President Bola Tinubu recently approved the launch of the first phase of the Consumer Credit Scheme in Nigeria, a programme designed to offer credit facilities to working citizens in the country.
Following the President’s directive to enhance access to consumer credit for Nigerians, The Nigeria Consumer Credit Corporation (CREDICORP) has introduced a portal where Nigerians can indicate their interest in obtaining consumer credit.
CREDICORP is a federally-owned entity with a clear goal to boost consumer credit availability to 50% of Nigeria’s working population by 2030.
The launch of this initiative was announced in a statement by the President’s special adviser on media and publicity, Ajuri Ngelale.
According to the statement, the initiative would be implemented in stages, beginning with Federal civil service employees and then extending to the general public.
Here are the 7 things to know about Tinubu’s consumer credit scheme for Nigerians:
1. The scheme was conducted in partnership with financial institutions and cooperatives across the country to broaden consumer credit availability. Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, and paying responsibly over time.
2. It 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.
3. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.
4. A whooping N100 billion is proposed for the consumer credit loan.
5. All working-class Nigerians are eligible to apply for the consumer scheme.
6. Application for this scheme opened on Wednesday, April 24 and the deadline is May 15, 2024.
7. The scheme will be rolled out in phases, starting with civil servants, then extended to the general public.
Here is how to apply:
The registration process consists of 5 stages, during which you will need to provide data such as your:
1. Personal Information
2. Credit needs
3. Primary Employment
4. Secondary Employment
5. Face Capture
Note: Applicants should go to the website credicorp.ng to begin their application.
STAGE 1: You will be required to input personal information such as name, email, date of birth, gender, and phone number.
STAGE 2: Applicants should select Needs” such as; house, phones, cars, business loan, medical bill, etc.
• And fill in their Credit requirement (you must fill in 3 credits)
•Amount they can borrow and comfortably repay over 6 months
•Any previous borrowing experience from banks, microfinance institutions, fintech companies, or loan apps
•And NIN (which can be obtained by dialing *346#).
STAGE 3: You will need to fill in your:
•Job title:
•Years in current •employment:
•Monthly income from •MAIN employment:
•Bank where income is received:
•Bank account number:
STAGE 4: This is optional and should only be completed by individuals who have a side hustle.
STAGE 5: It involves face capturing, so please ensure that you allow the system access to your camera.
