President Bola Tinubu has achieved notable progress in fulfilling his campaign pledge to transform access to credit for ordinary Nigerians by introducing the Consumer Credit Scheme. This program was launched in 2024 under the newly formed Nigeria Consumer Credit Corporation (CREDICORP) and signifies a groundbreaking change in financial inclusion. It aims to offer low-interest credit to employed Nigerians, removing the historical obstacles to accessing credit, especially for civil servants, and promoting responsible credit usage to enhance the lives of millions of citizens......Read The Full Article>>.....Read The Full Article>>
The scheme is structured to facilitate significant purchases such as homes, vehicles, education, and healthcare by enabling Nigerians to make installment payments rather than upfront, a major hurdle for many low-income families. By establishing a reliable credit history through responsible repayment, beneficiaries gain access to more financial opportunities, promoting upward social mobility, a key priority for Tinubu’s presidency.
The program’s implementation is already underway, with CREDICORP disbursing N3.5 billion in credit to almost 11,000 civil servants in its initial phase. The pilot phase of the scheme prioritizes government employees, streamlining the loan approval process by leveraging the stable employment and verifiable incomes of civil servants.
Within weeks of the scheme’s launch, over 1.6 million Nigerians applied, demonstrating the substantial demand for fair and accessible consumer credit. With Tinubu’s instruction, CREDICORP aims to extend access to half of Nigeria’s working population by 2030.
The president’s endeavors have also disrupted Nigeria’s high-interest loan market, particularly predatory loan apps that have long exploited citizens with exorbitant interest rates—often exceeding 300% annually. In contrast, CREDICORP offers single-digit interest rates, providing Nigerians with a viable alternative to these costly loan services. This shift fosters financial inclusion and bolsters local industries by increasing consumer purchasing power, all while promoting sustainable economic growth.
This innovative policy underscores Tinubu’s dedication to reducing financial exclusion and poverty, solidifying his legacy as a president who advocates for the economic empowerment of his people.
