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  The Federal Government has approved the commencement of the first stage of the Consumer Credit Scheme, managed by the Nigerian Consumer Credit Corporation (CreditCorp). This scheme is designed to make consumer credit available to Nigerians, who could use this form of financing to purchase goods and services. In this article, we will provide some information concerning CreditCorp, and share how to obtain credit from them under the new scheme.
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What is the Consumer Credit Scheme?

The Consumer Credit Scheme is an initiative of the Federal Government of Nigeria, aimed at providing Nigerians with flexible financing (consumer credit) for the purchase of a range of goods and services. This mirrors consumer credit programs that exist in many other countries across the world. With credit of this kind, Nigerians could acquire such things as homes, vehicles, education, and healthcare, and pay for them over time.

What are the Goals of the Consumer Credit Scheme?

The Federal Government says it wants the consumer credit scheme to be accessed by at least 50% of working Nigerians by the year 2030. As has already been explained, this scheme will allow beneficiaries to get the funds they need to pay for goods and services, and then repay this loan over time. It will also enable them to gain a credit score, which would determine their eligibility for future credit. Ultimately, this program is built to improve the economic well-being of the country’s citizens.
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Who are its Stakeholders?

CreditCorp says it is collaborating with the Central Bank of Nigeria, identity management, credit registries, FinTechs, consumer protection, and the financial sector, as well as policymakers. By working with these stakeholders, it will be able to extend loans to qualified Nigerians and ensure adherence to its terms and conditions. The scheme’s principal shareholder is the Ministry of Finance Incorporated (MOFI), and its partners are the CBN, FIRS, Bank of Industry, National Insurance Commission, NIMC, and Federal Competition and Consumer Protection Commission.

How will the Scheme be Rolled Out?

The scheme will be rolled out in phases. The first phase is targeted at civil servants and will allow them to apply for credit. The deadline for applications for the first phase is May 15, 2024. Over the coming months, it will be opened up to other working Nigerians, and finally to the general public.
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How to Get Credit from CreditCorp

At the moment, this scheme is only open to civil servants. Persons who want to get credit under the Consumer Credit Scheme can follow these steps to do so:
  • Prepare necessary documents, including proof of employment in the public sector, personal ID, and proof of income or salary slips
  • Visit the CreditCorp website and correctly fill out the application form
  • Submit your application on the application portal
  • Wait for feedback from CreditCorp, which could take days or weeks
  • Follow up through the contact information on the website
If you would like to apply for credit from CreditCorp, you can visit their site HERE.
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This article was first published on 27th April 2024

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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