President Bola Tinubu recently approved the takeoff of the first phase of the Consumer Credit Scheme.

According to a statement on Wednesday, the Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.

It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.

Below are 8 key facts every Nigerian should know about this new credit scheme.

1. It Is for Working Nigerians

The Consumer Credit Scheme put together by Nigeria’s CreditCorp, has been initiated in line with the company’s mandate to accelerate consumer credit access to 50% of working Nigerians by 2030.

To achieve this, the CrediCorp will fix the structural barriers to accessing consumer credit in Nigeria, and catalyze the market with capital, guarantees, and policy.

According to a statement by his spokesman, Ajuri Ngelale, President Tinubu believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

2. How Will the Scheme Work?

As with every other loan scheme, working Nigerians through responsible repayment will build credit histories, “unlocking more opportunities for a better life”.

3. What is the Process of Obtaining This Loan?

In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving the consumer credit.

Working Nigerians interested in receiving the consumer credit can now visit www.credicorp.ng to express interest.

4. CreditCorp and How It Makes Loans Available to Nigerians

The Nigeria Consumer Credit Corporation (CrediCorp) is a company owned by the Federal Government of Nigeria.

According to an about statement on its official website, the CrediCorp including its consumer credit guarantee fund, works closely with the Central Bank of Nigeria (CBN), the financial sector, identity management, credit registries, fintechs, consumer protection, and policy makers on the mission to avail loans to qualified Nigerians.

5. The Scheme Will Be Rolled Out in Phases

As part of the plans to ensure a smooth running, the scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.

6. Is There a Deadline?

Yes! For this first phase of the exercise, there is a deadline and that is Wednesday, May 15th, 2024. All who are eligible and are seeking to benefit from this scheme should have registered on or before this date.

7. Do I Need to Pay?

There is no place in which it was stated that Nigerians would have to pay to gain access to this portal or access the loans. Nigerians are advised to take note as many fraudsters might try to take advantage of this scheme and defraud unsuspecting Nigerians.

8. What other things will this scheme help achieve?

According to the CreditCorp, this scheme will help strengthen Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. “This score becomes personal equity they build, facilitating access to consumer credit”.

Also under this scheme, credit guarantees will be offered, and wholesale lending to financial institutions dedicated to broadening consumer credit access will be attained.

The scheme will also help promote responsible consumer credit “as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility”.