CREDITCORP launches consumer credit scheme, prioritizing civil servants

By Temi Olowu

CREDITCORP, a pioneering initiative aimed at expanding access to consumer credit in Nigeria, is set to take off following approval from President Bola Tinubu for the first phase of its Consumer Credit Scheme.

In a move to prioritize accessibility, civil servants will be the first beneficiaries of the credit scheme before it is extended to all Nigerians in subsequent phases, a statement by presidential spokesman, Ajuri Ngelali stated.

Interested civil servants have until May 15 to express their interest in accessing credit from CREDITCORP by visiting http://credicorp.ng.

President Tinubu emphasized the importance of ensuring every hardworking Nigerian has access to social mobility, with consumer credit playing a crucial role in achieving this vision.

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The Nigerian Consumer Credit Corporation (CREDICORP) aims to fulfill its mandate through various strategies:

1. Strengthening Nigeria’s credit reporting systems to ensure every economically active citizen possesses a reliable credit score. This score serves as personal equity, facilitating access to consumer credit.
2. Providing credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit access.
3. Promoting responsible consumer credit as a means to enhance the quality of life, fostering a cultural shift towards growth and financial responsibility.

With its focus on empowering individuals through access to credit, CREDITCORP aims to catalyze economic growth and financial inclusion across Nigeria, starting with the civil service sector.