Buy Now Pay Later: FG Gives Update On Consumer Credit Scheme Application

The federal government has given an update on ongoing submissions for the Nigerian Consumer Credit Corporation (NCCC) application recently initiated by President Bola Ahmed Tinubu.

On Tuesday, the Managing Director and Chief Executive Officer of the NCCC, Uzoma Nwagba, revealed that more than one million Nigerians have applied for the ‘buy now pay later’ scheme within three weeks of its launch.

Naija News understands that the incumbent administration’s primary objective in this credit scheme is to provide working individuals with the opportunity to obtain loans for significant purchases and pay them back later.

According to Nwagba, the response to the scheme has been astonishing since President Tinubu introduced it in April. He noted that the number of applications received thus far has exceeded expectations.

“The response has been truly overwhelming. We were not anticipating such a high volume of applications or expressions of interest, especially considering that we had only released an Expression of Interest (EoI) just a week after my appointment.”

“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 appointment and the tasks before him, Nwagba said he was ready to actualize President Tinubu’s agenda 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.

Earlier, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, explained that 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,” Ngelale said at the launch of the initiative.