Three weeks after the Nigerian Consumer Credit Corporation was launched, over one million Nigerians have submitted applications for the scheme, which was introduced with the objective of making working citizens in the country, have access to loans for important purchases.
This was disclosed by the Managing Director, and Chief Executive Officer of the Nigerian Consumer Credit redit corporation, Uzoma Nwagba.
According to him, after the first phase of the scheme was unveiled in April by President Bola Tinubu, an overwhelming number of applications have so far been received.
His words: ‘It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.’
‘As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.’
‘So I think people have been listening to the utterances of the President and are quite expectant of this,’ Nwagba said during an interview on Channels Television’s Politics Today on Tuesday.’
While speaking on his assignment, barely 6 weeks after he was appointed, Nwagba pointed out that he was ready to lead the current Tinubu-led administration, to broaden consumer credit availability for working Nigerians, who are interested, adding that it is their duty and that they are prepared to approach the situation systematically, so as to ensure that the corporation goes through the demography of Nigeria.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, also released a statement during the launch of the Nigerian Consumer Credit Corporation. According to him, there are certain ways that the scheme is expected to achieve its mandates. He listed some of them as follows: Making Nigeria’s credit reporting systems strong enough so to ensure that every economically active citizen has a credit score to depend on. He explained that the credit score will be a personal equity built by the citizens, which will in turn, facilitate their access to consumer credit.
His words: ‘Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.’
He also harped on giving credit guarantees and wholesale borrowing to financial institutions that are dedicated to making consumer credit access broad today, even as he suggested that it was expedient to promote responsible, consumer credit as a way to get an improved quality of life, fostering the cultural shift towards growth and financial responsibility.
‘Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.’
‘Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.’
According to the presidency, if citizens, repay responsibly, it will offer them the opportunity to build credit histories, while they unlock more opportunities for better living. Aside from that, the increased demand for goods and services will stimulate local industry and job creation, the residency noted14:16
