In a move to boost financial inclusion and improve the standard of living for Nigerians, the federal government under President Bola Ahmed Tinubu launched the Consumer Credit Scheme.
This initiative aligns with President Tinubu’s vision to provide accelerated credit access to citizens and was approved by Bola Tinubu in April 2024.
Also read: How to apply for FG Consumer Credit Scheme in five steps
The scheme, according to an X post by Fredrick Nwabufo, Senior Special Assistant to the President on Public Engagements, is being implemented by CrediCorp, which has partnered with the National Identity Management Commission (NIMC) to link Nigerians’ National Identification Numbers (NINs) to a robust credit-scoring system.
This partnership is expected to streamline the credit assessment process and enhance the efficiency of the scheme.
CrediCorp has garnered the interest of about 150 banks, including both money deposit and microfinance institutions. These banks are set to be part of a new lending ecosystem that will support the national consumer credit system.
The initial phase of the scheme targets civil servants, with over 40,000 applications already received. These applicants are expected to receive the first tranche of payments in the coming weeks. Following this, the scheme will expand to include the general population.
By May 2025, it is estimated that 500,000 Nigerians will benefit from the Consumer Credit Scheme. This number is expected to grow as the program progresses, contributing to economic empowerment and stability across the nation.
The Consumer Credit Scheme represents a critical step forward in making credit more accessible to Nigerians, fostering financial inclusion, and supporting the economic growth envisioned by President Tinubu.
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