The Managing Director and Chief Executive Officer, Nigerian Consumer Credit Corporation, Uzoma Nwagba, has said that over one million Nigerians have submitted applications for the consumer credit scheme three weeks after its takeoff.

The credit scheme is aimed at working citizens to access loans for important purchases.

According to Nwagba, since the unveiling of the first phase in April by President Bola Tinubu, the volume of applications received so far has been overwhelming.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.

“So I think people have been listening to the utterances of the President and are quite expectant of this,” Nwagba said during an interview on Channels Television’s Politics Today on Tuesday.

Speaking on his assignment, six weeks after his appointment, Nwagba said he was prepared to spearhead the current administration’s drive to broaden consumer credit availability for interested working Nigerians.

“It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria,” he added.

According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, at its launch, the scheme is expected to achieve its mandate through the following,

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

”Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

tuzeriouz:
The scheme is not sustainable.

seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

seunmsg:


US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

Throwback:
I'm not particularly impressed with the guidelines for how this credit scheme will operate.

The relevant government institutions including the CBN, should simply work out a system where sellers and buyers of goods and services, do not need to pay fully upfront before a transaction/exchange can be completed. And the instrument for such transaction is a credit card.

So this should start with salary earners.

The banks should start issuing credit cards and allow for either one time credit payment at the point of sale which the card holder then offset his accrued invoices at a specified date of every month, or structured monthly payments that is configured at the 1st point sale which the card holder then offset that monthly partial invoice at the specified date every month.

Any other system is just unnessary inefficiency.

Throwback:


More like this implement is not sustainable.

Akin to a politician donating a 19th century borehole in the 21st century.

It is either the policy advisers are not better exposed to think better, or we do not yet have the financial framework and infrastructures to implement such a system, so we are only trying to force it through.

There is time to do it well, no need to rush and fail.

seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

bennybuhari:
Who no like awoof? Pay later koo

Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria

nedu666:
Buy now, avoid payment. Opportunity to collect a part of the national cake. National cake is not only for president and govs

seunmsg:


Let’s get it started first. The countries with a functional credit system started somewhere. Once we start, we can keep correcting the system and fine tuning it to work better. They can’t start and get it perfectly running on day one. No system start on a perfect footing.

tuzeriouz:

Why creditcorp when banks of agriculture, industry and MFBs, the supposed players poised to drive SMEs. The domino effect of properly driven SMEs will catalyze the market and increase consumer purchasing power. Truth be told, creditcorp falls under the purview of "palliative democracy"

seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria

seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?