The Nigerian Consumer Credit Corporation (CrediCorp) has announced a significant initiative to provide consumer credit access to 500,000 civil servants through a N100 billion scheme. This effort marks the beginning of President Bola Tinubu’s consumer credit program, aimed at improving the financial well-being of Nigerians. CrediCorp revealed the plan during the signing of a memorandum of understanding (MoU) with Credit Direct, a subsidiary of FCMB Group, in Lagos.
The scheme, starting in September 2024, will target civil servants across the country, offering single-digit interest loans to help ease financial pressure. CrediCorp’s mission is to expand consumer credit to 50 percent of economically active Nigerians by 2030, and this initiative is a step towards achieving that goal. The credit will be offered in phases, with the first round benefiting over 15,000 civil servants.
Uzoma Nwagba, CEO of CrediCorp, highlighted that civil servants registered under the Integrated Payroll and Personnel Information System (IPPIS) would have access to exclusive credit packages. These packages come with reduced interest rates and flexible repayment plans, allowing recipients to purchase essential goods such as electronics, medical care, and household items. Loan amounts will range between N30,000 and N3 million, depending on the recipient’s ability to repay.
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Nwagba emphasized the importance of this initiative in supporting civil servants, providing them with financial relief during economic uncertainties. The loans are designed to offer immediate access to affordable credit, allowing civil servants to improve their living standards and manage economic challenges more effectively.
Credit Direct CEO, Chukwuma Nwanze, reiterated the value of this partnership, stressing the role of civil servants in national development. He mentioned that the scheme would allow civil servants to receive credit facilities promptly, with the potential to secure loans up to N3.5 million based on their income and needs. Nwanze also emphasized the broader goal of financial inclusion, ensuring that more individuals have access to financial services.
The federal government initially approved the consumer credit scheme on April 24, 2024, launching a portal for applications. The first phase, focused on civil servants, will later be expanded to the general public. On June 27, the presidency reported that over 40,000 civil servants had already applied, with the first payments scheduled for distribution soon.
This scheme is expected to play a crucial role in stimulating local consumption, supporting the economy, and empowering civil servants to access much-needed credit during challenging times. The partnership between CrediCorp and Credit Direct is a key component of the broader financial strategy to promote financial well-being and economic stability for Nigerian workers.
Source: The Cable
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