By Kikelomo Adeleye, 27th June, 2024
The Consumer Credit Scheme is conceived and designed to accelerate credit access to citizens in line with President Tinubu’s vision of ensuring that every hardworking Nigerian enjoys a decent standard of living.
– CrediCorp, the implementing institution of the scheme, is partnering NIMC to effectively link the NINs of Nigerians to a credit-scoring system.
– About 150 banks, both money deposit and microfinance institutions, have expressed interest to be part of the lending ecosystem that is being created by CrediCorp to essentially undergird a national consumer credit system.
– Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payment in weeks.
– The first phase of the scheme is targeted at civil servants, and the next phase, the general population.
– By May 2025, it is conservatively estimated that 500,000 Nigerians will be benefitting from consumer credit access.
