The federal government of Nigeria recently announced the groundbreaking opening of the consumer credit scheme.
According to a statement released by the presidential spokesman, the scheme will serve as a livelihood for millions of Nigerians, enabling them to access the loans that will be paid for 6 months from the originating date.
The consumer credit scheme will enhance the quality of life of Nigerians by giving them access to goods and services, which will facilitate crucial commodity purchases like repaying debts, renting homes, healthcare, insurance, etc.
As the government rolls out the first phase of the scheme, this article has listed some things Nigerians need to understand about the program.
1. The scheme will be monitored by the Nigeria Consumer Credit Corporation (CREDICORP).
CREDICORP is a federal agency established with a clear goal to boost consumer credit facilities to working Nigerians. It will collaborate with the Central Bank of Nigeria, financial institutions, the National Identity Management Commission, credit registries, and fintech companies to ensure smooth operation.
2. It is for working Nigerians
The credit was initially put in place to accommodate 50% of working Nigerians by 2030. To achieve this milestone, The Nigeria Consumer Credit Scheme will fix the structural barriers to accessing consumer credit in the country.
The federal government believes every hard-working Nigerian should have access to basic social facilities, with the new scheme playing a very important role in achieving that milestone.
3. Application process
The Nigeria Consumer Credit Scheme Cooperation has launched a portal per the federal government directives. Interested persons should visit the portal to apply for the loan.
The website to visit is www.credicorp.ng. To stay safe, applicants are advised to verify the website www.credicorp.ng attentively before proceeding with the loan application.
4. Loan assessment to eligible Nigerians
How will the loan get to eligible, working Nigerians? The Nigeria Consumer Credit Corporation (CREDICORP) is a federal government agency and entity. The agency will include its consumer credit guarantee fund, and work with leading financial institutions and the Central Bank of Nigeria (CBN) to ensure that loans get to eligible Nigerians.
5. The scheme will be in batches
As with any other government policy, the consumer credit scheme will be in batches, starting with members of the civil service and cascading to members of the public.
6. There is a deadline
The scheme has a deadline. The first phase of the scheme will run from April 25th, 2023 to May 15th, 2024. Interested Nigerians should deem to apply before this deadline.
7. Should I need to pay?
The consumer credit scheme is free to apply, and you don't need to pay any fee to participate in the program. Nigerians should take note as many fraudsters will use this opportunity to create a venture for themselves.
8. What will this scheme help to achieve?
According to the Nigeria Consumer Credit Scheme Cooperation (CREDICORP), the scheme will help strengthen Nigeria's credit reporting system, ensuring that every working and economically active Nigerian has access to credit facilities.
Under this scheme, credit guarantees will be offered, and wholesale lending to financial institutions dedicated to broadening consumer credit access will be encouraged. The program will also help to promote responsible consumer credit.
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