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1.6m Nigerians Applied For Consumer Credit Scheme - MD - Politics - Nairaland

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President Tinubu Approves Takeoff Of Consumer Credit Scheme / President Tinubu Appoints Uzoma Nwagba As CEO Of Consumer Credit Corporation / FG To Pay Youth Unemployment Benefits, Sets Up Consumer Credit Programme (2) (3) (4)

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1.6m Nigerians Applied For Consumer Credit Scheme - MD by Paraman: 11:16am On May 15
The Managing Director and Chief Executive Officer, Nigerian Consumer Credit Corporation, Uzoma Nwagba, has said that over one million Nigerians have submitted applications for the consumer credit scheme three weeks after its takeoff.

The credit scheme is aimed at working citizens to access loans for important purchases.

According to Nwagba, since the unveiling of the first phase in April by President Bola Tinubu, the volume of applications received so far has been overwhelming.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.


So I think people have been listening to the utterances of the President and are quite expectant of this,” Nwagba said during an interview on Channels Television’s Politics Today on Tuesday.

Speaking on his assignment, six weeks after his appointment, Nwagba said he was prepared to spearhead the current administration’s drive to broaden consumer credit availability for interested working Nigerians.

“It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria,” he added.

According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, at its launch, the scheme is expected to achieve its mandate through the following,

“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

”Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

https://punchng.com/buy-now-pay-later-1-9m-nigerians-applied-to-join-consumer-credit-scheme-md/?utm_source=telegram&utm_medium=social

6 Likes 6 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by bennybuhari: 11:16am On May 15
Who no like awoof? Pay later koo

38 Likes 4 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Paraman: 11:18am On May 15
Tinubu is leading Nigeria to greatness.

May God bless Nigeria kiss

33 Likes 8 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by tuzeriouz(m): 11:26am On May 15
The scheme is not sustainable.

48 Likes 4 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by nedu666: 11:31am On May 15
Buy now, avoid payment. Opportunity to collect a part of the national cake. National cake is not only for president and govs

73 Likes 4 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by commoditiesnig: 12:03pm On May 15
That's good to know.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by seunmsg(m): 12:09pm On May 15
tuzeriouz:
The scheme is not sustainable.


US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

63 Likes 2 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Throwback: 12:13pm On May 15
I'm not particularly impressed with the guidelines for how this credit scheme will operate.

The relevant government institutions including the CBN, should simply work out a system where sellers and buyers of goods and services, do not need to pay fully upfront before a transaction/exchange can be completed. And the instrument for such transaction is a credit card.

So this should start with salary earners.

The banks should start issuing credit cards and allow for either one time credit payment at the point of sale which the card holder then offset his accrued invoices at a specified date of every month, or structured monthly payments that is configured at the 1st point sale which the card holder then offset that monthly partial invoice at the specified date every month.

Any other system is just unnessary inefficiency.

59 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Throwback: 12:15pm On May 15
seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

More like this implementation is not sustainable.

Akin to a politician donating a 19th century borehole in the 21st century.

It is either the policy advisers are not better exposed to think better, or we do not yet have the financial framework and infrastructures to implement such a system, so we are only trying to force it through.

There is time to do it well, no need to rush and fail.

38 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Ofunaofu: 1:00pm On May 15
BATerian praises Tinubu's credit scheme, which is yet to be implemented. Even comparing it with what is obtainable in the US, UK, and other western countries when no one has yet to receive any loans

seunmsg:


US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

Honestly, seunmsg, you are irredeemable


While this other BATerian below me is fed up with Tinubu, expressing doubt about the entire credit scheme, He is having problems with the implementation and is suggesting that it could be done better so as to achieve its intended purpose.

He knows that the present setup of the credit scheme is bound to fail like others from the Tinubu calamitous government. 
Throwback:
I'm not particularly impressed with the guidelines for how this credit scheme will operate.

The relevant government institutions including the CBN, should simply work out a system where sellers and buyers of goods and services, do not need to pay fully upfront before a transaction/exchange can be completed. And the instrument for such transaction is a credit card.

So this should start with salary earners.

The banks should start issuing credit cards and allow for either one time credit payment at the point of sale which the card holder then offset his accrued invoices at a specified date of every month, or structured monthly payments that is configured at the 1st point sale which the card holder then offset that monthly partial invoice at the specified date every month.

Any other system is just unnessary inefficiency.

13 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by seunmsg(m): 1:09pm On May 15
Throwback:


More like this implement is not sustainable.

