The N20 billion Consume Credit Fund initiative, in collaboration with the National Automotive Design and Development Council (NADDC), seeks to support the growth of Nigeria’s automotive industry.

The programme officially kicked off with the signing of agreements with local automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG. 

These partnerships will ensure that eligible Nigerians can access credit to purchase new vehicles, contributing to the growth of the sector.

This initiative is part of CREDICORP’s project, S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which aims to provide credit facilities to one million Nigerians. 

S.C.A.L.E. is designed to boost the local economy by enabling consumers to access goods and services produced by domestic manufacturers. The automotive sector is just one of the five key areas being targeted under this initiative.

In addition to mobility solutions, the S.C.A.L.E. programme is focused on various sectors, including home improvement, where consumers can obtain credit for locally produced furniture and building materials; electronics, promoting digital inclusion through affordable access to smartphones, tablets, and laptops; energy solutions, such as solar panels and generators; and general merchandise, covering sectors like healthcare, food, and apparel.

The recent launch follows a similar initiative, the Credit Access for Light and Mobility (CALM) Fund, introduced by CREDICORP in October. 

This fund focuses on offering consumer credit for compressed natural gas (CNG) conversions and solar home systems, in collaboration with the Ministry of Finance Incorporated and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).

Added to these, CREDICORP has partnered with the National Identity Management Commission (NIMC) to build credit scores for Nigerians, leveraging the National Identification Number (NIN). 

The programme has already attracted participation from 151 financial institutions, including commercial banks, fintech companies, and microfinance banks, with five institutions already signed on.

The soon-to-be-launched card aims to bring better access to essential services, such as financial inclusion, government interventions, and job applications, providing Nigerians with a simplified, reliable identification system.

One advantage of the new ID card is its potential to drive financial inclusion. With over 100 million Nigerians currently excluded from the formal banking system, the new card will bring a good portion of the population into the fold. 

It will serve as a gateway for Nigerians to open bank accounts, access credit facilities, and request either debit or credit cards, with the added benefit of building a verifiable credit score. This development will make it easier for citizens to secure loans from both government and private financial institutions.

This innovation is backed by a partnership between NIMC and the Nigerian Consumer Credit Corporation (CREDICORP), which will work together to establish reliable credit scores for all Nigerians who have registered their National Identification Number (NIN). 

The integration of credit scores with the NIN will simplify access to loans and other financial services, greatly easing financial transactions for many Nigerians.

Again, the new National ID card will be a mandatory requirement for applying for jobs in both government and private sectors. This step aims to ensure that employers can confidently verify the identity of job applicants, giving them a clear and accurate view of an individual’s background. 

With the NIN card serving as an official identification, this process will help eliminate fraud and ensure greater transparency in hiring practices.

The ID card will also simplify a range of administrative functions. It will be accepted as a valid form of identification for essential services, such as voter registration and passport applications.

The simplicity of presenting a single card for these services will save time and reduce bureaucracy, ensuring that Nigerians can access services without unnecessary delays.

Added to these, the NIN card will help in the distribution of government interventions, helping to ensure that only eligible citizens receive social benefits. 

As part of the government’s vision to reduce corruption and improve transparency, the card will provide a secure means for accessing various government services across multiple Ministries, Departments, and Agencies (MDAs).

Developed in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), the National ID card will also be compatible with Nigeria’s digital currency, the eNaira. 

This will allow cardholders to make digital transactions securely, further integrating the ID card into the nation’s growing financial ecosystem.

Dr. Peter Iwegbu, head of Card Management Services at NIMC, confirmed that the distribution of the new cards will begin shortly, with plans in place for decentralised access through banks nationwide. 

Nigerians will be able to request and collect their cards at local bank branches, and the NIMC will ensure that the pricing remains consistent across institutions.

This initiative is expected to increase transparency, reduce fraud, and promote financial inclusion.