1st Phase of Consumer Credit Loan Kicks off, Here's How to Apply

President Bola Tinubu made a significant announcement on April 21, introducing the first phase of the Consumer Credit Scheme. This initiative aims to provide credit facilities to employed individuals across the nation.

Ajuri Ngelale, the President’s special adviser on media and publicity, elaborated that the initial phase targets civil servants before extending to the broader public. He emphasized the crucial role of consumer credit in modern economies, enabling individuals to enhance their living standards by accessing goods and services upfront while responsibly managing payments over time.

1st Phase of Consumer Credit Scheme Kicks off, Here's How to Apply

The scheme facilitates essential investments like housing, transportation, education, and healthcare, which are vital for maintaining stability and pursuing personal aspirations. Ngelale highlighted that registration for the first phase will close on May 15, 2024, for interested participants.

Here are five straightforward steps to apply for the loan scheme before the first phase deadline:

1. Visit the Official Website:

As a working Nigerian, particularly a civil servant, visit the official website of the scheme, credicorp.ng, to express interest. Click on the “Register Now” icon to proceed to the personal information page.

2. State Purpose of Loan:

Upon filling in personal details, state the reasons for applying for the loan. Specify the amount you can comfortably repay within six months and disclose any previous borrowing from microfinance banks.

3. Provide Employment Details:

Fill in your employment details, including years of working experience, monthly income, and the bank where you receive your salary. Also, indicate the bank account where you want to receive the loan.

4. Secondary Employment Details (Optional):

If applicable, provide details of any secondary employment (side hustle), including years of experience, minimum earnings, and bank details for salary receipt.

5. Face Capture:

Complete the registration process by performing a face capture. Once the face registration is done, your registration will be finalized.

Click here to start your application

By following these steps, eligible individuals can avail themselves of the opportunities provided by the Consumer Credit Scheme to fulfill their financial needs and aspirations.

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