Nigeria Launches CREDICORP Board to Boost Credit Access

The Federal Government of Nigeria inaugurated the CREDICORP Board on Thursday in Abuja, with Vice President Kashim Shettima representing President Bola Tinubu. The initiative aims to democratize access to consumer credit, with a target of disbursing N37 billion to 200,000 Nigerians, half of whom will access formal credit for the first time.

Shettima highlighted that improving the quality of life for Nigerians cannot occur without closing the capital access gap. He noted that CREDICORP will play a crucial role in building credit infrastructure and bridging trust gaps between lenders and borrowers.

The board is tasked with ensuring the long-term strength of the institution, with members including Uzoma Nwagba as Managing Director and CEO, and Otunba Aderemi Abdul as Chairman. The establishment of CREDICORP is seen as a significant step towards strengthening Nigeria's financial architecture, with a goal to enable access to consumer credit for at least 50% of working Nigerians by 2030.