As Creticorp intends to face corruption – MD

The CEO of Nigerian Consumer Credit Corporation (Credicorp), Uzoma Nwagba revealed that the company was established to improve the quality of life, the Stom corruption and the catalization of industry.

Contacting the correspondents of the State House during the meeting with the press event, organized by the presidential media team in Abuja, Nwagba encouraged the Nigerians to embrace credit systems, adding that the company has implemented measures to face the defaults of the loan.

By explaining further, he said that the first goal is to improve the quality of life.

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“This is not even my idea. It is what the president has always said. His second goal is to stem corruption. He returns to this idea that people who face pressure to enter unpleasant corruption practices because they do not have the capital, the financing they need to lead a decent life.

“I know, by people having more access to consumer credit, the pressures on their Current Active income reduce. So it stems corruption. The Third Reason is to catalyze industry, whath is That if we can channel the consumer credit that we are giving to nigerians to purchase local has Goods with a more deliberate efforts about that, then What would happy is That Those Industries Can Also Grow, Because you are now bringing Purchasing Power To Them, and you Create Jobs, So Improve Lives, Stem Corruption, catalyzes the industry.

Speaking of credit defaults, Nwagba said that plans were underway to connect citizens’ credit scores to the national identification number (Nin), with a centralized credit office for the whole country.

NWAGBA explained that the connection of the Nin credit scores will have benefits for real life for the Nigerians.

“Even more important, there will be consequences for the defaults of the loan, but these will be thin and structured rather than predators.

“Maybe you want to renew your passport, but if something shows that you have to money somewhere, you may not be able to proceed. The same goes to renew the driving license or rent a house. There is no hiding place.

“This system guarantees that if your money is in a commercial bank, Fintech or the institution of microfinance, loans taken and not reimbursed will be monitored and recoverable.

“The essence is that everyone has a credit score. We are collecting financial data and non -financial complete to develop a structural algorithm that will mark each Nigerian; there will be no more hiding place for anyone.”

NWAGBA has commissioned all financial institutions to collaborate with Credicorp, revealing that Nigeria needs Credit of N183 trillions of credits to effectively develop the level of the country towards an efficient consumption credit line.

“No government has that type of money, so all financial institutions must engage in consumer credit. With the right infrastructure, the lenders will be more relaxed and willing to provide loans, making the credit more accessible.”