Barely six months after securing its initial funding, the Credit Corporation of Nigeria (CreditCorp) has announced the disbursement of consumer credit facilities to more than 100,000 Nigerians. This milestone was revealed by the company’s Chief Executive Officer, Engr. Uzoma Nwagba, during a press briefing at the Presidential Villa in Abuja on Tuesday.
Nwagba detailed that of the total beneficiaries, approximately 35,000 are civil servants employed at both federal and state levels. “We got our funding a little over six months ago. As of today, we have signed on 23 financial institutions and delivered credit access to more than 100,000 people,” he stated. He further emphasized, “Of that total, roughly 35,000 are federal and state civil servants.”
The CEO also highlighted that CreditCorp has entered into partnership agreements with 23 licensed financial institutions. He noted that “hundreds more” are expected to join soon, which will further expand the National Consumer Credit Scheme.
Early data from the disbursement indicates a strong demand for loans to cover household goods, school fees, and micro-enterprise equipment. This initiative is the first major update since President Bola Tinubu authorized CreditCorp to spearhead affordable consumer lending under the Renewed Hope agenda.
Industry analysts suggest that if these figures are confirmed, CreditCorp could become one of the fastest-growing credit platforms in West Africa. More information is expected as the scheme progresses.
