In a way to boost sustainability and to ensure Nigerians get access to a credit facility, the federal government of Nigeria has announced the launch of the consumer credit scheme to be facilitated by The Nigeria Consumer Credit Scheme Cooperation (CREDICORP).

However, the scheme was initially available for only civil servants and other working Nigerians. But as it stands, the federal government is calling on every Nigerian to participate in the program.

Who knows you might be lucky. The scheme aims to make consumer credit accessible and to empower not just the working Nigerian but every economically active resource person.

In this post, I will explain how to apply for this program in a few simple steps. Let's go.

Step 1: Understand what the scheme offers

Before you apply, know what the scheme is all about and what The Nigeria Consumer Credit Scheme Cooperation (CREDICORP) through the government plans to offer.

According to the agency, the scheme will:

Improve Nigeria's credit reporting system, ensuring every economically active resource person has access to reliable credit scores.

Provides credit guarantee and wholesale lending to financial institutions dedicated to broadening consumer credit access will be encouraged to apply for the loan.

Promote responsible consumer credit to improve the quality of life of millions of people

Step 2: Check your eligibility

Initially, the scheme was made available only to civil servants, but you can check your eligibility to know if you qualify.

Step 3: Prepare the necessary documents

Make sure all the necessary documents like the National Identity Number (NIN) and the Bank Verification Number (BVN) are available, together with your proof of income and salary slips.

Step 4: Visit the only Official portal

Access the website with the official link of The Consumer Credit Scheme Corporation (CREDICORP) at http://credicorp.ng.

This website is the only primary portal for applying for the loan, and where to obtain additional information.

Step 5: Fill the form

Complete the application form on the portal, by ensuring that all information provided is accurate and legit before submitting. In order to avoid further delays, make sure to verify every detail.

Step 6: Submit the application

Once you have completed with filling and you have verified its accuracy, click the submit button to send your information to The Nigeria Consumer Credit Corporation.

Step 7: Wait for a response

Once you have submitted the form, wait for feedback from the agency. It could take weeks to receive a response since there's a large amount of applications.

Step 8: Follow up

Stay tuned for the latest news and developments from the agency by checking the website

Conclusion

The scheme will serve as a mode of livelihood for modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and repaying responsible overtime.

It will facilitate crucial benefits like repaying debts, credit repair, purchasing or renting homes, healthcare, insurance, etc.

Interested Nigerians are advised to visit the link above to apply. The application deadline is May 15th 2024.

The scheme will be rolled out in batches, starting with members of the civil service and cascading to every resource and economically active Nigerian.