CREDITCORP Applauds the Launch of Federal Government’s Consumer Credit Program

 

The Nigerian Consumer Credit Corporation (CREDITCORP) has expressed approval over the successful commencement of the federal government's consumer credit initiative, which aims to benefit millions of Nigerians.

Uzoma Nwagba, the Managing Director/CEO of CREDITCORP, acknowledged President Bola Ahmed Tinubu for his dedication to empowering everyday Nigerians by ensuring that access to consumer credit becomes a universal right, not a privilege for a few.

“Through the pilot phase of the Nigerian Consumer Credit Corporation, five reputable financial institutions — including FCMB’s Credit Direct (serving civil servants), Wema Bank, Accion MFB, Letshego MFB, and Abbey Mortgage Bank — are now offering consumer credit solutions to help Nigerians cope with the increasing financial strain caused by rising fuel and energy costs.

With this pilot program, Nigerians can start accessing more affordable credit (with rates slashed by up to 50%), which will help meet pressing household expenses, provide cost-effective energy alternatives, and promote future investments. This initiative goes beyond just loans; it’s about true empowerment. For more information or to apply, visit credicorp.ng/apply,” Nwagba said.

Nwagba praised these institutions for their early participation and predicted that more financial institutions would soon follow, noting that over 200 have already submitted Expressions of Interest.

“For too long, most Nigerians have been deprived of access to consumer credit. CREDITCORP is here to change that. Consumer credit isn’t just an idea; it affects real people — like a father relying on credit during his child’s medical emergency, a baker no longer needing to depend on family support to grow their small business, or a household replacing expensive petrol generators with affordable solar panels. These are not distant aspirations. We believe consumer credit is closely tied to human rights.

CREDITCORP is dedicated to expanding access to affordable credit for Nigerians. Our pilot program is designed to provide credit for urgent household needs, with institutions like Accion and Letshego offering loans for solar panels, compressed natural gas (CNG), and electric vehicles. These innovative solutions help reduce dependence on costly petrol. We expect more institutions to join this movement soon,” Nwagba added.

He emphasized that CREDITCORP’s mission is built on three key pillars that will shape the future of consumer credit in Nigeria. The first pillar is infrastructure, ensuring that every Nigerian has a credit profile that opens doors to financial opportunities.

“We are collaborating with partners, including the Central Bank of Nigeria (CBN) and Credit Bureaus, to ensure every economically active citizen has a comprehensive credit score. This score will evolve over time and give Nigerians easier and responsible access to credit. This credit infrastructure will enable millions to build financial equity, turning good credit history into a personal asset. Innovators across various sectors should anticipate our invitations as we address this crucial challenge,” the CREDITCORP CEO said.

According to him, the second pillar is capital, which serves as more than just a financial enabler. CREDITCORP provides the financial foundation for institutions committed to democratizing consumer credit.

“By offering cheaper wholesale funding and credit guarantees, we enable financial institutions to expand their lending capabilities. We also promote local industry and job creation by facilitating cheaper lending rates and guarantees for locally manufactured products,” he explained.

The third pillar, Nwagba noted, is cultural re-orientation, emphasizing that consumer credit is about improving quality of life, not just borrowing.

“We are committed to shifting the mindset of Nigerians toward responsible credit use as a means to a better life. We also aim to reorient financial institutions on how effective consumer credit underwriting can drive growth. We believe that bankers, as pillars of the community — our parents, spouses, and friends — are eager to improve lives by lending to real people, rather than focusing on 'safe bets'. We need to create systems that foster trust and broaden access to affordable credit,” Nwagba stated.

He further explained that this launch marks only the beginning.

“As we push forward, our goal is to ensure that consumer credit serves as more than just temporary relief, but as a driver of long-term national development. Beyond loans for immediate needs, we are working on product-first credit solutions that connect Nigerians directly to life-enhancing products, such as home improvements, vehicles, and household appliances, partnering with both local and global financial institutions to achieve this vision,” Nwagba added.

He described the initiative as a new chapter of economic empowerment, stating: “The future we envision for Nigeria is one of opportunity, growth, and empowerment. CREDITCORP is translating this vision into tangible, impactful actions — beginning with making affordable credit accessible to every Nigerian, improving lives, and fueling national economic growth. CREDITCORP is more than just a credit program or corporation; it’s a movement, a journey that unlocks the potential of millions. It is about families, small businesses, and industries thriving, not merely surviving. Our best days lie ahead. Forward, and upward,” he concluded.