The federal government, under the leadership of President Bola Tinubu has given the green light for the beginning of the first phase of the Consumer Credit Scheme.
The scheme was launched because the president believes that every hardworking Nigerian should have the opportunity to move up in society, and consumer credit is key to making this vision a reality.
What Is Consumer Credit Scheme?
Consumer credit is vital for the growth of modern economies like the one Nigeria aims to become because it allows people to improve their quality of life by buying goods and services upfront and paying for them over time. This type of credit is essential for important purchases like homes, vehicles, education, and healthcare, which are necessary for stability and pursuing goals.
What You Stand To Gain By Registering For The Consumer Credit Scheme?
By making timely payments, individuals can establish good credit histories, opening up more opportunities for a better life. Furthermore, the increased demand for goods and services helps boost local industries and create more jobs.
The Nigerian Consumer Credit Corporation (CREDICORP) fulfills its mission by:
- Improving Nigeria’s credit reporting systems to ensure that every working citizen has a reliable credit score. This score acts as personal capital that they can use to access consumer credit.
- Providing credit guarantees and wholesale loans to financial institutions that are committed to expanding access to consumer credit.
- Encouraging responsible consumer credit to help improve quality of life and promote a culture of growth and financial responsibility.
How To Register For The Consumer Credit Scheme
To support the government’s goal of increasing access to consumer credit for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has introduced a portal for Nigerians to indicate their interest in obtaining consumer credit.
Working Nigerians who are interested in getting consumer credit can go to www.credicorp.ng to show their interest. The deadline is May 15, 2024.
This initiative, done in partnership with financial institutions and cooperatives across the country, aims to expand the availability of consumer credit.
The program will be implemented gradually, starting with civil servants and then extending to the general public.
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