Buy now, pay later: 1.9 million Nigerians sought to be part of the consumer credit program – MD

Three weeks after the consumer credit scheme’s launch, over a million Nigerians have applied, according to Uzoma Nwagba, Managing Director and Chief Executive Officer of Nigerian Consumer Credit Corporation.

Working citizens can use the credit program to obtain loans for significant expenditures.

Nwagba claims that the amount of applications received thus far has been enormous since President Bola Tinubu unveiled the first phase in April.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.

“So I think people have been listening to the utterances of the President and are quite expectant of this,” Nwagba stated on Tuesday during an interview on Politics Today on Channels Television.

Six weeks after taking office, Nwagba gave a speech on his assignment and declared that he was ready to lead the present administration’s initiative to increase the number of working Nigerians who can obtain consumer credit.

“It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria,” he continued.

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According to the statement made during the scheme’s launch by Ajuri Ngelale, Special Advisor to the President on Media and Publicity, the program is anticipated to fulfill its objectives by means of the following:

“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

” Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

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