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1.6m Nigerians Applied For Consumer Credit Scheme - MD - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / 1.6m Nigerians Applied For Consumer Credit Scheme - MD (23213 Views)

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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Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by otherway: 2:13pm On May 15
A disaster in waiting in a country that has no job security
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by tuzeriouz(m): 2:13pm On May 15
Paraman:
Wetin this one dey talk 😕
it is not for your consumption
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by LegendHero(m): 2:14pm On May 15
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.

I think the guy leading this was on ChannelsTV yesterday talking about it with Seun and from what he said, they are using the credit history method which is similar to what you opined but not with a credit card.

He said people can borrow to pay for stuffs but it will depend on their earning and how they grown in the consumer credit. If a man earn let’s say 50k, let’s say he can buy something worth 10k on credit. Then if he pay consistently, then his credit score start to grow and from this historic data, he can approach to borrow 20k to buy stuffs since lenders will have confidence in him already.

Let them start and let’s see how it goes. What I know is that, we can’t afford failed interventions so I hope they get it right.

2 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Bone147: 2:15pm On May 15
Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria kiss

Let him start from minimum wage nah
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Bluntemperor: 2:16pm 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?

Beautiful question, brother!
For its not that bad -our economic situation,for I believed that by the time the Govt agrees the Minimum Wage,we Nigerians should be making Savings,to allows the Economic to Jump Start!
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Fiscus105(m): 2:21pm 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 both the officials and beneficiaries are corrupt.(they would run it aground)

2. We dnt have mentality of giving back to the society/govt for others to enjoy what we earlier enjoy.


By this time of next year, go and check the account balance of MD of the agency and landed properties he would have acquired.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by flipdat(m): 2:21pm On May 15
we want credit cards not this bs
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Okoroawusa: 2:22pm On May 15
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.
You have made very valuable and insightful suggestions. Let's see how it goes. We have started and we have started

2 Likes 1 Share

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Harddiskng(m): 2:24pm 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

Lol of course chop clean mouth is the intention of most of them.

When realize the problem of Nigeria is Nigerians that is when we start making progress.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Major7: 2:24pm On May 15
tuzeriouz:

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"





It’s bound to fail even if it’s set up. All these audio promises that won’t get to the masses that needed them the most just like the palliatives nonsense 🤥
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by perfri(m): 2:25pm On May 15
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.
Maybe you don't know, but almost all banks in nigeria issue credit cards. At least, I'm sure of the first tier banks, but one thing is that the criteria is very high before they can issue it and so most nigerians do not fall into that category. Also, banks do not like to advertise these credit cards because of the behavioral nature of nigerians who do not like to payback loans.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by axglide(m): 2:26pm On May 15
Sheuns:


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?

So they should build something perfect from day one? So where is the place of refinements? The system will get better with use and identifiable loopholes will be blocked with time.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Bluntemperor: 2:32pm On May 15
Bone147:


Let him start from minimum wage nah

True,but from grapevine - President •Tinubu will surprise the Workers on the Democracy Day on the Minimum Wages.
Elofokanbale( be calm)- according to Mr President!
We pray so,for things to come down( including the Foodstuffs),as many are having their Prices off the roof because of Inflation.
Can you imagine, even Garri- Producers are trying to Manipulate Prices through the Dollar - Rate!
Why are we like this in Nigeria?
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by bobbiiee: 2:36pm On May 15
Most of those who got Nirsal loan during covid have not paid back till date. From personal experience, most people who take loan don't want to pay back.

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?

2 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by BigIyanga: 2:37pm On May 15
No credit without a strong national database and credit registry. Politrickians dont want it cos they would not be able rig elections, they wont be able to change their names, place of birth, date of birth etc in order to win elections and court cases
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Tommydare(m): 2:40pm On May 15
Because this is Nigeria. And I feel it's a trap.
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?
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Kusu12: 2:41pm On May 15
Ofunaofu:
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



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. 


The only thing you know how to do best wailing unnecessarily and peddling falsehood. No meaningful contribution.

2 Likes

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by DaddyCoool: 2:44pm On May 15
bennybuhari:
Who no like awoof? Pay later koo

They all know it'll become pay never!😅
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by PeterObi4LP: 2:46pm On May 15
[quote author=seunmsg post=129964740]


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? [/quot

Because this is Nigeria were anything goes
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Judolisco(m): 2:52pm On May 15
Dis guy wan je gbese
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by ClearFlair: 2:54pm On May 15
Paraman:
Tinubu is leading Nigeria to greatness.

May God bless Nigeria kiss

Please define greatness
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by OGHENAOGIE(m): 2:55pm On May 15
bennybuhari:
Who no like awoof? Pay later koo
u think it's free money abi
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Idaytesj29(m): 2:56pm On May 15
Sheuns:


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?

You are just funny. Did you started running and jumping the day you were born?

We know things do go wrong in the country, but when they are trying to get a particular thing right, we should cut them some slack.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Beremx(f): 2:57pm On May 15
Theoarhics:
Who are those that have applied. Cos I haven't seen anyone yet or any potter for application. They wan embezzle again oo
they said 1.6million people have applied and you're asking who and who has applied? Something wey people rush to apply immediately the website was made available
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by MasterTeeUSA: 3:05pm On May 15
This is good progress..as long as they make the process seamless ..clear and transparent, it should be fine. Most people would think they can get funds right away to buy a house, but you cannot qualify for that much at the onset. Govt needs to start sanitizing people about it. The funds will be paid back and deducted from salaries but you can take the credit to pay for housing and it should be paid directly to the landlords, for school fees paid directly to the schools and so on.



Paraman:


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

1 Like

Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by OChimex: 3:06pm 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?

US, UK and other European countries have a single database that is accessible to reputable agencies, where every single living and dead persons info dey. At just a click, you see, picture, fingerprints, bank details, address, rent/house bought details, every single thing, driving history, loans taken history, background checks details, etc
Does Nigeria have such database?
Besides, in those countries, even 100 year old grandmas and grandpas are computer literate, and can pay bills, apply for things, order things online using the computer.
Can you say so about nigerians?
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by pmc01(m): 3:09pm On May 15
Ofunaofu:
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



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. 

While you have contributed nothing intellectual to the discourse, village champion.


Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Buziness101: 3:09pm On May 15
Please how can I key into this... Who has the registration link please... Am interested.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by tnerro1(m): 3:10pm On May 15
Nigerians hate to pay back what they have borrowed, ask those loan agencies how far.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by pmc01(m): 3:11pm On May 15
bobbiiee:

Most of those who got Nirsal loan during covid have not paid back till date. From personal experience, most people who take loan don't want to pay back.


In my opinion, NIRSAL themselves messed that up, by not selecting capable vendors.
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by Tonytonex(m): 3:14pm 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
your BVN is part of the requirements. No where to hide
Re: 1.6m Nigerians Applied For Consumer Credit Scheme - MD by ovie8200: 3:17pm 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?


The reason is that Nigerians don't have a job, and those who do have jobs don't make enough money to pay back every month. Unless it will be selected based on I know you as usual in the Nigerian system, it will be out of reach for millions and millions. Many will default so severely that the system will fail.

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