From Mustapha Adamu, Kano
T
he Nigerian Consumer Credit Corporation (CREDICORP), under the leadership of Managing Director, Uzoma Nwagba, has launched a renewed drive to promote responsible borrowing and improve access to consumer credit for Nigerians, with a major focus on cultural reorientation.
Speaking at a stakeholder engagement in Kano, Nwagba emphasized that the initiative – an economic empowerment scheme introduced by President Bola Ahmed Tinubu – is designed to help Nigerians access essential goods and services without the burden of long-term savings.
“We want to end the cash-and-carry culture where people save for years to purchase basic necessities like furniture, solar systems, vehicles, or tools for their work,” he said.
According to Nwagba, the scheme’s core mandate revolves around three pillars: strengthening the legal and credit infrastructure, enabling financial institutions with capital and guarantees to lend confidently, and reorienting Nigerians’ mindset about credit.
“Many Nigerians still view credit as something shameful or only for desperate situations. We are here to change that narrative. Credit, when used responsibly, is a tool for improving lives—today, not ten years from now,” he stressed.
Accrding to him, CREDICORP does not lend directly to consumers. Instead, it partners with banks, microfinance institutions, fintechs, and licensed finance companies to provide funding and risk-sharing mechanisms.
“These institutions already have proximity to the people they’re trusted, and people bank and save with them,” Nwagba added.
The corporation is also attentive to the unique financial systems in Northern Nigeria. “We recognize and fully support Islamic finance. That’s why we offer Sharia-compliant, interest-free products through partners like Jaiz Bank and Alternative Bank,” said Nwagba.
“Kano, being a cultural and economic hub of the North, is the right place to drive this reorientation.”
Chairman of the Kwari Traders Association, Musa Umar Sanda, welcomed the initiative, calling it timely. “If the terms are simplified, our traders can truly benefit. This will help expand our businesses and improve livelihoods,” he said.
Mustapha Mohammed, Regional Manager of Ecobank in Kano, assured the bank’s full support.
“Ecobank is committed to economic development. With CREDICORP’s backing, we can bring credit facilities to the grassroots, especially in rural areas where awareness is low,” he said.
He emphasized that the funds available under this program are more affordable than traditional bank loans.
