President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme (CCS), which will start with civil service members.

The take-off was announced in a statement by Mr Tinubu’s media aide Ajuri Ngelale on Wednesday.

The scheme is managed by the Nigerian Consumer Credit Corporation (CREDICORP).

The CCS serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and paying responsibly over time.

It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life.

The increased demand for goods and services also stimulates local industry and job creation.

According to the statement, the president believed every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

He said the CREDICORP achieves its mandate through three major frameworks.

They include strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

It also offers credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

Similarly, it promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

The statement explained that in line with the president’s directive to expand consumer credit access to Nigerians, the CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.

It also mentioned that the initiative, in collaboration with financial institutions and cooperatives nationwide, aimed to broaden consumer credit availability.

The statement explained that working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest before the May 15 deadline.

The scheme will be rolled out in phases.

(NAN)