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President Bola Tinubu has given the green light for the first phase of the Consumer Credit Scheme (CCS) to commence.
The scheme, managed by the Nigerian Consumer Credit Corporation (CREDICORP), aims to provide accessible consumer credit to working Nigerians, starting with members of the civil service.
The CCS is designed to serve as the backbone of modern economies by enabling citizens to access essential goods and services upfront, with the ability to pay responsibly over time.
This facilitates crucial purchases such as homes, vehicles, education, and healthcare, all of which contribute to a stable and prosperous society.
By encouraging responsible repayment, individuals can build credit histories, unlocking more opportunities for a better life. Furthermore, increased demand for goods and services stimulates local industry and job creation.
President Tinubu believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a crucial role in achieving this vision.
The CREDICORP achieves its mandate through three major frameworks: strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score; offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access; and 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 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 (http://www.credicorp.ng) to express interest before the May 15 deadline.
The scheme will later be rolled out in phases to other members of the public.
The Consumer Credit Scheme is a significant step towards financial inclusion and economic development in Nigeria, demonstrating the government’s commitment to improving the quality of life for its citizens.
By providing access to credit, the scheme empowers individuals to make necessary investments in their futures and contribute to the overall growth of the economy.
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