What Is Consumer Credit Corporation (CrediCorp) ??? Read Full Details And How to Apply
Wednesday 24 April 2024
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What Is Consumer Credit Corporation (CrediCorp) ??? Read Full Details And How to Apply
The Nigeria Consumer Credit Corporation (CrediCorp) is a company owned by the Federal Government of Nigeria. CrediCorp has one mission: to accelerate consumer credit access to 50% of working Nigerians by 2030. CrediCorp achieves this mission by:
A) fixing the structural barriers to accessing consumer credit in Nigeria.
B) catalysing the market with capital, guarantees, and policy.
CrediCorp including its consumer credit guarantee fund, works closely with the Central Bank of Nigeria, the financial sector, identity management, credit registries, fintechs, consumer protection, and policy makers on this mission. Read Full Details From Source
The CrediCorp business is focused on the following:
To unify, standardise and democratise credit registry and credit scores in Nigeria, with NIN as the singular identifier.
To provide credit guarantees to financial institutions to accelerate people-centered credit products and also incentive purchase of locally-manufactured goods and services.
To provide wholesale and catalytic lending to financial institutions committed to advancing consumer credit.
President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme.
Consumer credit 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. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.
The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:
(1) Strengthening Nigeria's credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
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, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
Working Nigerians interested in receiving consumer credit can visit: www.credicorp.ng to express interest. The deadline is May 15, 2024.
The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public. Read Full Details From Source
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 24, 2024
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