The Nigerian Consumer Credit Corporation (CREDICORP) has disclosed that a total of N3.5 billion has been disbursed to a total of 10, 942 beneficiaries under its consumer credit scheme.
The beneficiaries, according CREDICORP, include 4,786 federal and state teachers, 2,831 administrators from federal and state MDAs, 1,307 government medical doctors, 1,264 workers of Police and paramilitary institutions, and 753 judicial workers.
The organisation further revealed that the loans disbursed under the scheme were for specific needs which include the purchase of petrol alternatives such as solar panels, and CNG conversion, home improvements, school fees and medical payments, and the purchase of household items.
Chief Executive Officer of CREDICORP, Uzoma Nwagba, recently said the scheme was targeting about 80 million Nigerians, who are economically active and income earners, to ensure that every Nigerian who earns a modest income is able to acquire things that can improve their lives such as a car, house, quality education, and laptop, among others, and pay for it over a long period.
CREDICORP had earlier revealed that 151 financial institutions comprising commercial banks, fintechs, and microfinance banks had signed up to be part of its consumer credit scheme.
However, so far, the organisation has unveiled five financial institutions under the scheme. These include Credit Direct, Wema Bank, Accion Micro Finance Bank, LETSHEGO Micro Finance Bank, and Abbey Mortgage Bank.
President Bola Tinubu launched the first phase of the Consumer Credit Scheme on April 21, and said the first phase of the scheme will begin with members of Nigeria’s civil service before extending to other members of the public.
