The Federal Government has formally inaugurated the board of the Nigerian Consumer Credit Corporation following the disbursement of more than ₦37 billion in consumer loans within its first year of operations, reinforcing its ambition to deepen credit access across the country.

Vice President Kashim Shettima presided over the inauguration ceremony on Thursday, describing consumer credit expansion as a strategic pillar in Nigeria’s journey toward becoming a one-trillion-dollar economy. According to a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the administration views structured credit access as essential for stimulating household consumption and economic growth.

The Vice President disclosed that within just one year, CREDICORP has disbursed over ₦37 billion to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time. He noted that the milestone signals early progress in bridging Nigeria’s longstanding credit gap and formalising retail lending channels.

President Bola Ahmed Tinubu established CREDICORP to build a trusted consumer credit infrastructure, reduce borrowing costs through catalytic capital, and address the cultural hesitancy toward credit usage. Shettima emphasised that the institution is mandated to provide wholesale funding and credit guarantees via its partner financial institutions, while strengthening credit data systems and identity verification frameworks.

The newly inaugurated board is chaired by Otunba Aderemi Abdul. Other members include Engr. Uzoma Nwagba as Managing Director and Chief Executive Officer; Olanike Kolawole, Executive Director, Operations; and Aisha Abdullahi, Executive Director, Credit and Portfolio Management. Institutional representatives include Dr. Armstrong Ume-Takang of the Ministry of Finance Incorporated, Engr. Bisoye Coke-Odusote of the National Identity Management Commission, and Mohammed Naziru Abbas representing the Federal Ministry of Industry, Trade and Investment. Additional members represent the Federal Competition and Consumer Protection Commission and the Federal Ministry of Finance, alongside independent directors.

Shettima stressed that the long-term sustainability of CREDICORP would depend on the board’s governance discipline, integrity, and adherence to public service regulations. He urged members to comply strictly with the Board Charter and applicable financial management frameworks, underscoring that accountability in the stewardship of public resources remains non-negotiable.

In his remarks, Chairman Aderemi Abdul thanked the President for the confidence reposed in the board and pledged to guide the institution in delivering measurable economic benefits. Managing Director Uzoma Nwagba added that over the past 18 months, the corporation has expanded its reach to students and working Nigerians, widening financial inclusion and supporting asset acquisition.

CREDICORP was launched in 2024 as part of the Federal Government’s strategy to expand access to structured consumer finance. The initiative seeks to reduce the reliance on informal lending, improve credit reporting systems, and stimulate domestic production by linking credit access to locally manufactured goods.

One of its flagship programmes includes a vehicle financing scheme for locally assembled automobiles. In February 2025, the corporation introduced credit facilities for motorcycles and tricycles assembled by Simba (TVS), Nigeria’s leading two- and three-wheeler manufacturer. The initiative followed a December 2024 collaboration between CREDICORP and the National Automotive Design and Development Council, supported by a ₦20 billion consumer credit fund.

Earlier in October 2025, President Tinubu announced during Nigeria’s 65th Independence Anniversary broadcast that 153,000 Nigerians had already benefited from ₦30 billion in affordable loans under the scheme. Beneficiaries reportedly used the facilities to acquire vehicles, solar energy systems, home improvement materials, and digital devices.

The administration has set a target of enabling at least 50 percent of working Nigerians to access consumer credit by 2030. Analysts suggest that achieving this objective will require continued expansion of credit infrastructure, robust risk management systems, and collaboration with financial institutions and identity verification agencies.

With the board now formally inaugurated, the Federal Government appears poised to accelerate the next phase of CREDICORP’s operations, positioning consumer credit as a central driver of financial inclusion, household asset ownership, and macroeconomic growth.

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NIMC  raised concerns over the illegal printing of unauthorised NIN cards by certain individuals, cybercafés, and organisations.

The commission said these entities are reportedly charging unsuspecting citizens exorbitant fees for the unauthorised cards.

It clarified that it has not granted any organization or individual permission to print NIN cards as a replacement for the official General Multi-Purpose Card (GMPC), while emphasizing that this practice violates the NIMC Act No. 23 of 2007.

“The public is therefore advised to refrain from printing or accepting these unauthorised NIN cards, as they are not recognised by NIMC and should not be used as a means of identification. Security agencies have been alerted and instructed to apprehend those engaged in this illegal activity, with offenders facing legal consequences,” NIMC stated.

NIMC reaffirmed that the NIN slip remains the only legally recognised document for identification and must be verified when presented for accessing services.

To address public demand, the Commission announced plans to launch an improved GMPC, which will serve as both a physical identification card and a payment card. This new multifunctional card will be powered by AfriGO, a local payment platform.

The NIMC, established by the NIMC Act No. 23 of 2007, is responsible for managing the National Identity Database, assigning NINs, and issuing General Multi-Purpose Cards (GMPCs) to citizens and residents.

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Known as AfriGO, this domestic card scheme will power a new era of convenience and accessibility for Nigerians.

According to a statement from the Head of Corporate Communications of NIMC, Kayode Adegoke, the newly launched National ID card will incorporate verifiable identity features mandated by the NIMC Act No. 23 of 2007.

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This multifaceted card is designed to fulfill a range of needs, from proving identity to accessing government and private services, promoting financial inclusion, and fostering citizen empowerment.

To ensure eligibility for the card, individuals must be registered citizens or legal residents possessing the National Identification Number (NIN).

Built to meet international standards, the card will serve as the country’s default national identity card while also functioning as a debit or prepaid card, offering users flexibility in managing their finances.

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Moreover, the card will facilitate access to various government intervention programs, addressing the needs of financially underserved populations. Stringent measures will be in place to safeguard cardholders’ personal data, aligning with data protection regulations and international standards on data security protocols.

Key features of the card include a Machine-readable Zone (MRZ) compliant with International Civil Aviation Organization (ICAO) standards, biometric authentication capabilities, and offline transaction capabilities for areas with limited network coverage. Additionally, the card will include essential information such as travel, health insurance, microloans, and subsidies for sectors like agriculture, transportation, and energy.

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Requests for the card can be made online, at commercial banks, participating agencies or agents, and NIMC offices nationwide, catering to both banked and unbanked individuals.

This initiative marks a significant step forward in leveraging technology to enhance identity management and financial inclusion across Nigeria.

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