8 FACTS ON NEW CONSUMER CREDIT SCHEME BY CREDITCORP

President Muhammadu Buhari recently approved the  take-off launch of the first phase of a new Consumer Credit Scheme.

Key facts:

  • Goal: Increase access to consumer credit for working Nigerians, enabling them to purchase essential goods and services like homes, vehicles, and education.
  • Target: 50% of working Nigerians by 2030.
  • Implementation: Phased rollout, starting with civil servants. Deadline for phase 1: May 15th, 2024.
  • Benefits: Build credit history, potentially leading to better loan opportunities.
  • How to Apply: Register interest at www.credicorp.ng (free of charge).
  • Important Note: Beware of scammers trying to exploit the scheme.

Additional goals:

  • Strengthen Nigeria’s credit reporting system.
  • Provide credit guarantees.
  • Increase access to wholesale lending for financial institutions.
  • Promote responsible credit use and financial literacy.
Source: Techeconomy

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