Starting next week, successful applicants of the Consumer Credit Loan will begin receiving up to N3.5 million, according to Uzoma Nwagba, CEO of Consumer Credit Corporation (CREDICORP). With N100 billion allocated for the initiative, this Federal Government-backed program aims to provide Nigerians access to affordable credit for purchasing household items without upfront cash.
The program, a key promise by President Bola Ahmed Tinubu, seeks to break down barriers to consumer credit and improve financial inclusion. By 2030, the target is to enroll 50% of the working population.
Initially, 500,000 civil servants will be the first to benefit, with 15,000 individuals receiving funds in each round of disbursement. Nwagba confirmed that the scheme will eventually expand to include other eligible Nigerians.
“This week or by Monday next week, the disbursement process will begin, with civil servants benefiting first through participating financial institutions (PFIs),” Nwagba stated.
Partnering with major institutions like Credit Direct, a subsidiary of First City Monument Bank (FCMB), the initiative offers civil servants reduced interest rates and flexible repayment options.
The program design, modeled after the Development Bank of Nigeria, will provide wholesale capital to PFIs, ensuring an efficient and structured rollout. The loans, available for up to N3.5 million, will feature low interest rates and quick processing times, helping civil servants address financial needs such as education, healthcare, and home purchases.
Nwagba emphasized the significance of consumer credit for improving the quality of life for Nigerians, stating, “This scheme aligns with President Tinubu’s commitment to improving the well-being of hardworking citizens.”
The launch of the Consumer Credit Loan marks a significant step toward economic empowerment and social mobility, providing millions of Nigerians with access to essential goods and services.
