Banking & Finance

CREDICORP Engages Banks on Consumer Credit Initiative

Hopes for businesses in Nigeria to access credit brightened recently, as the Consumer Credit Corporation (CREDICORP) is engaging with Nigeria’s lending ecosystem to ensure adequate liquidity for them.

Nineteen commercial banks were at the first session convened recently by Nigeria’s apex bank, the Central Bank of Nigeria (CBN) where CREDICORP shared its mission and its unique offering of wholesale capital and credit guarantees for lenders who are committed to accelerating consumer credit access to Nigerians.

President Bola Ahmed Tinubu during his presidential campaign leading to the 2023 elections, among other things, had promised to rejuvenate the Consumer Credit Sector.

In fulfillment of the promise, he established the Nigerian Consumer Credit Corporation (CREDICORP) with a specific focus on facilitating the rejuvenation and operation of Consumer Credit services.

Consumer Credit serves as the backbone of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and paying responsibly over time. Consumer Credit also facilitates crucial purchases such as homes, vehicles, education and healthcare, essential for ongoing stability to pursue their aspirations.

According to the Chief Executive Officer of CREDICORP, Uzo Nwagba, in a statement to the media recently, said that through responsible repayment, individuals build credit histories and unlock more opportunities for a better life.

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