By Ogunwale Matthew
Nigeria’s credit scheme is a financial framework designed to give individuals and businesses access to affordable credit facilities.
The scheme aims to promote economic growth, eradicate poverty and increase financial inclusion.
This report is to give an overview of what Nigeria’s credit scheme is about, the application process and facts surrounding it.
Nigeria’s Credit Scheme
President Bola Tinubu had recently approved the launch of the inaugural phase of the Consumer Credit Scheme in Nigeria in April 2024.
This programme is designed for Nigerian citizens across the country to give them credit facilities.
In line with the President’s directive to boost access to consumer credit for Nigerians, the Nigeria Consumer Credit Corporation (CREDICORP) established an online portal where individuals can express their interest in obtaining consumer credit.
CREDICORP is a federally-owned entity with a clear objective to increase consumer credit availability to 50% of Nigeria’s working population by 2030.
This launch was announced in a statement issued by the then President’s Special Adviser on Media and Publicity, Ajuri Ngelale (before he proceeded on leave).
According to the statement, the programme will be implemented in phases, commencing with Federal civil service employees and subsequently extending to the general public.
This project is said to mark a significant step towards improving access to consumers in Nigeria, and CREDICORP is poised to play an essential role in achieving this goal.
7 Facts About Nigeria’s Credit Scheme
- The scheme aims to grant access to consumer credit for all eligible Nigerians, transforming the industry.
- It seeks to unify, standardize and democratize credit registry and credit scores, using the National Identification Number (NIN) as the singular identifier.
- This scheme addresses structural impediments to consumer credit, boosting the market through capital infusion.
- This aims to remove barriers and accelerate access to consumer credit for 50% of working Nigerians by 2030.
- The rollout will be rapid, yet phased:
Phase 1 (May 2024): Federal and state civil servants, white-collar workers and informal workers with traceable cash flows.
Phase 2 (May 2025): General public.
- The initiative provides credit guarantees to financial institutions, promoting people-centered credit products and the purchase of locally manufactured goods and services.
- CrediCorp collaborates with key stakeholders, which are the Central Bank of Nigeria, financial institutions and policymakers, to achieve its mission through its consumer credit guarantees fund.
Guide To Apply For Nigeria’s Credit Scheme
Here’s a step-by-step guide on how to apply to enjoy this opportunity.
Step 1: Understand the Scheme
Before you apply you need to understand what CREDICORP offer is all about.
Step 2: Check Eligibility
The scheme is open only to civil servants. So, make sure you are employed in a civil service role to proceed with the application.
Step 3: Prepare your Documents
You will need the following documents to apply: proof of employment in the civil service, identification documents like a passport or national ID, and proof of income or salary slips.
Step 4: Visit their Website
You need to visit the CREDICORP application portal through Credicorp. ng
The website will give you detailed information.
Step 5: Fill the Application Form
Ensure you complete your application form available on the website. Make sure the information is valid to avoid any delays in your application process. So, carefully check before you submit.
Step 6: Submit your Application
Immediately, you complete filling out the form and apply through the website. You will receive a confirmation email or a notification on the portal for your submission.
Step 7: Wait for Feedback
After submission, wait for a response from CREDICORP. This can take a few days or weeks, depending on the volume of applications. So, keep checking your email for any information.
Step 8: Follow Up
Maybe you didn’t hear back within the expected timeframe, but it is good to follow up through the contact details that are provided on the CREDICORP website.
