A significant development in Nigeria’s financial sector was unveiled recently as CREDICORP, under the auspices of the Central Bank of Nigeria (CBN), initiated discussions with 19 commercial banks to revitalize consumer credit access across the country. This initiative aligns with President Bola Ahmed Tinubu’s commitment during his 2023 presidential campaign to enhance the consumer credit sector.
The meeting, which marks the beginning of a series of engagements, was held to present CREDICORP’s mission and the strategic measures it plans to implement, including providing wholesale capital and credit guarantees. These financial tools are designed to encourage banks to extend more consumer credit at a scale that could transform the economic landscape of Nigeria.
Mr. Uzo Nwagba, the CEO of CREDICORP, outlined the corporation’s objectives and the potential impacts of expanded consumer credit on the Nigerian economy. “Through responsible repayment practices, individuals can build credit histories that open up further opportunities, stimulate demand for goods and services, and promote job creation,” said Nwagba.
Consumer credit is pivotal in enabling Nigerian citizens to make significant purchases such as homes, vehicles, and education, thereby improving their quality of life and contributing to the stability and growth of the national economy.
The session provided an opportunity for CREDICORP to gather valuable feedback from financial institutions, which will be used to refine their rollout of financial products. CREDICORP expressed gratitude towards the CBN for facilitating this crucial meeting, which saw the participation of Chief Risk Officers and leaders in consumer lending from numerous banks.
The initiative is part of a broader strategy by CREDICORP to strengthen Nigeria’s credit reporting systems, ensuring that every economically active citizen has a reliable credit score, which will act as personal equity for accessing consumer credit.
The plan also includes the provision of credit guarantees and wholesale lending to financial institutions committed to expanding access to consumer credit. This approach aims to foster a cultural shift towards growth and financial responsibility, enhancing the quality of life for many Nigerians.
In alignment with President Tinubu’s vision, the dawn of enhanced consumer credit services is set to play a crucial role in advancing social mobility for hardworking Nigerians. CREDICORP has also launched a portal for Nigerians to express their interest in these new services. Interested parties are encouraged to visit www.credicorp.ng to inform the Corporation of their credit needs.
