The Managing Director of the Nigeria Consumer Credit Corporation (CREDICORP), Mr. Uzoma Nwagba, says the initiative will play a vital role in improving citizens’ lives while also reducing corruption, especially within the civil service.
Speaking at a “Meet the Press” event hosted by the Presidential Media Team on Tuesday at the State House in Abuja, Nwagba emphasized that CREDICORP’s core mission is to make consumer credit accessible to everyday Nigerians—enabling them to meet their needs without turning to unethical means.
He noted that the scheme, which was launched less than a year ago, has already provided credit support to over 100,000 Nigerians. A significant number of these beneficiaries are civil servants.
“The idea is simple,” Nwagba explained. “When civil servants have access to responsible credit to renovate their homes, purchase vehicles, or meet urgent personal needs, the pressure to compromise integrity or divert public funds is drastically reduced.”
According to him, the program is not just about financial inclusion but also about instilling economic stability and dignity.
He added that CREDICORP is designed to build a long-term credit culture in Nigeria—allowing individuals to access goods and services based on their earning potential rather than immediate cash availability. By embedding transparency and accountability into credit processes, the scheme also aims to support economic growth and development.
Nwagba stressed that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which emphasizes inclusive economic empowerment and integrity-driven public service.
He concluded by calling on private sector players, financial institutions, and the public to collaborate in supporting the vision of building a robust consumer credit system that benefits all Nigerians.
Nwagba explained that the well -conceived Tinubu-led government initiative was not just about access to financing, but about creating real, dignified economic alternatives for Nigerians.
According to him, the CREDICORP mandate include improving quality of life and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.
“The President has made it clear that improving lives is a top priority.
“If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps.
“At the same time, it drives demand for Nigerian products and helps create jobs,” he said
He also announced plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with members of the National Youth Service Corps (NYSC), under the YouthCred scheme.
To ensure sustainability, Nwagba emphasised that strict repayment mechanisms are being put in place, in line with global best practices.
“Beneficiaries must repay their loans on schedule.
“Defaulters may face restrictions such as being unable to renew their passport, obtain a driver’s license, or even rent a house,” he warned.
Nwagba said that as part of a broader effort to build a centralised and reliable credit infrastructure, the Federal Government is working to link individual credit scores directly to the National Identification Number (NIN).
“All financial institutions, whether commercial banks, FinTechs, or microfinance lenders will be mandated to report loan performance.
“Every Nigerian will have an accurate and traceable credit score.
“No matter where the loan originates, unpaid credit will be tracked and recoverable,” Nwagba said.
In her remarks,Executive Director of Operations at CREDICORP, confirmed that the youth credit initiative will cover individuals aged 18 to 35.
She said that the programme is being executed in collaboration with participating banks, technology firms, and youth-focused organisations.
“YouthCred is not just a credit product, it’s a generational investment in financial confidence, trust, and economic inclusion,” she said.
The agency estimates that Nigeria needs about N183 trillion naira in credit to support broad-based development, noting that the government alone cannot provide this capital.
“No government has that kind of money, We need all financial institutions to buy into this and commit to sustainable consumer credit.
“With the right infrastructure, lenders will be more confident, and Nigerians will have better access to credit.”
The News Agency of Nigeria (NAN) reports that the Nigeria Consumer Credit Corporation (CREDICORP) is a Federal Government-backed Development Finance Institution (DFI), established to democratize access to consumer credit for Nigeria’s working population.
CREDICORP prides itself as Nigeria’s first fully paperless government agency, operating with just 19 staff members, using AI-powered, digital-first systems and a fleet of fully electric vehicles.
