A total of 151 financial institutions have expressed interest in the Nigeria Consumer Credit Corporation (CREDICORP) initiative which is set to begin disbursing consumer credit to Nigerians.
The development follows a successful Expression of Interest (EOI) campaign by the federal government in the past month.
CREDICORP, a federal government entity established to expand access to consumer credit, has attracted a wide range of financial institutions, including commercial banks, microfinance banks, fintech companies, mortgage banks, and cooperatives.
Over the past month, many of these institutions have completed the EOI process.
Among the 151 institutions, 85 are licensed by the Central Bank of Nigeria (CBN) and collectively serve more than 1.5 million consumer credit customers. The corporation is currently reviewing and shortlisting qualified institutions for the pilot phase of the credit disbursement scheme.
CREDICORP Managing Director, Uzoma Nwagba, in a statement on Thursday, August 8, 2024, expressed optimism about the ongoing process, noting the high level of engagement from leading institutions across various sectors.
He said, “This speaks to the excitement of financial institutions to partner with CREDICORP to receive our development finance or targeted credit guarantees.
“Together with our partners, we are poised to accelerate consumer credit access, ensuring that millions more Nigerians can access the financial resources and products they need to improve their lives, backed by their income.”
