CREDICORP commences engagement of financial institutions on consumer credit initiative

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Nigerian Consumer Credit Corporation (CREDICORP) has commenced engagement with financial institutions across the nation with a view to accelerate credit to businesses.

The engagement, according to the corporation, would enable it to fine tune processes for product rollout in order to address challenges around consumer credit.

The engagement, which took place in Lagos, with the Chief Risk Officers and leaders of consumer lending across the banks, had no fewer than 19 commercial banks in attendance.

The session convened by the Central Bank of Nigeria (CBN), afforded the CREDICORP opportunity to share its mission and unique offering of wholesale capital and credit guarantees for lenders who are committed to accelerating consumer credit access to Nigerians at scale.

Mr. Uzo Nwagba, Chief Executive Officer, CREDICORP,  commenting, said that individuals would build credit histories and unlock more opportunities for a better life through responsible repayment, adding  that the increased demand for goods and services stimulates local industry and job creation.

He listed the financial institutions which are critical partners with CREDICORP to

include deposit money banks, microfinance banks, fintechs and cooperatives.

He said: “CREDICORP intends to achieve its mandate through 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.

“Another way is through offering of credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access currently and promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“Notably, the dawn of the consumer credit services is in sync with President Tinubu’s belief that every hardworking Nigerian should have access to social mobility with consumer credit playing a pivotal role in achieving this vision.”

“Consumer rredit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and paying responsibly over time.

“Consumer credit also facilitates crucial purchases such as homes, vehicles, education and healthcare, essential for ongoing stability to pursue their aspirations,” Nwagba added.

Recall that CREDICORP was established

with a specific focus on facilitating the rejuvenation and operation of consumer credit services.

Meanwhile, the CREDICORP portal  for expression of interest has been opened to Nigerians.  Interested citizens can visit to express interest and inform the Corporation of their credit needs.

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