151 institutions show interest in CREDICORP

NO fewer than 151 organisations have indicated interest in the newly established Nigeria Consumer Credit Corporation (CREDICORP).

CREDICORP is a Federal Government corporation with a mandate to expand consumer credit access to millions of Nigerians.

According to a statement by the organization, over 151 financial institutions have indicated interests in just one month.

They include commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks, and cooperatives.

Eighty-five of the institutions are licensed by Central Bank of Nigeria (CBN), collectively serving over 1.5 million consumer credit customers. Qualified and ready institutions are being reviewed and shortlisted for the pilot phase of the scheme, according to information from management of the Corporation.

The eagerness of financial institutions to partner with CREDICORP, according to the statement, highlights the strategic vision and immense benefits of targeted consumer credit under President Bola Tinubu’s Renewed Hope Agenda, on a mission to improve quality of lives, help stem corruption, and catalyse industry.

The Managing Director/Chief Executive Officer of CREDICORP,  Mr Uzoma Nwagba of CREDICORP, said: “The EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagements from financial institutions – especially the leading institutions of each type.”