Uzoma Nwagba, the chief executive officer of the Nigerian Consumer Credit Corporation (CREDITCORP), revealed this recently in an interview.
Nwagba said every financially active Nigerian would have their credit score on their NIN, adding that the scheme targets about 80 million economically active Nigerians.
He said the aim is for every Nigerian to earn a modest income so that they can acquire things such as cars, houses, education, laptops, and other things to improve their lives.
He disclosed that the main challenge of the country’s credit system is the need for more data and proper identity, stating that every creditor can be identified with the NIN.
The CREDITCORP boss said he aims to boost the credit infrastructure of economically active Nigerians and help them to have their credit scores written on their NIN so they cannot run away from their credit behaviour.
According to data from the Nigerian Identity Management Commission (NIMC), about 107.3 million Nigerians have been registered on the NIN database since April.
Reports say Nwagba disclosed that Nigeria needs to issue about N180 trillion in consumer credits annually but said that the banks are unwilling to give out the money because they fear loss.
He disclosed that the CBN collaborates with CREDITCORP and other relevant agencies to establish trust.
Nwagba said the corporation will also work with all institutions committed to boosting consumer credits to achieve the plan.
President Bola Tinubu launched the first phase of the Consumer Credit Scheme on April 21 this year to offer credit facilities to working Nigerians.
TimesNow.com.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has issued a new list of 154 companies granted full approval to operate loan apps in Nigeria.
Earlier, the FCCPC delisted the approved companies for ‘clean up.’ After adding apps each firm owns under its approval list, the newly released list is more detailed.
The list of the apps associated with the firms will let the customer identify the companies behind the apps they use and also reduce incidents of app duplicity by the companies.
Source: TimesNow.com.ng
