CreditCorp Scheme, 40,000 civil servants to receive first trench, says, Presidency Nigeria.
The Nigerian presidency has announced that over 40,000 civil servants will receive the first tranche of payments from the initial phase of the newly launched consumer credit scheme within a few weeks. This announcement follows the federal government’s approval on April 24 for the commencement of the first phase of the scheme, which included the launch of an online portal for applications.
The primary objective of the scheme is to expand the availability of consumer credit across the country. The rollout will occur in phases, initially targeting civil servants before extending to the general public. Uzoma Nwagba, the Chief Executive Officer (CEO) of the Consumer Credit Corporation (CreditCorp), disclosed on May 15 that approximately 1.6 million Nigerians have applied for credit under the scheme.
In a statement on X, formerly known as Twitter, on Thursday, Dada Olusegun, the Special Assistant to President Bola Tinubu on social media, provided an optimistic projection. He estimated that by May 2025, around 500,000 Nigerians will have gained access to consumer credit through this initiative.
“Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payment in weeks,” Olusegun stated. “The first phase of the scheme is targeted at civil servants, and the next phase, the general population. By May 2025, it is conservatively estimated that 500,000 Nigerians will benefit from consumer credit access.”
Olusegun further highlighted the significant interest shown by financial institutions in participating in this initiative. About 150 banks, including both money deposit banks and microfinance institutions, have expressed their intention to be part of the ecosystem created by the Nigerian Consumer Credit Corporation (CreditCorp). This ecosystem is designed to support a robust national consumer credit system.
In addition to financial institutions, CreditCorp is collaborating with the National Identity Management Commission (NIMC). This partnership aims to link Nigerians’ National Identification Numbers (NINs) to a credit-scoring system, ensuring a streamlined and efficient process for credit evaluation.
Olusegun emphasized that the consumer credit scheme is part of President Tinubu’s broader vision to enhance the quality of life for every hardworking Nigerian. The scheme is intended to accelerate credit access, providing citizens with the financial resources necessary to improve their standard of living.
The presidency reiterates that the initial phase of the consumer credit scheme has seen substantial interest, with over 40,000 civil servants already applying and poised to receive their first payments soon.
On April 24, the federal government not only approved the launch of the scheme but also established an application portal for Nigerians. This initiative aims to democratize access to consumer credit, starting with civil servants and eventually encompassing the wider populace.
Uzoma Nwagba, CEO of CreditCorp, revealed that by mid-May, the scheme had attracted around 1.6 million applicants. This considerable response underscores the high demand for consumer credit in Nigeria.
Dada Olusegun, in his statement on X, projected that by May 2025, up to 500,000 Nigerians would have access to consumer credit. This estimate aligns with the federal government’s vision of a more inclusive financial system.
Olusegun also noted that approximately 150 financial institutions, including both traditional banks and microfinance entities, are interested in integrating into the CreditCorp ecosystem. This system is expected to lay the foundation for a comprehensive national consumer credit framework.
Furthermore, CreditCorp’s collaboration with NIMC aims to enhance the credit-scoring process by linking NINs with credit profiles, thus facilitating a more efficient credit assessment mechanism.
Olusegun reiterated that the consumer credit scheme is designed to fulfill President Tinubu’s commitment to improving the living standards of Nigerians. The scheme is structured to expedite credit access, thereby empowering citizens to achieve a better quality of life.
More news and updates on CreditCorp Scheme for civil servants.
I love the scheme
Very good development
Very good development