151 Banks, MFIs, Others Bid For Credit Disbursements From CREDICORP

No fewer than 151 commercial banks, microfinance institutions, among others, have submitted the Expression of Interest (EOI) for credit disbursement from Nigeria Consumer Credit Corporation (CREDICORP).

This is part of CREDITCORP’s plan towards disbursement of consumer credit to Nigerians.

The CREDICORP is a Federal Government corporation with a mandate to expand consumer credit access to millions of Nigerians. In just one month, over 151 financial institutions have completed the detailed EOI. This includes commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks, and cooperatives.

Notably, 85 of these institutions are licensed by the Central Bank of Nigeria (CBN), collectively serving over 1.5 million consumer credit customers. Qualified and ready institutions are being reviewed and shortlisted for the pilot phase of the scheme, according to information from management of the Corporation.

The eagerness of financial institutions to partner with CREDICORP highlights the strategic vision and immense benefits of targeted consumer credit under President Bola Tinubu’s Renewed Hope Agenda, on a mission to improve quality of lives, help stem corruption, and catalyse industry.

Speaking on this development, managing director/CEO of CREDICORP, Uzoma Nwagba, has expressed his enthusiasm saying: “the EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagements from financial institutions – especially the leading institutions of each type.

“This speaks to the excitement of financial institutions to partner with CREDICORP to receive our development finance or targeted credit guarantees. Together with our partners, we are poised to accelerate consumer credit access, ensuring that millions more Nigerians can access the financial resources and products they need to improve their lives, backed by their income.”