Thursday, May 30, 2024

Tinubu Approves Takeoff Of Consumer Credit Scheme

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme (CCS), with the aim of empowering Nigerians to improve their quality of life through access to goods and services.

Announcing the president’s approval, his special adviser on media and publicity, Ajuri Ngelale, said “Consumer credit is the lifeblood of modern economies, and every hardworking Nigerian should have access to social mobility.

“This scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.”

In a related development, the Presidency has hinted at plans to tackle poverty and insecurity head on in Nigeria through financial inclusion for all Nigerians.

Accordingly, it disclosed that there are high-level talks to unveil a roadmap for integrating the unbanked Nigerian population into the formal financial system, a priority it said is one of the primes in the Renewed Hope Agenda of the President Bola Ahmed Tinubu administration.

On the CCS launch, Ngelale said “through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.

“Additionally, the increased demand for goods and services stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

He further said the Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:

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“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

“Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

Ngalale said in line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” he said .

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