National Telescope national telescope newspaper
President Bola Tinubu has given approval for Uzoma Nwagba to take over as the Nigerian Consumer Credit Corporation’s (CrediCorp) managing director and CEO.
The presidential spokesman, Ajuri Ngelale, made the announcement in a statement on Friday in Abuja.
The federal government established the corporation with the intention of providing consumer credit to half of all employed Nigerians by 2030 in order to remove structural obstacles to credit availability in the country and to stimulate the market with capital, guarantees, and regulations.
CrediCorp works in close cooperation with the Central Bank of Nigeria, the financial sector, identity management, credit registries, fintechs, consumer protection, and policymakers to achieve this goal. This cooperation includes the establishment of its initial #100 billion consumer credit fund.
In addition to providing credit guarantees to financial institutions to expedite people-centered credit products and encourage the purchase of locally manufactured goods and services, CrediCorp’s business is focused on democratizing, standardizing, and unifying credit ratings and credit registries in Nigeria, with NIN acting as the unique identification.
The company will support financial institutions dedicated to expanding consumer credit by offering wholesale and catalytic lending.
According to Ngelale, Tinubu’s commitment to securing economic prosperity and financial inclusion for the vast majority of Nigerians is reflected in the appointment.
He said that prior to being appointed, Nwagba had served as the Chief Operating Officer of the Bank of Industry, where he oversaw microcredit and other financial intervention, and as the Senior Investment Associate of the African Capital Alliance, where he specialized in financial services such as banking, insurance, and pensions.
According to the spokesman, the President anticipated that Nwagba would apply his extensive background in technology and finance to increase credit availability for all Nigerian classes, foster financial inclusion, and improve people’s quality of life.
