Credicorp, Nigeria’s consumer credit provider, opens talks with lender banks
The Nigerian Consumer Credit Corporation (Credicorp) launched last week by President Bola Tinubu to provide consumer credit to the citizens has commenced talks with lender banks.
“At our first session – with the 19 commercial banks, convened by the CBN – we shared our audacious mission at CREDICORP and our unique offering of wholesale capital and credit guarantees, for lenders committed to accelerating consumer credit access to Nigerians at scale. We also received important feedback to enable us to fine-tune our rollouts of financial products.”Image Credit: Creditcorp.ng
While the selection criteria have not been announced, the Credicorp consumer credit application process involves five steps:
Personal Information: Here, you’ll provide basic details like your name, email, phone number, gender, date of birth, state of origin, and current state of residence.
Credit Needs: This section focuses on your loan purpose. You’ll specify what you need the money for and estimate a comfortable repayment amount over 6 months. Additionally, they’ll ask about your past borrowing history, including loans from fintech lenders, microfinance institutions, loan apps, and banks. Your National Identification Number (NIN) will also be required.
Primary Employment: Details about your main job are collected here, including your occupation, employment duration, and monthly income. They’ll ask for your minimum monthly salary or income deposited into your bank account, along with the bank name and account number (where the credit will be deposited if approved).
Secondary Employment (Optional): Simply answer “yes” or “no” to indicate if you have a side hustle or additional income source.
Data Privacy Notice: Before submitting, you’ll need to acknowledge their data privacy notice. This explains their consent to conduct a credit check and use your information for program purposes.
Overall, the application process seems comprehensive, gathering necessary details to assess your eligibility. Be prepared to share some personal financial information and consent to the use of your data for the program needs.
