The Nigerian Consumer Credit Corporation (CrediCorp) has announced that 500,000 civil servants will benefit from a N100 billion consumer credit program......See Full Story>>.....See Full Story>>
This was disclosed during the signing of a memorandum of understanding (MoU) with Credit Direct, a subsidiary of FCMB Group, marking the initiative’s launch in Lagos.
According to CrediCorp, the collaboration is expected to significantly boost access to consumer credit, initially targeting civil servants nationwide.
The program is part of a larger initiative to enhance Nigerians’ financial well-being and aligns with CrediCorp’s goal of expanding consumer credit access to 50% of economically active citizens by 2030.
The initiative will commence in September, offering discounted loans to over 15,000 civil servants per batch, to reach over 500,000 within the following year.
Credit to cushion economic shocks
Uzoma Nwagba, the CEO of CrediCorp, announced that civil servants enrolled in the Integrated Payroll and Personnel Information System (IPPIS) will now be eligible for special offers.
These include lower interest rates and flexible repayment options for acquiring domestic goods, transportation, healthcare, electronics, and other household necessities.
He added that, based on their repayment capacity, each applicant could secure a loan of between N30,000 and N3 million.
He said:
“By going through Credit Direct today, and subsequently our other financial institutions coming on stream in the next days and weeks as we target 500,000 civil servants, they can access instant and affordable credit to cushion economic shocks or afford consumer goods to improve the quality of their lives.”
The federal government launched the first phase of the consumer credit scheme on April 24, starting with civil servants, and opened a portal for applications.
According to TheCable, over 40,000 civil servants had applied by June 27, and the first payments are expected in the coming weeks.
Requirements for approval of student loan applications
In related news, Legit earlier reported that the federal government has released a list of requirements for approving student loan applications.
The Bola Tinubu administration is considering approving over 1 million in the first batch of the student loan scheme.
President Tinubu signed the amended student loan bill into law on Wednesday, April 4, 2024, after it was passed by the House of Representatives and the Senate, respectively.