The Traffic

The Nigerian government, through the Consumer Credit Corporation of Nigeria (Credicorp), is launching an initiative to provide Nigerians with access to interest-free consumer credit of up to N2 million. 

By Rhalialt Arhuoizah 

This program aims to ease financial burdens by allowing individuals to purchase essential goods and services, such as :
- *School fees*
- *Rent*
- *Devices*
- *Household appliances*

Here's how the scheme works :
- *No Direct Lending*: Credicorp won't lend directly to individuals but will support financial institutions that provide credit.
- *Backstop Facility*: Credicorp will offer a backstop to banks, fintechs, cooperatives, and other lenders to make consumer credit more accessible.
- *Partnerships*: Credicorp has partnered with financial institutions, including Credit Direct, to offer discounted credit facilities to civil servants.

*Objectives:*

- *Improve Quality of Life*: Enable Nigerians to access essential goods and services, improving their overall well-being.
- *Reduce Corruption*: Promote transparency and accountability in financial transactions.
- *Boost Local Industry*: Stimulate demand for locally made goods and services.

*Eligibility and Application:*

- *Target Audience*: Initially targeting federal civil servants, with plans to expand to the general public.

- *Application Process*: 
- Individuals can fill out a credit interest form and select a partnering financial institution to apply for credit .