Approximately 150 banks, including both commercial giants and microfinance institutions, have shown keen interest in participating in the newly launched Consumer Credit Scheme. This initiative, spearheaded by President Bola Tinubu's Special Assistant on social media, Dada Olusegun, aims to provide accessible credit facilities to employed citizens across Nigeria.
Initially announced on April 21, the scheme's first phase targets over 40,000 civil servants who are poised to receive their initial payments soon. According to Olusegun, the enthusiastic response from banks underscores the growing momentum behind CrediCorp's efforts to establish a robust national consumer credit system.
CrediCorp, the driving force behind the initiative, is collaborating with the National Identity Management Commission to integrate National Identity Numbers with a credit-scoring framework, ensuring a more streamlined credit access process. By projecting to benefit up to 500,000 Nigerians by May 2025, the scheme highlights a significant stride in enhancing credit penetration, as emphasized during CRC Credit Bureau's recent conference.
Dr. Tunde Popoola, Group Managing Director/CEO of CRC Credit Bureau Limited, stressed the need for sustained efforts to extend credit access to a broader segment of Nigerians, reflecting the evolving landscape of financial inclusion in the country.
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