LAGOS, Nigeria ( VOICE OF NAIJA)-Approximately 150 banks have signaled their interest in joining the lending framework of the recently introduced Consumer Credit Scheme.
This was disclosed by the Special Assistant to President Bola Tinubu on social media, Dada Olusegun, on Thursday via his X (formerly Twitter) handle.
On April 21, Tinubu unveiled the inaugural phase of the Consumer Credit Scheme, aimed at providing credit facilities to employed citizens across the nation.
Updating on the scheme’s progress, the presidential aide mentioned that both commercial and microfinance banks had shown interest in participating. Additionally, more than 40,000 civil servants were set to receive the initial payment tranche.
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Olusegun said, “About 150 banks, both money deposit and microfinance institutions, have expressed interest to be part of the lending ecosystem that is being created by CrediCorp to essentially undergird a national consumer credit system.
“Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payment in weeks. The first phase of the scheme is targeted at civil servants, and the next phase, the general population.”
He also mentioned that CrediCorp, the implementing institution of the scheme, was collaborating with the National Identity Management Commission to integrate Nigerians’ National Identity Numbers into a credit-scoring system.
“By May 2025, it is conservatively estimated that 500,000 Nigerians will benefit from consumer credit access,” he concluded.
Earlier, CRC Credit Bureau revealed that credit penetration in Nigeria had increased to 14%, a notable rise from its inception 15 years ago, with 33 million Nigerians now possessing credit scores.
The Group Managing Director/CEO of CRC Credit Bureau Limited, Dr Tunde Popoola, highlighted during the company’s CRC Finance and Credit Conference 2024 that significant efforts are required to bring onboard more Nigerians for credit access.