in the initial phase of the consumer credit scheme and will receive the first
tranche of payment in weeks.
On April 24, the federal government approved the takeoff of
the first phase of the consumer credit scheme and launched a portal for
Nigerians to apply.
The government said the scheme, which aims to broaden
consumer credit availability, will be rolled out in phases, starting with civil
servants, and then extended to the general public.
Uzoma Nwagba, chief executive officer (CEO) of Consumer
Credit Corporation (CreditCorp), on May 15, said about 1.6 million Nigerians
have applied for credit under its scheme.
In a statement on X on Thursday, Dada Olusegun, special
assistant to President Bola Tinubu on social media, estimated that 500,000
Nigerians will have access to consumer credit by May 2025.
“Over 40,000 civil servants have applied in the initial
phase and will receive the first tranche of payment in weeks,” Olusegun said.
“The first phase of the scheme is targeted at civil
servants, and the next phase, the general population.
“By May 2025, it is
conservatively estimated that 500,000 Nigerians will benefit from consumer
credit access.”
According to Olusegun, about 150 banks, both money deposit
and microfinance institutions, have expressed interest in being part of the
ecosystem that is being created by the Nigerian Consumer Credit Corporation
(CrediCorp) to essentially undergird a national consumer credit system.
He also said CrediCorp is collaborating with the National
Identity Management Commission (NIMC) to efficiently link Nigerians’ national
identification numbers (NINs) to a credit-scoring system.
Olusegun said the consumer credit scheme is conceived and
designed to accelerate credit access to citizens in line with Tinubu’s vision
of ensuring that every hardworking Nigerian enjoys a decent standard of living.
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