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.