Akin to a politician donating a 19th century borehole in the 21st century.

It is either the policy advisers are not better exposed to think better, or we do not yet have the financial framework and infrastructures to implement such a system, so we are only trying to force it through.

There is time to do it well, no need to rush and fail.

Let’s get it started first. The countries with a functional credit system started somewhere. Once we start, we can keep correcting the system and fine tuning it to work better. They can’t start and get it perfectly running on day one. No system start on a perfect footing.

46 Likes 4 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by tuzeriouz(m): 1:28pm On May 15
seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?
Nigerians are always in a hurry to set up comparison with the West without recourse to Nigeria's internal factors. Why creditcorp when banks of agriculture, industry and MFBs, the supposed players poised to drive SMEs. The domino effect of properly driven SMEs will catalyze the market and increase consumer purchasing power. Truth be told, creditcorp falls under the purview of "palliative democracy"

3 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Obakoolex(m): 2:02pm On May 15
angry

28 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by southsouthking(m): 2:03pm On May 15
I'm just laughing.
E get why.

1 Like 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by 89green: 2:03pm On May 15
bennybuhari:
Who no like awoof? Pay later koo

grin grin grin
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Sirkingsnado: 2:04pm On May 15
grin grin if am given an opportunity I will take mine and I will never pay

This government dey play is the way chy used to play with me then
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Empresa: 2:05pm On May 15
He will understand better when people refuse to pay
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Chikel20000(m): 2:06pm On May 15
Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria kiss
hehehehehe!!!
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by 1000Capacity: 2:07pm On May 15
nedu666:
Buy now, avoid payment. Opportunity to collect a part of the national cake. National cake is not only for president and govs


grin grin grin grin that kind thing
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Blitzking: 2:07pm On May 15
What is the website? For this

1 Like 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Sheuns(m): 2:07pm On May 15
seunmsg:


Let’s get it started first. The countries with a functional credit system started somewhere. Once we start, we can keep correcting the system and fine tuning it to work better. They can’t start and get it perfectly running on day one. No system start on a perfect footing.

Why do we have to start something inefficient and fail then go ahead to start correcting the failures. Why not just copy the already successful implementations of others that have it running?

5 Likes 2 Shares

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Hollyharjii: 2:08pm On May 15
k
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by oluwaseyi0: 2:10pm On May 15
Most Nigerian will knowing, opening and gladly take credit but you will have to drag them like portable or tiger gen before they pay

At the end your recovery fee may be more than the profit

3 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Paraman: 2:10pm On May 15
tuzeriouz:

Why creditcorp when banks of agriculture, industry and MFBs, the supposed players poised to drive SMEs. The domino effect of properly driven SMEs will catalyze the market and increase consumer purchasing power. Truth be told, creditcorp falls under the purview of "palliative democracy"
Wetin this one dey talk 😕

1 Like

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by bentenny(m): 2:10pm On May 15
Hmmm....even an agbadorian is casting doubt over this scheme believing it was rushed!
There might be some hope left in some agbadorians!

So I saw agbadorians already hailing the scheme same way they applauded the now failed anchor borrowers scheme!

When ever one is embarking on a scheme copied from someone or country,it's important to ensure that everything is done to near perfection so that it's goal can be achieved!

Just like the student loan scheme,they should have ensured all due diligence is followed instead of resorting to patch patch or hoping to learn on the job with resources that are scarce!

I hope this won't end up being another failed scheme or a conduit pipe for politicians to loot!

2 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by andy244: 2:10pm On May 15
seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?

Because Nigeria can never sustain anything. Only corruption
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by jaxxy(m): 2:11pm On May 15
Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria kiss

Failed economy. I'm happy u know yre not God.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by poiZon: 2:12pm On May 15
seunmsg:



US, UK and other western countries run a sustainable credit financing system. So, why do you think we won’t be able to sustain our own?
UK, US, and other western countries have Stable power supply, this is why we won't be able to sustain this.

If in 21st century, generating and distribution of power is rocket science, then this credit scheme stuff will not be sustained in Nigeria.

3 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by hosemujica: 2:12pm On May 15
Tribalism, nepotism and corruption won’t let it work otherwise it’s a fantastic idea. Portable comes to mind.

In fact, Nigerians are fantastically corrupt.

4 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Theoarhics: 2:13pm On May 15
Who are those that have applied. Cos I haven't seen anyone yet or any potter for application. They wan embezzle again oo

2 Likes 1 Share

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