CREDICORP to Provide Consumer Credit for All Working-Class Nigerians

CREDICORP to Provide Consumer Credit for All Working-Class Nigerians

 

The Nigeria Consumer Credit Corporation (CREDICORP) has unveiled an ambitious plan to provide consumer credit access to 50 percent of Nigeria’s working population by the year 2030. The agency, established by President Bola Ahmed Tinubu’s administration, says it is on a mission to close the country’s estimated ₦141.3 trillion credit shortfall with a target mobilisation of ₦176 trillion.

According to the Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, the current level of credit access among Nigerian workers stands at a meagre three percent, an alarming figure that underscores the urgent need for reform.

“It’s not the money. Multiple times the required funds already circulate within Nigeria’s financial system or could be mobilized with minimal effort. However, access to consumer credit remains elusive for millions of Nigerians,” Nwagba stated during a presentation titled “Why Isn’t Credit a Fundamental Human Right?”

He described the low rate of credit access as one of the major barriers to economic empowerment, saying that only 3 out of every 100 Nigerian workers were able to access consumer credit in the past year.

Comprehensive Strategy to Redesign Nigeria’s Credit System

To address the gap, CREDICORP has introduced a holistic strategy aimed at reshaping Nigeria’s consumer credit ecosystem. This includes building a robust national credit infrastructure, deploying wholesale lending facilities to reduce lending risks, and offering credit guarantees to encourage financial institutions to expand their loan portfolios to include more everyday Nigerians.

Nwagba emphasized that CREDICORP is not just focused on issuing loans but on building an ecosystem that supports responsible credit usage.

“This is not just about loan disbursements. We are building a credit ecosystem that can support everyday Nigerians in improving their lives—whether it’s buying a car, paying school fees, owning a home, or investing in themselves,” he said.

Credit Score to Become Personal Financial Equity

A key component of the CREDICORP plan is to ensure every economically active Nigerian has a dependable credit score. Nwagba said the agency envisions a future where an individual’s credit score becomes a form of personal financial equity, boosting their financial opportunities as their profile improves.

“Your credit score should reflect your reliability and boost your access to funding. It should empower you, not hinder you,” he added.

Wholesale Lending and Credit Guarantees

To reduce the barriers faced by banks and other financial institutions in lending to individuals, CREDICORP is offering wholesale lending facilities and guarantees. These tools are designed to lower the risk and cost of lending, enabling financial providers to serve a wider section of the Nigerian workforce.

Public Trust and Financial Literacy a Top Priority

Beyond financial instruments, CREDICORP is launching national credit literacy campaigns to reshape public perception about borrowing and credit. According to the agency, these campaigns will be central to building public trust in Nigeria’s evolving financial system.

“We are working to build trust in credit as a tool for empowerment and upward mobility, helping both consumers and lenders to view credit as a reliable and responsible economic lever,” Nwagba explained.

Strategic Partnerships Driving Progress

CREDICORP has begun forming partnerships with a wide range of stakeholders including:

These collaborations are geared toward achieving a near-term milestone of one million credit-backed consumers, according to the agency.

A Vision Within Reach

Nwagba concluded by reaffirming the agency’s commitment to its mandate and the wider economic reforms under the Tinubu administration.

“Every Nigerian who earns a stable income should be able to access credit to improve their quality of life. That vision is within reach if we work collectively and courageously,” he said.

Background

The Nigeria Consumer Credit Corporation (CREDICORP) was launched in 2024 as part of President Tinubu’s economic reform agenda. Backed with an initial ₦100 billion takeoff capital, the agency is tasked with implementing the National Consumer Credit Framework to expand access to affordable loans and unlock the purchasing power of Nigerian citizens.

To stay updated on loan applications and eligibility, visit the official CREDICORP website (expected to go live), or contact accredited financial institutions nationwide.

Who Qualifies for CREDICORP Soft Loans?

CREDICORP plans to ensure that any Nigerian with a stable income can access loans with:

Whether you are a civil servant, teacher, artisan, small business owner, or private-sector employee, you may be eligible once the rollout begins in full swing.

How to Stay Updated or Apply for CREDICORP Loan

While the loan application process is still unfolding, here’s what you can do now:

✅ Steps to Prepare:

1. Ensure your BVN and NIN are active and updated

2. Have a valid employment record or proof of income

3. Maintain a clean financial profile if you’ve accessed credit before

4. Stay tuned to www.credicorp.ng (expected official site)