The Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, Uzoma Nwagba, has announced that the firm has started disbursing and receiving testimonials on the rollout of the Federal Government’s consumer credit.
Nwagba, in a release, highlighted President Bola Ahmed Tinubu’s unwavering vision, noting that his commitment to empowering Nigerians had been crucial in making the initiative a reality. He added that the President’s efforts had ensured that access to consumer credit becomes a right for the many, not just a privilege for the few. Under the CREDICORP pilot, five trusted financial institutions, including FCMB’s Credit Direct and Wema Bank, now offer affordable consumer credit.
CREDICORP is making consumer credit more accessible to Nigerians, with interest rates reduced by up to 50%. This initiative will help people manage rising energy costs, cover unexpected expenses, and invest in their future.
‘For too long, many Nigerians have been denied the opportunity to access consumer credit. This is not just about a financial product; it’s about empowering people. Imagine a parent being able to afford their child’s medical care, a small business owner being able to expand their operations, or a household being able to switch to more affordable solar energy. These are not luxuries; they are essential needs. We believe that access to consumer credit is a fundamental right.” Nwagba.
He continued by saying that CREDICORP is dedicated to making affordable credit more accessible to all Nigerians. Our pilot program is offering loans for urgent household needs, focusing on sustainable solutions like solar panels, compressed natural gas, and electric vehicles. Accion and Letshego are among the initial partners, and we expect more institutions to join soon.To further support Nigerians, we’re collaborating with the Central Bank of Nigeria and credit bureaus to establish a credit scoring system. “This will help people access financial opportunities and build a strong financial history.” Nwagba explained.
CREDICORP is also boosting consumer credit by providing cheaper funding and guarantees. This supports local industries and creates jobs. Their goal is to goal is to go beyond short-term relief and drive long-term national growth. They are currently developing product-focused credit solutions to connect Nigerians with essential goods, working closely with local and global partners. They envision a future for Nigeria where everyone has the opportunity to thrive. By ensuring affordable credit is accessible to all, CREDICORP is empowering millions of people and fueling the nation’s economic progress.
Related articles
- UNGA 2024: FCMB Secures $100m For SME Funding From US-Nigeria Business Roundtable
- FG unveils initiative to reduce unemployment by 20% in five years in Nigeria
- Florence Otedola Makes History as First British-Nigerian to Host UNGA’s Opening Session
- Top 10 Most Profitable Business to Start With 10k in Nigeria | Tips
