151 financial institutions bid for consumer credit scheme

As the recently established Nigeria Consumer Credit Corporation (CREDICORP) advances towards disbursement of consumer credit to Nigerians sequel to the success of its recent Expression of Interest (EOI) campaign for financial institutions, no fewer than 151 organisations have indicated interest. The CREDICORP is a federal government corporation with a mandate to expand consumer credit access […]

As the recently established Nigeria Consumer Credit Corporation (CREDICORP) advances towards disbursement of consumer credit to Nigerians sequel to the success of its recent Expression of Interest (EOI) campaign for financial institutions, no fewer than 151 organisations have indicated interest.

The CREDICORP is a federal government corporation with a mandate to expand consumer credit access to millions of Nigerians.

In just one month, over 151 financial institutions have completed the detailed EOI. They include commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks and cooperatives.

Notably, 85 of the institutions are licensed by the Central Bank of Nigeria (CBN), collectively serving over 1.5 million consumer credit customers. Qualified and ready institutions are being reviewed and shortlisted for the pilot phase of the scheme, according to information from the management of the corporation.

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The Managing Director/Chief Executive Officer of CREDICORP, Mr Uzoma Nwagba, who made this revelation yesterday said, “The EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagements from financial institutions – especially the leading institutions of each type.

 

“This speaks to the excitement of financial institutions to partner with CREDICORP to receive our development finance or targeted credit guarantees. Together with our partners, we are poised to accelerate consumer credit access, ensuring that millions more Nigerians can access the financial resources and products they need to improve their lives, backed by their income.”