Credicorp: A nexus of credit, dreams, and empowerment

Every Nigerian citizen deserves a decent standard of living. And for a better life, the gulf between opportunity and access must be bridged. The Nigerian Consumer Credit Corporation (CREDICORP) is the link between opportunity and access to essential facilities for a decent life. It is a novel instrument of upward progression for working Nigerians. It is the means to an auspicious end.

The Consumer Credit Scheme was conceived by President Bola Tinubu to facilitate credit access to Nigerians and engender a system where citizens will not need to have cash readily available to finance a need or to make important purchases. With access to up to N3 million credit facility, they can fund their needs now and pay back later.

To birth and realise goals, citizens must wield the resources to dream dreams and capitalise on vision. According to the National Bureau of Statistics (NBS), about 70 percent of bank account holders in Nigeria lack access to credit. Prosperity can obviously not be shared when there is a canyon between credit and access.

President Tinubu’s vision is to spread prosperity, create a robust credit system, strengthen the financial architecture, and empower Nigerians sustainably while removing the incentive for corruption. And CREDICORP is that confluence between credit, dreams, and empowerment.

President Tinubu approved the take-off of the Consumer Credit Scheme in April 2024 and appointed the board of CREDICORP, the implementing institution, in July. The mandate of CREDICORP is to remove structural, market, and policy barriers and accelerate access to consumer credit to 50 percent of all working Nigerians by 2030.

So far, over 150 banks, both money deposit and microfinance institutions, have expressed interest in being part of the lending ecosystem that is being created to undergird the national consumer credit system. Five financial institutions, such as FCMB’s Credit Direct, Wema Bank, Accion MFB, Letshego MFB, and Abbey Mortgage Bank have begun offering consumer credit to Nigerians, especially under the prevailing challenge of high energy costs.

Under the first phase, many Nigerians have applied for credit and payments to beneficiaries have commenced. By May 2025, it is estimated that over 500,000 Nigerians will have benefitted from consumer credit access, and this number is expected to be surpassed.

The Consumer Credit Scheme becomes more poignant and critical in the face of high petrol price, wrought by market forces. The president launched the compressed-natural-gas initiative as an analgesic measure of support to Nigerians, as well as to ensure energy security, drive utility, and cut high energy costs.

The initiative is also in furtherance of Nigeria’s effort to transition to cleaner energy as CNG-enabled vehicles have been adjudged to produce lower emissions, and CNG is a more affordable alternative for Nigerian energy consumers. The Consumer Credit Scheme dovetails with the measures actioned to alleviate the burden of high transportation costs and enhance the standard of living of the majority of Nigerians.

With access to credit, Nigerians can enjoy ease of transition to CNG and renewable energy sources. For times like this and beyond, CREDICORP stands as a crucial vehicle for shared prosperity.

Fredrick Nwabufo is senior special assistant to the president on public engagement