FG deepens CREDICORP, targets wider coverage, disbursements

Federal Government has intensified efforts to democratise access to consumer credit with the inauguration of the Board of the Nigerian Consumer Credit Corporation (CREDICORP).

This is as Vice President Kashim Shettima declares that expanded credit access was central to Nigeria’s ambition of building $1tr economy.

Speaking yesterday at the Presidential Villa, Abuja, during the board’s inauguration, Shettima said President Bola Tinubu established CREDICORP to develop a trusted credit infrastructure, inject catalytic capital to reduce borrowing costs, and dismantle long-standing cultural resistance to responsible credit use.

According to the Vice President, improving the quality of life for Nigerians requires closing the gap between access to capital and human dignity.

Shettima disclosed that within its first year of operations, CREDICORP has disbursed over N37 billion in consumer credit to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time.

He explained that the corporation was mandated to bridge the trust gap between lenders and borrowers by strengthening credit infrastructure and providing wholesale capital and credit guarantees through its portfolio company.

“Ultimately, these critical interventions will enable access to consumer credit for at least 50 per cent of working Nigerians by 2030,” the Vice President said.

He stressed that the board’s role was far from ceremonial, describing its members as custodians of the institution’s mission.

He added that CREDICORP’s long-term sustainability would depend on its vigilance, integrity, sacrifice, and commitment.

Shettima directed the board to strictly adhere to Public Service Rules, the Board Charter and all applicable governance frameworks, warning that accountability and prudent stewardship of public resources remain non-negotiable.

Earlier, the Chairman of CREDICORP, Aderemi Abdul, lauded President Tinubu for the vision behind the corporation’s establishment and the confidence reposed in the board, noting that its creation marked a significant step toward strengthening Nigeria’s financial architecture.

The Managing Director/Chief Executive Officer of CREDICORP, Uzoma Nwagba, recalled that President Tinubu had, two decades ago, identified consumer credit as a vital tool for improving the welfare of Nigerians.

He said the institution had, in the past 18 months, impacted over 200,000 Nigerians, including students, pledging that the team would not take the presidential vision lightly, describing their appointments as a rare opportunity to drive transformational change.