CREDICORP targets 2m Nigerians for consumer credit in 2027

The federal government plans to expand access to consumer credit to more than two million Nigerians in 2027, building on a programme that has so far provided N53.5 billion in financing to over 351,000 beneficiaries.

The Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, disclosed this in an interview with The Nation at the weekend.

Nwagba said the corporation was targeting more than 500,000 beneficiaries by the end of 2026 after reaching about 300,000 people by July, with N45.2 billion disbursed during the first half of the year.

He said CREDICORP’s strategy was not limited to making loans available but was designed to use consumer credit to boost local production, strengthen Nigerian businesses and create jobs.

According to him, women currently account for 59 per cent of the corporation’s beneficiaries, while civil servants represent only about 10 per cent.

“Our interventions focus on five thematic areas where consumer credit can directly improve livelihoods and stimulate economic activity: vehicles, renewable energy, digital devices, home improvement and life essentials,” Nwagba said.

CREDICORP currently works with 37 participating financial institutions, including commercial banks, microfinance banks and finance companies, with plans to increase the number to 45 before the end of the year.

Nwagba said priority would be given to institutions with strong networks in rural and underserved communities, where access to formal consumer credit remains limited.