CREDICORP Seeks To Expand Consumer Credit Access As Only 3% of Nigerian Workers Benefit

The Nigerian Consumer Credit Corporation (CREDICORP) has revealed that only 3% of Nigerian workers accessed formal consumer credit in the past year, highlighting a major gap in the country’s financial system.

Speaking in Abuja during World Consumer Rights Day, CREDICORP CEO Uzoma Nwagba stressed that for consumer credit to make a meaningful impact, it must reach 50% of Nigeria’s GDP—equivalent to N176 trillion.

However, the nation faces a credit shortfall of N141.3 trillion.

Nwagba attributed this gap not to a lack of funds but to a breakdown of trust and inefficiencies in the lending system.

He emphasized the need for innovative solutions such as mobile nano-loans, instant credit approvals, “buy now, pay later” options, and specially designed loan products for women and youth.

Beyond financial inclusion, he highlighted consumer credit’s role in enabling access to essential goods and services, such as solar home systems, digital devices, vehicles, and improved housing.

Increased access to credit, he noted, could significantly boost smartphone penetration, which remains below 30% in Nigeria.

CREDICORP is actively working to build a robust credit infrastructure, ensuring that all working Nigerians have a reliable credit score.

Nwagba called for wider accessibility to the Central Bank of Nigeria’s (CBN) movable collateral registry and the use of alternative collateral forms, including digital assets and agricultural output.

With a goal of ensuring at least 50% of Nigerian workers have access to consumer credit by 2030, CREDICORP is partnering with financial institutions, regulators, and international organizations to reshape Nigeria’s financial landscape and drive economic growth.