In a move aimed at enhancing access to consumer credit and promoting financial inclusion, President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme (CCS). This initiative, spearheaded by Nigeria’s CreditCorp, seeks to empower working Nigerians by providing them with opportunities to access goods and services through responsible credit usage. Here are eight essential facts about this new scheme:
1. Target Audience:
The CCS is designed for working Nigerians, aligning with CreditCorp’s goal of accelerating consumer credit access to 50% of the working population by 2030.
2. Operational Framework:
Through responsible repayment, individuals will build credit histories, unlocking more opportunities for social mobility and a better quality of life.
3. Application Process:
Interested individuals can express their interest in receiving consumer credit by visiting the official portal at www.credicorp.ng.
4. Ownership and Collaboration:
The Nigeria Consumer Credit Corporation (CrediCorp), a federal government-owned entity, collaborates closely with stakeholders including the Central Bank of Nigeria (CBN) and financial institutions to make loans available to qualified Nigerians.
5. Phased Rollout:
The scheme will be implemented in phases, commencing with civil servants before extending to the general public.
6. Application Deadline:
Eligible individuals seeking to benefit from the first phase must register on or before Wednesday, May 15th, 2024.
7. No Payment Required:
There is no fee required to access the portal or apply for loans. Nigerians are cautioned to beware of fraudulent schemes exploiting the initiative.
8. Benefits and Impact:
The CCS aims to strengthen Nigeria’s credit reporting systems, foster responsible credit usage, and promote financial responsibility as a pathway to improved quality of life.
The Consumer Credit Scheme represents a significant step towards expanding financial inclusion and empowering Nigerians to achieve their economic aspirations.
REF: channelstv
