The Nigerian Consumer Credit Corporation has kicked off the disbursement of President Bola Tinubu’s consumer credit scheme to economically active Nigerians nationwide through its participating financial institutions.
At a signing event on Tuesday, the Chief Executive Officer of CREDICORP, Uzoma Nwagba, announced a partnership with Credit Direct to boost mass access to consumer credit, starting with civil servants across the country and aiming to reach 500,000 nationwide.
Nwagba disclosed that Credit Direct, the largest lender to civil servants in Nigeria and a subsidiary of FCMB Group, is a key player in this first wave of institutions involved.
Nwagba disclosed that CREDICORP, from September, would kick off and offer discounted direct consumer credit to over 15,000 civil servants per round.
“Starting from September 3, 2024, civil servants will access loans at the lowest interest rates on the market. Applicants can access a wide range, and up to N3.5m, depending on their income and need,” she stated.
Nwagba noted that the initiative is part of a much broader effort to support the well-being of Nigerians, which aligns with CREDICORP’s mission to accelerate consumer credit access to 50 per cent of economically active Nigerians by 2030
