By Adedapo Adesanya
The federal government has said Nigerians interested in accessing the recently launched Consumer Credit Scheme have until May 15 to apply for the new fund.
President Bola Tinubu on Wednesday approved the take-off of the first phase of the Consumer Credit Scheme for workers across the country, as part of efforts to enable citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.
The scheme will be achieved through the Nigerian Consumer Credit Corporation (CREDICORP), which has been mandated to strengthen Nigeria’s credit reporting systems to ensure every economically active citizen has a dependable credit score.
It also offers credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
President Tinubu, according to a statement issued by his Media Adviser, Mr Ajuri Ngelale, said every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
It is touted to facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
Through a responsible repayment plan, individuals will build credit histories to unlock more opportunities for a better life.
The federal government also believes that the increased demand for goods and services stimulates local industry and job creation.
The statement explained that in line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
This initiative will be executed in collaboration with financial institutions and cooperatives nationwide and aims to broaden consumer credit availability.
According to the statement, working Nigerians interested in receiving consumer credit could visit Credicorp to express interest before May 15, 2024.
The scheme would be rolled out in phases, starting with members of the civil service and cascading to members of the public.