Consumer credit scheme: CREDICORP disburses N3.5 billion to 10,942 beneficiaries in 5 days  

The Nigerian Consumer Credit Corporation (CREDICORP) has disclosed that a total of N3.5 billion has been disbursed to beneficiaries through financial institutions participating in its consumer credit scheme. 

The Corporation disclosed this on Thursday noting that a total of 10, 942 beneficiaries received the amount in just five days of the scheme.  

The beneficiaries, according to the organization include 4,786 federal and state teachers, 2,831 administrators from federal and state MDAs, 1,307 government medical doctors, 1,264 workers of Police and paramilitary institutions, and 753 judicial workers. 

What they got credit for 

CREDICORP further revealed that the loans disbursed under the scheme were for specific needs which include the purchase of petrol alternatives such as solar panels, and CNG conversion. 

• Other projects financed for the beneficiaries include home improvements, school fees and medical payments, and the purchase of household items. 

• The Chief Executive Officer CREDICORP, Uzoma Nwagba, recently declared that the scheme was targeting about 80 million Nigerians, who are economically active and are earning income.  

• He said the aim is to ensure that every Nigerian who earns a modest income is able to acquire things that can improve their lives such as a car, house, quality education, and laptop, among others, and pay for it over a long period.  

• According to the Corporation, the scheme started with civil servants and will soon be expanded to all Nigerians.  

Participating institutions 

Earlier, CREDICORP announced that 151 financial institutions comprising commercial banks, fintechs, and Microfinance Banks had signed up to be part of its consumer credit scheme.  

However, so far, the Corporation has unveiled five financial institutions under the scheme. These include Credit Direct, Wema Bank, Accion Micro Finance Bank, LETSHEGO Micro Finance Bank, and Abbey Mortgage Bank.  

Meanwhile, as part of moves to perfect the consumer scheme, CREDICORP recently announced a partnership with the National Identity Management Commission (NIMC) to fast-track the building of credit scores for all Nigerians with the National Identification Number (NIN). 

The CREDICORP disclosed this recently, noting that the partnership was sealed during its Managing Director, Engr. Uzoma Nwagba’s working session with the Director General of NIMC, Engr. Bisoye Coker-Odusote. 

What you should know 

President Bola Tinubu announced the launching of the first phase of the Consumer Credit Scheme on April 21, a programme designed to offer credit facilities to working citizens in the country. 

• The President’s special adviser on media and publicity, Ajuri Ngelale, said the first phase of the scheme will begin with civil service members before extending to the main public. 

• Ngelale emphasized that consumer credit plays a pivotal role in modern economies, empowering individuals to elevate their standard of living by acquiring goods and services upfront and responsibly managing payments over time. 

• The scheme facilitates vital investments like housing, transportation, education, and healthcare, crucial for sustaining stability and pursuing personal aspirations.