The Federal Government Consumer Credit Scheme will take off with a target of N180 trillion available as loans to the beneficiaries, the agency in charge said at the weekend.
The Consumer Credit Corporation (CreditCorp) plans a take-off with 500,000 beneficiaries by the end of next year.
Already, two million Nigerians have enrolled through the agency’s website.
No fewer than 80 million have been identified by the agency as qualified for the scheme.
This is part of key major campaign promises of President Bola Ahmed Tinubu, along with the student loan scheme, which is also due to begin in September.
Chief Executive Officer of CreditCorp, Uzoma Nwagba, told our correspondent that the agency was on the last lap of planning for the take-off of the programme.
The goal is to make it possible for economically active Nigerians to have access to funding on credit for items that could make life comfortable for them, without having to pay upfront.
Nwagba said: “With consumer credit facility, if you have a modest income, you should be able to have access to a vehicle, solar panel, cell phone, laptop, education, house, and other things that improve the quality of your life, and you can pay for it over a prolonged period.”
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 financial system, the people who already do lending today, are the ones who have the capital,” Nwagba said.
“Our first job is to strengthen the credit infrastructure of the country.”
