The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled a nationwide reorientation initiative to reshape cultural perception on consumer credit.
CREDICORP, a Development Finance Institution (DFI) of the Federal Government, was established to democratise access to consumer credit for Nigeria’s working population.
Unveiling its reorientation program in Kano, CREDICORP Managing Director, Uzoma Nwagba, disclosed that the initiative is designed to provide opportunities for responsible credit facilities at a minimum of 2 per cent interest and non-interest-based options to make life better for Nigerians.
Nwagba explained that CREDICORP is providing necessary funds to financial institutions to make credit available to Nigerians, moving from traditional collateral-heavy models to more inclusive credit assessment methods.
According to the CREDICORP boss, the concept would enable Nigerians to acquire essential goods and services such as vehicles, solar solutions, and home improvement products on credit, rather than relying on limited cash-based transactions.
Nwagba, however, reminded that despite the unique opportunity being afforded, the initiative is battling with cultural and religious misconceptions. He explained that the essence of the nationwide reorientation program was a deliberate effort to shift long-standing perceptions around credit and the need for Nigerians to view it not as a trap, but as a tool for growth.
“The programme reorients the public through a mix of community training sessions, digital sensitisation campaigns, and on-ground activation events designed to promote responsible borrowing and financial literacy.
“It also engages financial institutions, encouraging a transition from traditional collateral-heavy models to more inclusive credit assessment methods that better reflect the realities of everyday Nigerians.
“We were able to explain to Nigerians what consumer credit is and how it works, including both interest-based and non-interest financing options, the difference between responsible credit use and harmful debt, and the long-term value of building and maintaining a verifiable credit history,” Nwagba added.
Speaking at the occasion, the leader of Singer Market Association, Abubakar Sanda, commended the Federal Government’s intervention to provide the credit facility to enhance economic development in the country.
