HOW TO APPLY FOR CONSUMER CREDIT SCHEME
President Bola Tinubu recently approved the takeoff of the first phase of the Consumer Credit Scheme.
According to a statement, the Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.
It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
BELOW ARE KEY FACTS EVERY NIGERIAN SHOULD KNOW ABOUT THIS NEW CREDIT SCHEME.
It Is for Working Nigerians
The Consumer Credit Scheme put together by Nigeria’s CreditCorp, has been initiated in line with the company’s mandate to accelerate consumer credit access to 50% of working Nigerians by 2030.
To achieve this, the CrediCorp will fix the structural barriers to accessing consumer credit in Nigeria, and catalyze the market with capital, guarantees, and policy.
According to the statement, President Tinubu believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
Click HERE to apply
How Will the Scheme Work?
As with every other loan scheme, working Nigerians through responsible repayment will build credit histories, “unlocking more opportunities for a better life”.
What is the Process of Obtaining This Loan?
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 the consumer credit.
Working Nigerians interested in receiving the consumer credit can now visit www.credicorp.ng to express interest.
CreditCorp and How It Makes Loans Available to Nigerians
The Nigeria Consumer Credit Corporation (CrediCorp) is a company owned by the Federal Government of Nigeria.
According to an about statement on its official website, the CrediCorp including its consumer credit guarantee fund, works closely with the Central Bank of Nigeria (CBN), the financial sector, identity management, credit registries, fintechs, consumer protection, and policy makers on the mission to avail loans to qualified Nigerians.
Click HERE to apply
Objective
The scheme, according to Ngelale, aims to broaden consumer credit availability.
HOW IT WORKS
Document needed for the consumer credit schemes?
NIN Number
Bank Name
Account Number
Job Information
How to apply
The registration process consists of 5 stages, during which you will need to provide data such as your:
Personal Information
Credit needs
Primary Employment
Secondary Employment
Face Capture
Applicants should go to the website credicorp.ng to begin their application or.
Click HERE to apply
FIRST STAGE
You will be required to input personal information such as name, email, date of birth, gender, and phone number.
SECOND STAGE
Candidates should select Needs” such as; house, phones, cars, business loan, medical bill, etc.
And fill in their Credit requirement (you must fill in 3 credits)
Amount they can borrow and comfortably repay over 6 months.
Any previous borrowing experience from banks, microfinance institutions, fintech companies, or loan apps
And NIN (which can be obtained by dialing *346#).
THIRD STAGE
You will need to fill in your Job title:
Years in current employment:
Monthly income from MAIN employment:
Bank where income is received:
Bank account number:
FOURTH STAGE
This is optional and should only be completed by individuals who have a side hustle.
FIFTH STAGE
This involves face capturing, so please ensure that you allow the system access to your camera.
Note: The deadline for applying is May 15, 2024.
Other details
The scheme will be rolled out in phases, starting with civil servants, then extended to the general public.
Click HERE to apply
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