Nigeria’s push to expand access to consumer credit gained momentum as the Federal Government inaugurated the board of the Nigerian Consumer Credit Corporation (CREDICORP), revealing that more than ₦37 billion was disbursed to over 200,000 Nigerians within the agency’s first year of operations.
The milestone positions consumer credit as a central pillar of Nigeria’s evolving digital financial infrastructure, with policymakers increasingly turning to technology-driven lending systems to stimulate economic growth and financial inclusion.
CREDICORP: ₦37 billion disbursed in one year
Speaking at the inauguration ceremony on behalf of President Bola Tinubu, Vice President Kashim Shettima said the scale of disbursement highlights the impact of structured credit platforms in expanding access to finance.
According to him, over half of the 200,000 beneficiaries accessed formal credit for the first time, an indication of how digital credit systems are helping to bridge longstanding gaps in Nigeria’s financial ecosystem.
Shettima noted that access to consumer credit is critical to Nigeria’s ambition of building a one-trillion-dollar economy, stressing that technology-backed systems can redefine how citizens access capital.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for 10 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.
CREDICORP: Building trust in Nigeria’s credit system
The Vice President explained that CREDICORP was established to develop a trusted credit infrastructure capable of lowering borrowing costs and addressing Nigeria’s historically weak credit culture.
He added that the corporation is expected to bridge the trust gap between lenders and borrowers while expanding credit access to at least 50% of working Nigerians by 2030.
The newly inaugurated board includes key representatives from Nigeria’s finance and digital identity ecosystem, reflecting the government’s integrated approach to credit delivery.
Members include:
- Olanike Kolawole, Executive Director, Operations
- Aisha Abdullahi, Executive Director, Credit and Portfolio Management
- Armstrong Ume-Takang, Managing Director of the Ministry of Finance Incorporated
- Bisoye Coker-Odusote, Director-General of the National Identity Management Commission
- Mohammed Naziru Abbas, Representative of the Federal Ministry of Industry Trade and Investment
- Other members include Marvin Nadah (FCCPC representative), Chinonyelum Ndidi (Federal Ministry of Finance), Mohammed Abbas Jega (Independent Director), and Toyin Adeniji (Independent Director).
Shettima emphasised that the board’s responsibilities go beyond ceremonial duties, describing members as custodians of the institution’s mission and warning that accountability must remain non-negotiable.
Earlier, Aderemi Abdul, Chairman of CREDICORP, said the establishment of the corporation marks a critical step in strengthening Nigeria’s financial architecture.
He assured that the board would provide the strategic direction needed to ensure the corporation delivers tangible benefits to Nigerians.
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