Uzoma Nwagba, CEO of the Nigerian Consumer Credit Corporation (Creditcorp), revealed that approximately 1.8 million Nigerians have expressed interest in the Consumer Credit Scheme since its launch in April 2024.
During an interview on CNBC Africa, Nwagba discussed the structural issues surrounding data and trust deficiencies that hinder effective and widespread consumer credit access for Nigerians.
“The expression of interest became a way for Nigerians to not just essentially let us know that they want to get consumer credit but also let us know about themselves. As of today, we are getting closer to 1.9 million people who have expressed interest in receiving consumer credit support,” Nwagba stated.
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He noted that the data indicates a significant demand for consumer credit among civil servants and students, despite existing programs like the Student Loan Fund.
The interest spans across every state, with 90% of local government areas (LGAs) represented.
Nwagba also highlighted that many civil servants are particularly interested in buying homes and paying over the course of their service. He emphasized that the main challenges for consumer credit in Nigeria are the lack of data and infrastructure to track credit performance, leading to a trust deficit among financial institutions.