The Chief Executive Officer (CEO) of Nigerian Consumer Credit Corporation, Uzoma Nwagba, has stated that about 1.8 million Nigerians have indicated interest in the Consumer Credit Scheme since its launch in April 2024.
He stated this during an interview on CNBC Africa, where he explained that structural problems around data and trust deficiencies are mitigating against effective and widespread consumer credit to Nigerians.
According to him, the data from the expression of interest so far indicates that there is a huge appetite for the product among civil servants and students despite commensurate programs suh as the Student Loan Fund.
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.
Last month, President Bola Tinubu launched the first phase of the consumer credit scheme with civil servants the major beneficiaries in this phase.