Latest Update On Nigerian Consumer Credit Scheme (CREDICORP) 2024


The Nigerian administration initiated a program known as the Nigerian Consumer Credit Corporation (CREDICORP) to aid Nigerian citizens and bolster the nation’s economy.

This fresh initiative aims to simplify the process of borrowing money for essential purchases like refrigerators or televisions, while also offering guidance on improving financial management skills. Here’s a rundown of what you need to know about it

Stimulating Economic Growth Through Accessible Consumer Credit

Consumer credit is vital to contemporary economies, allowing individuals to acquire goods and services immediately and manage payments responsibly over a period.

CREDICORP is committed to enhancing Nigeria’s credit reporting systems, offering credit guarantees, and advocating for responsible consumer credit utilization.

Empowering Nigerians Through Accessible Credit Facilities

  • Strengthening Credit Reporting Systems
  • Ensuring that every economically active citizen possesses a reliable credit score, thereby facilitating access to consumer credit.
  • Offering Credit Guarantees
  • Offering assistance to financial institutions committed to expanding access to consumer credit.
  • Promoting Financial Responsibility
  • Promoting a cultural shift towards growth and financial responsibility by encouraging responsible consumer credit usage.

Making Dreams Attainable: Step-by-Step Guide

  • Initial Registration : Input personal details such as name, email, date of birth, gender, and phone number.
  • Needs Assessment : Specify desired credit utilization, determine borrowing capacity, and repayment capabilities.
  • Employment Information : Provide details regarding primary employment, including job title, years of service, and monthly income.
  • Supplementary Information : Disclose details of any secondary employment or side hustles, if applicable.
  • Facial Recognition : Complete the application process by submitting a facial capture for identity verification.

Enhancing Lives Through Essential Purchases

Homeownership: Facilitating the dream of owning a home, providing stable foundations for families.

Transportation: Enhancing mobility and productivity through vehicle acquisition.

Education: Investing in education for personal growth and professional development.

Healthcare: Ensuring access to quality healthcare services for civil servants and their families.

Business Ventures: Fueling entrepreneurial aspirations through financial support for business ventures

Ensuring Smooth Application Processes

  • National Identification Number (NIN)
  • Bank Details: Bank Name, Account Number
  • Employment Information: Job Title, Years in Current Employment, Monthly Income
  • Proof of Side Hustle (if applicable)

Step-by-Step Guide to Accessing Consumer Credit

  • Familiarize Yourself with the Scheme
  • Confirm Eligibility
  • Gather Essential Documents
  • Access the Application Portal
  • Complete the Application Form
  • Submission of Application
  • Await Adjudication
  • Follow-Up Procedures

Visit The Official Website For More Information