President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme (CCS), with the aim of empowering Nigerians to improve their quality of life through access to goods and services.
Announcing Tinubu’s approval yesterday, his special adviser on media and publicity, Ajuri Ngelale, said “Consumer credit is the lifeblood of modern economies, and every hardworking Nigerian should have access to social mobility.
“This scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.”
In a related development, the Presidency has hinted at plans to tackle poverty and insecurity head on in Nigeria through financial inclusion for all Nigerians.
Accordingly, it disclosed that there are high-level talks to unveil a roadmap for integrating the unbanked Nigerian population into the formal financial system, a priority it said is one of the primes in the Renewed Hope Agenda of the President Bola Ahmed Tinubu administration.
On the CCS launch, Ngelale said “ through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.
“Additionally, the increased demand for goods and services stimulates local industry and job creation.
“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
He further said the Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:
“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
“Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
Ngalale said in line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.
“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” he said .
Meanwhile, addressing journalists on Wednesday ahead of a National Stakeholders’ Workshop on Financial Inclusion, deputy chief of staff to the President, Senator Ibrahim Hassan Hadejia, emphasised the administration’s commitment to an all-inclusive Nigeria under the Renewed Hope Agenda.
“Economic and financial inclusion are essential components of President Tinubu’s agenda to assist in integrating the underserved and unbanked into the formal financial system. This will enable Nigerians to access a range of financial services at a reasonable cost,” Hadejia stated in a statement by Presidential spokesman, Stanley Nwocha .
The two-day workshop, scheduled for Thursday/Friday, April 25 and 26, 2024, at the Banquet Hall of the Presidential Villa, aims to sensitise stakeholders and chart a course for accelerating financial inclusion efforts nationwide.
“Such services include transaction accounts, savings, payments, transfers, credit, pension, e-commerce, and insurance (including health insurance) within proximity to their place of work or residence. Economic security underlies the principle of financial inclusion.
“His Excellency, the Vice President and the Chairman of the National Council on Nutrition, Senator Kashim Shettima, is passionately committed to supporting the successful implementation of the national financial inclusion strategy,” the Deputy Chief of Staff said.
Earlier, the Technical Advisor to the President on Financial Inclusion, Dr Nurudeen Abubakar Zauro, highlighted the calibre of attendees expected at the workshop, including the lead paper presenter and Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
Zauro stated: “The CBN currently implements the financial inclusion strategy in the country. Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, will also present a lead paper on financial inclusion in Nigeria.
“We affirm the importance of subnational governments. The Chairman of the Nigeria Governors Forum, the Kwara State Governor, AbdulRahman AbdulRazaq, former CBN Governor and Governor of Anambra State, Professor Charles Soludo; and the 14th Emir of Kano, His Highness, Khalifa Muhammad Sanusi II.
“We also have participation from international partners, including the World Bank, Bill and Melinda Gates Foundation, and Alliance for Financial Inclusion in addition to other players in the industry. In Nigeria, we have private sector players like Fintech Associates, Enhancing Financial Innovation & Access (EFInA) and others, including traditional rulers like the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II”.
On his part, the director general of Financial Inclusion Centres, Sola Bickersteth, stressed the important role of the private sector, saying, “We want to closely collaborate with this government to make financial inclusion a reality for everyone.”
The upcoming workshop is set to unveil a comprehensive roadmap aligning stakeholders towards the shared goal of financial inclusion, a critical pillar of the Tinubu administration’s economic agenda.