100 billion is proposed for the consumer credit loan.
5. All working-class Nigerians are eligible to apply for the consumer scheme.
6. Application for this scheme opened on Wednesday, April 24 and the deadline is May 15, 2024.
7. The scheme will be rolled out in phases, starting with civil servants, then extended to the general public.
Here is a step-by-step guide on how civil to apply for the scheme and enjoy the opportunity:
Step 1: Understand the Scheme
Before applying, understand what CREDICORP offers. The scheme is designed to:
– Improve Nigeria’s credit reporting systems, ensuring every economically active citizen has a reliable credit score.
– Provide credit guarantees and wholesale lending to financial institutions.
– Promote responsible consumer credit to improve quality of life and foster financial responsibility
Step 2: Check Eligibility
Initially, the scheme is open only to civil servants. Ensure you are employed in a civil service role to proceed with the application.
Step 3: Prepare Necessary Documents
You will likely need the following documents to apply:
– Proof of employment in the civil service.
– Identification documents such as a national ID or passport.
– Proof of income or salary slips.
Step 4: Visit the Official Website
Access the CREDICORP application portal by visiting credicorp.ng (http://credicorp.ng). This website will serve as your primary resource for application forms and additional information.
Step 5: Fill out the Application Form
Complete the application form available on the website. Ensure all information is accurate to avoid any delays in your application process. Double-check all entries before submission.
Interested individuals should CLICK HERE to apply.
