FG Launches CREDICORP to Enhance Consumer Credit Access

On Thursday, in Abuja, Vice President Kashim Shettima inaugurated the board of CREDICORP, a Nigerian initiative aimed at democratizing access to consumer credit. This initiative, established under President Bola Tinubu's vision, seeks to build trust in credit infrastructure and provide capital to lower borrowing costs for Nigerians.

Shettima highlighted that improving the quality of life for Nigerians requires closing the gap in capital access, noting that many civil servants do not pursue sudden wealth but rather save for long-term goals. Within its first year, CREDICORP has disbursed N37 billion in consumer credit to 200,000 Nigerians, half of whom accessed formal credit for the first time.

The board's role is to uphold public service rules and ensure accountability in managing public resources. Key members include Uzoma Nwagba as Managing Director and CEO, along with various executive directors representing different sectors.

The initiative aims to enable at least 50% of working Nigerians to access consumer credit by 2030.