The Federal Government of Nigeria is set to expand its consumer credit programme, targeting over two million Nigerians in 2027. The Nigerian Consumer Credit Corporation (CREDICORP) has so far enabled N53.5 billion in credit and reached over 351,000 beneficiaries. The corporation plans to end 2026 with more than 500,000 beneficiaries, building on the 300,000 reached by July. CREDICORP's Managing Director, Mr Uzoma Nwagba, disclosed this in an interview.
CREDICORP has disbursed over N45.2 billion in the first half of the year, with women accounting for 59% of beneficiaries so far. The corporation's reach is supported by 37 participating financial institutions, comprising banks, microfinance banks, and finance companies. CREDICORP plans to raise the number to 45 before the end of the year, with particular attention to lenders with strong networks in rural and underserved communities.
The corporation is moving beyond providing loans by using credit to stimulate local production, strengthen Nigerian businesses, and create jobs. CREDICORP's interventions focus on five thematic areas where consumer credit can directly improve livelihoods and stimulate economic activity: vehicles, renewable energy, digital devices, home improvement, and life essentials. Through its SCALE initiative, CREDICORP links credit-backed consumers with Nigerian manufacturers and vendors.
The SCALE initiative aims to support local businesses rather than imports, with over 10,000 customers benefiting so far, particularly in vehicles, home improvement, and life essentials. The initiative is being implemented with more than 15 local manufacturers and vendors. CREDICORP's credit arrangements have so far recorded zero non-performing loans, which matters as it seeks to expand the market without creating a fresh burden of bad debts for participating institutions.
CREDICORP is working with the Central Bank of Nigeria (CBN) and credit bureaus to strengthen the systems needed for a sustainable credit market, including the quality of credit information available to lenders. The corporation advocates for a comprehensive credit identification system linked to the National Identification Number (NIN). Such a system would give Nigerians a formal record of their borrowing and repayment behaviour.
CREDICORP is also putting credit education at the centre of its expansion, targeting more than 10 million Nigerians every year with education on responsible borrowing, repayment discipline, credit scores, and healthy credit histories. Under its YouthCred programme, more than 60,000 young Nigerians have received credit education. The programme combines financial education with access to credit, allowing participants to establish formal credit records.
The corporation will also provide technical assistance and capacity building to participating institutions in product design, credit assessment, data use, portfolio management, and responsible lending. CREDICORP's goal is to make consumer credit an engine for economic inclusion, local enterprise, and broader economic growth. The corporation's Managing Director believes that its interventions will have a positive impact on the economy.
Key points
- CREDICORP aims to reach 2 million Nigerians with consumer credit in 2027.
- Women account for 59% of CREDICORP's beneficiaries so far.
- CREDICORP's credit arrangements have recorded zero non-performing loans.
