The Federal Government of Nigeria through the Nigeria Consumer Credit Corporation (CrediCorp) has initiated a credit support program to expand consumer credit access to Nigerians promote small and medium scale businesses in Nigeria.
CrediCorp is a lending company owned by the Federal Government of Nigeria, tasked with the responsibility of pioneering accessible credit solutions tailored to meet the diverse financial needs of individuals and businesses across all sectors in Nigeria. With a commitment to financial inclusion and innovation, the Company is transforming the landscape of credit opportunities in Nigeria.
This is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda targeted at creating access to consumer credit to all eligible Nigerians, starting with the Federal civil servants and ultimately encompassing the entire public. The program tagged “Consumer Credit Scheme” is designed to provide income in the form of purchasing power to empower people to become creative through access to essential toolkits and promoting industry standard on produced products.
With increasing cost of living, poverty, and high unemployment, the Government has now seen the need to make available funds to civil servants and local producers by creating requisite and greater opportunities towards Capacity Development, Quality Service Delivery, Employability, Growth, Market Promotion and Business Support through this Consumer Credit Scheme.
CrediCorp Consumer Credit Scheme 2024
The Federal Government initiated the Consumer Credit Scheme with its initial ₦100 billion consumer credit fund. The Corporation collaborate with the Central Bank of Nigeria, the financial institutions, identity management, credit registries, fintechs, consumer protection, and policy makers to provide people-centered credit products and create incentive for purchase of locally manufactured goods and services.
The CrediCorp program is tasked with the following responsibilities:
- To remove structural, market and policy barriers in access to consumer credit by all working Nigerians, by 2030.
- To accelerate consumer credit access to 50% of working Nigerians by 2030.
- To Catalyze the market with capital, guarantees, and policy.
- To unify, standardize and democratize credit registry and credit scores in Nigeria, with NIN as the singular identifier.
- To provide credit guarantees to financial institutions to accelerate people-centered credit products and also incentive purchase of locally manufactured goods and services.
- To provide wholesale and catalytic lending to financial institutions committed to advancing consumer credit.
Provide initial ₦100 billion consumer credit fund. - To work closely with the Central Bank of Nigeria, the financial sector, identity management, credit registries, fintechs, consumer protection, and policy makers on this mission.
Benefits of Accessing CrediCorp Loan
When you partner with CrediCorp, you gain access to a host of benefits that set them apart from traditional lenders and financial institutions.
- Flexibility:
CrediCorp understand that life is unpredictable, and financial needs can arise unexpectedly. That’s why they offer flexible repayment terms and options to accommodate varying circumstances. Whether you prefer short-term loans or long-term financing, they have options to suit your preferences. - Competitive Rates:
The scheme offers fair and competitive interest rates to ensure affordability for its customers. Transparent pricing ensures that you know exactly what you’re paying for, without any hidden fees or surprises. - Exceptional Customer Service:
Customer satisfaction is at the heart of everything at CrediCorp. Their dedicated team of professionals is committed to providing personalized assistance and guidance throughout the credit application process. From initial inquiry to post-disbursement support, we’re here to serve you every step of the way. - Empowering Financial Inclusion:
The program is dedicated to promoting financial inclusion and empowerment across Nigeria. Through its initiatives and partnerships, they’re reaching underserved communities and providing them with the tools and resources they need to achieve economic stability and prosperity. - Financial Education Programs:
The scheme believe that knowledge is power when it comes to managing finances effectively. That’s why they conduct educational workshops and seminars to empower individuals with essential financial literacy skills. By equipping people with knowledge and resources, to make informed financial decisions and build a better future. - Strategic Partnerships:
Collaboration is key to driving meaningful change in the financial sector. CrediCorp collaborates with government agencies, non-profit organizations, and other stakeholders to expand access to credit and promote financial inclusion initiatives. Together, they’re working towards a more inclusive and resilient financial ecosystem for all Nigerians.
Who can Apply for CrediCorp Consumer Credit Scheme
The scheme will be rolled out in phases starting with Federal Civil Servants. Below is the eligibility schedule for the consumer credit scheme.
Phase 1
- Federal Civil Servants – Applicant must be a federal civil servant in Nigeria with IPPIS number.
- State Civil Servants – The Corporation will collaborate with the States civil service following direct debit mandate from each state’s bank for disbursement to state civil servants.
- White collar workers + Informal Workers (GIG economy) with trackable cash flows – The Corporation will utilize risk mitigation strategy via GSI system, direct debit mandate, and automated account sweeps from their banks and MFB.
Phase 2
- General Public – Eligibility of individuals will be based on two full iterations of credit register, credit scoring, GS system, direct debit mandate, and automated account sweeps.
Requirements for CrediCorp Loan
To apply you need to get ready the following information which will be required when filling the application form.
- Functional email address
- Phone Number
- National Identification Number (NIN)
- State of Origin and State of residence
- Primary Employment
- Secondary Employment (eg side hustles, if any)
- Borrowing history (Maximum amount ever borrowed)
- Last salary amount (for working applicants) – this is needed to check your ability to pay back the loan.
- Reason for loan
- Bank account details – this the account the loan will be deposited when approved.
How to Apply for CrediCorp Funds
To apply for the Nigerian Consumer Credit Corporation, Consumer Credit Scheme, interested applicants will have to visit the application portal at https://credicorp-register.ng/apply to register and fill the online application form for the expression of interest. You will receive the loan through the bank account you added in your application.
They will review your information as the credit program is implemented is based on credit worthiness. Financial institutions will provide assistance to qualified candidates. There are multiple phases, so if you are unsuccessful in the first, please be patient.
Application Start and Closing Date
CrediCorp application portal opened yesterday 24th April, 2024. The closing date for the first phase is May 15, 2024, and disbursement starts immediately after review of submissions.
For further information visit the Nigerian Consumer Credit Corporation official website at https://www.credicorp.ng/
9 Comments
Have applied already today 25/4/2024 and was successfully recieve now waiting for response.
Good morning. I have applied, but because I did it in the night, I couldn’t capture my picture. I thought by proceeding, I could still have the opportunity to come back and complete the capturing but fortunately the submission went successfully without avenue to return for correction.
Hope this will not be a problem?
Thank you for your great job .
It’s stated that face capture is optional. So it’s not compulsory when submitting the application form
i have submitted..yet no reply…what do i do
Pls can someone who is unemployed take the loan to start business and will it be payable on interest?
Please can someone who is unemployed take the loan to start business and will it be payable on interest
PLEASE CAN I APPLY FOR THE LOAN OR I WANT TO APPLY TO START A BUSINESS AND CONTINUE WITH MY MASTERS IN SCHOOL
Yes, you can apply for the loan for your business.
I applied since the program started but there is no any response a part from this, also am advise the coordinator of the program to make congrats to those who make successful ( due for payment).