FG moves to democratise credit access, inaugurates CREDICORP board

<strong>Vice-President Kashim Shettima has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) to enhance access to consumer credit in the country.

Shettima, while inaugurating the board on Thursday in Abuja, emphasised that access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.

The Vice-President said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.

Shettima said President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.

“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one.

“A young professional should not remain in darkness simply because solar power must be paid for all at once,” he said.

Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.

He said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.

“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.

Shettima explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission.

The Vice-President added that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment”.

He directed board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.

The Chairman of CREDICORP, Chief Aderemi Abdul, expressed appreciation to Tinubu for his vision behind the formation of CREDICORP.

He also commended Tinubu for the confidence reposed in them, noting that the establishment of corporation marked an important step toward strengthening the nation’s financial architecture.

He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.

The Managing Director of CREDICORP, Uzoma Nwagba, recalled watching President Tinubu saying 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.

He noted that over the past 18 months, the institution had benefited more than 200,000 Nigerians, including students.

He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.