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 .
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