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Approximately 150 banks have expressed interest in joining the lending ecosystem of the newly launched Consumer Credit Scheme, according to Dada Olusegun, the Special Assistant to President Bola Tinubu on social media.
The first phase of the Consumer Credit Scheme was announced by President Tinubu on April 21. The program is designed to offer credit facilities to working citizens across the country.
Providing an update on the scheme, Olusegun mentioned that both commercial and microfinance banks are keen on participating. He also noted that over 40,000 civil servants are set to receive the first tranche of payments soon.
“About 150 banks, including both money deposit and microfinance institutions, have shown interest in being part of the lending ecosystem being created by CrediCorp to support a national consumer credit system,” Olusegun stated.
“Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payments in the coming weeks. The first phase targets civil servants, with the next phase extending to the general population.”
Olusegun added that CrediCorp, the implementing institution of the scheme, is partnering with the National Identity Management Commission to link Nigerians’ National Identity Numbers to a credit-scoring system effectively.
“By May 2025, it is estimated that 500,000 Nigerians will benefit from consumer credit access,” he concluded.
In related news, CRC Credit Bureau recently disclosed that credit penetration in Nigeria has risen to 14 percent, with 33 million Nigerians already having a credit score. This was revealed by Dr. Tunde Popoola, the Group Managing Director/CEO of CRC Credit Bureau Limited, during the CRC Finance and Credit Conference 2024. He emphasized the need for continued efforts to increase credit access for more Nigerians.
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