The Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, Uzoma Nwagba, disclosed that within three weeks of its launch, the consumer credit scheme has received over one million applications from Nigerians.
This initiative is designed to enable working citizens to secure loans for essential purchases. Nwagba highlighted the unprecedented response since the scheme’s introduction in April, which was unveiled during the first phase by President Bola Tinubu.
Expressing surprise at the sheer volume of applications, Nwagba stated that approximately 1.6 million Nigerians have shown interest, providing details of their occupations, income, and intended use of credit. He emphasized that the public’s enthusiasm stemmed from President Tinubu’s statements, fueling high expectations for the scheme.
Addressing his responsibilities six weeks into his tenure, Nwagba affirmed his commitment to facilitating broader access to consumer credit for eligible Nigerian workers. He outlined plans to methodically assess the nation’s demographic landscape to fulfill this objective.
The scheme, as outlined by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, aims to achieve several goals, including bolstering Nigeria’s credit reporting systems to ensure every economically active individual possesses a reliable credit score. This score serves as personal equity, facilitating access to consumer credit. Additionally, the scheme provides credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit accessibility. It also seeks to promote responsible consumer credit usage as a means to enhance the quality of life and instill a culture of financial growth and responsibility.
