The Federal Government has inaugurated the board of the Nigerian Consumer Credit Corporation (CREDICORP), a key step toward expanding financial inclusion.
Vice President Kashim Shettima performed the ceremony Thursday at the Presidential Villa, Abuja.
Shettima said access to consumer credit is vital to Nigeria’s ambition of becoming a one-trillion-dollar economy.
He said that ₦37 billion has been disbursed to 200,000 Nigerians in the past 18 months, with more than half accessing formal credit for the first time.
CREDICORP was established to build trusted credit infrastructure, provide wholesale capital, and lower borrowing costs, Shettima explained.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030.”
He told board members their appointments were not ceremonial, urging vigilance, integrity, and accountability.
Board Chairman Aderemi Abdul thanked President Tinubu for his confidence, calling the scheme a milestone in strengthening Nigeria’s financial system.
Managing Director Uzoma Nwagba said the corporation has already impacted thousands, including students, and pledged to deliver measurable benefits.
The board includes nine other members representing government agencies and independent directors.
Explanation of CREDICORP
The Nigerian Consumer Credit Corporation, a key initiative aimed at democratizing access to affordable loans for its working population.
This program reduces borrowing stress and expands financial inclusion, allowing citizens to secure credit for essential goods like solar systems, vehicles, education, and medical needs.
CREDICORP partners with financial institutions, providing them with funding and guarantees, enabling them to offer loans with lower interest rates and flexible terms.
While initially focused on civil servants, eligibility is expanding to include entrepreneurs, private sector employees, and even NYSC members, with plans to cover informal workers soon.
Citizens can apply for these consumer credits through the official credicorp.ng website or directly via partner banks and microfinance institutions.
The application process requires a NIN and BVN for identity verification.
This strategic move by the government aims to empower citizens, support local manufacturing, and build credit history for millions.
Rate, Like 👍, Comment 💬, Share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
