Over one million Nigerians have submitted applications for the consumer credit scheme, according to the Federal Government.
The Managing Director and Chief Executive Officer (CEO) of the Nigerian Consumer Credit Corporation (CREDICORP) reported that the exact figure stands at 1.6 million Nigerians.
On April 21, President Bola Tinubu launched the first phase of the Consumer Credit Scheme. This program enables working citizens to access loans for significant purchases. Three weeks into the scheme, the CREDICORP CEO described the volume of applications as overwhelming.
“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just a week after I was appointed,” he said during an interview on Channels Television’s Politics Today.
“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.
“So I think people have been listening to the utterances of the President and are quite expectant of this.”
Nwagba was appointed by the President as CREDICORP CEO on April 5 to lead the current administration’s effort to expand consumer credit availability for working Nigerians.
About six weeks after his appointment, he expressed confidence in his readiness to fulfill the role.
“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,” he added.
