What You Need to Know About the Federal Government Consumer Credit Scheme 2024 and how to apply

President Bola Tinubu has given his approval for the launch of the inaugural phase of the Consumer Credit Scheme in Nigeria.

This initiative is tailored to provide credit facilities to employed individuals across the nation.

What is Consumer Credit Scheme?

Consumer credit plays a vital role in modern economies, serving as the lifeblood that allows citizens to improve their quality of life.

It enables individuals to access goods and services immediately and responsibly repay over time, thereby facilitating economic growth and enhancing overall well-being.

Benefits of the Consumer Credit Scheme

The Scheme facilitates crucial purchases, such as

  • Homes
  • Vehicles
  • Education
  • Healthcare
  • Business Loan

Document Needed for the Consumer Credit Schemes

  • NIN Number
  • Bank Name
  • Account Number
  • Job Information

Nigerian Consumer Credit Corporation (CREDICORP) Scope

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.

How to Apply for the Nigerian Consumer Credit Corporation

The registration process consists of 5 stages, during which you will need to provide data such as your:

  • Personal Information
  • Credit needs
  • Primary Employment
  • Secondary Employment
  • Face Capture

Applicants should go to the website credicorp.ng to begin their application.

  • First Stage: You will be require input personal information such as name, email, date of birth, gender, and phone number
  • Second Stage:  Candidates should select
  • Needs” such as; house, phones, cars, business loan, medical bill, etc

And fill in their

  • Credit requirement (you must fill in 3 credit)
  • Amount they can borrow and comfortably repay over 6 months
  • Any previous borrowing experience from banks, microfinance institutions, fintech companies, or loan apps
  • And NIN (which can be obtained by dialing *346#).
  • Third Stage:  You will need to fill in your:
  • Job title:
  • Years in current employment:
  • Monthly income from MAIN employment:
  • Bank where income is received:
  • Bank account number:
  • Fourth Stage is optional and should only be completed by individuals who have a side hustle.
  • Fifth Stage involves face capturing, so please ensure that you allow the system access to your camera.

Qualified and interested candidate should Apply by Clicking the Apply Now Button below to start their registration before the deadline.

Deadline: May 15, 2024