Everything To Know About The Nigerian Consumer Credit Scheme + How To Apply

President Bola Tinubu, on Wednesday, approved the takeoff of the first phase of the Consumer Credit Scheme.

The President’s special adviser on media and publicity, Ajuri Ngelale, disclosed this in a statement on Tuesday in Abuja.

Here is everything you should about it.

What it entails

The scheme was conducted in partnership with financial institutions and cooperatives across the country to broaden consumer credit availability. Consumer credit 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.

Objective

The scheme, according to Ngelale, aims to broaden consumer credit availability.

How it works

• It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
• Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.

Documents needed for the consumer credit schemes

*NIN Number

*Bank Name

*Account Number

*Job Information

How to apply

The registration process consists of 5 stages, during which you will need to provide data such as your:

*Personal Information

*Credit needs

*Primary Employment

*Secondary Employment

*Face Capture

Applicants should go to the website credicorp.ng to begin their application.

First Stage: You will be required to input personal information such as name, email, date of birth, gender, and phone number.

Second Stage: Candidates should select Needs” such as; house, phones, cars, business loan, medical bills, etc.

• Fill in their Credit requirement (you must fill in 3 credits)

• The amount they can borrow and comfortably repay over 6 months,

• Any previous borrowing experience from banks, microfinance institutions, fintech companies, or loan apps

• NIN (which can be obtained by dialing *346#).

Third Stage: You will need to fill in your:

Job title:

Years in current employment:

Monthly income from MAIN employment:

Bank where income is received:

Bank account number:

The fourth stage is optional and should only be completed by individuals who have a side hustle.

The fifth stage involves face capturing, so please ensure that you allow the system access to your camera.

The deadline is May 15, 2024.

Source: Nigerian Tribune