FG Lauded for CREDICORP's Role in Consumer Credit Access

The Federal Government of Nigeria has received commendation for the establishment of the Nigerian Consumer Credit Corporation (CREDICORP), a federal development finance institution created in April 2024. This initiative aims to unlock consumer credit access for at least 50% of working Nigerians by 2030, supporting the national goal of building a $1 trillion economy.

Sheriffdeen Leke Soleye, CEO of 360GadgetsAfrica, and Habeeb Abdulrahman, CTO and Co-Founder, emphasized that CREDICORP could transform access to credit, especially for those excluded from the formal financial system. They are exploring collaboration with CREDICORP to enhance consumer financing by leveraging digital transaction data to establish creditworthiness.

The co-founders noted that everyday financial behaviors, such as regular airtime purchases and device payments, should be considered in credit assessments. They advocate for a more inclusive consumer credit system that recognizes alternative financial behaviors and extends access to interest-free credit facilities to underserved citizens, aligning with CREDICORP's objectives.