Nigerians are about to experience a major financial boost as the long-awaited Consumer Credit Loan disbursement begins next week. Successful applicants will have access to up to N3.5 million, as confirmed by Uzoma Nwagba, CEO of Consumer Credit Corporation (CREDICORP). Backed by the Federal Government with an impressive N100 billion funding, this initiative is set to revolutionize access to affordable credit, helping Nigerians purchase essential household items without upfront cash payments.
This groundbreaking program is part of President Bola Ahmed Tinubu’s promise to enhance financial inclusion and make consumer credit accessible to millions of Nigerians. The goal is ambitious—by 2030, the government aims to have 50% of the working population enrolled in the scheme, giving them the financial freedom to meet essential needs.
In the first phase of the disbursement, 500,000 civil servants will benefit, with 15,000 individuals receiving funds in each round. The program will later expand to include other eligible Nigerians across the country. “This week or by Monday next week, the disbursement process will begin, with civil servants being the first to benefit through participating financial institutions (PFIs),” Nwagba stated.
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To ensure the success of the program, CREDICORP has partnered with leading financial institutions like Credit Direct, a subsidiary of First City Monument Bank (FCMB). Civil servants can enjoy reduced interest rates, flexible repayment plans, and quick loan processing times. This will enable them to meet financial obligations such as education, healthcare, and home purchases without the usual financial strain.
The design of the Consumer Credit Loan program is modeled after the Development Bank of Nigeria, providing wholesale capital to PFIs to ensure a structured and efficient disbursement process. With loans of up to N3.5 million, beneficiaries can expect swift approval and minimal bureaucracy, making it easier to access much-needed financial support.
Nwagba highlighted the transformative potential of this initiative, noting, “This scheme aligns with President Tinubu’s commitment to improving the well-being of hardworking citizens.” The program is not just about loans—it’s about empowering Nigerians, boosting consumer spending, and driving economic growth.
