Over 1.9 Million Nigerians Apply for Consumer Credit Scheme- MD

Uzoma Nwagba, the Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, revealed that within three weeks of its launch, more than one million Nigerians have applied for the consumer credit scheme.

The scheme, designed to enable working citizens to secure loans for essential purchases, has garnered significant interest since its introduction.

Nwagba expressed surprise at the overwhelming response, stating, “It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.”

He further disclosed that approximately 1.6 million Nigerians have indicated interest in the scheme, providing details of their occupations, income, and credit requirements.

During an interview on Channels Television’s Politics Today, Nwagba attributed the surge in applications to President Bola Tinubu’s endorsement of the initiative during its unveiling in April.

Regarding his role, Nwagba emphasized his commitment to leading the government’s efforts to expand consumer credit availability for eligible Nigerian workers. He affirmed, “It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria.”

The scheme, as outlined by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, aims to achieve its objectives by strengthening Nigeria’s credit reporting systems, providing credit guarantees to financial institutions, and promoting responsible consumer credit practices.

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