500,000 out of 2m applicants in first batch of beneficiariesBeneficiaries to access funds for houses, cars, othersThe Consumer Credit Scheme of the Federal Government will take off with a target of N180 trillion available as loans to the beneficiaries, the agency in charge said at the weekend.
Chief Executive Officer of CreditCorp, Uzoma Nwagba, told The Nation that the agency was on the last lap of planning for the take-off of the programme. The CreditCorp, established by the government, is to strengthen the country’s credit infrastructure and provide financial guarantees to institutions that have traditionally been hesitant to lend due to concerns about potential losses.
The CreditCorp has identified approximately 80 million Nigerians as the target beneficiaries of this consumer credit initiative, with the“The CBN is a strong partner in this journey with us as well as the credit registry and credit bureaus,” Nwagba said. “Beneficiaries of consumer credit will pay back with interest at a concessionary rate, which is usually determined by the financial institutions they work with,” he explained.