Over 67,000 Nigerians Have So Far Benefited From Consumer Credit Scheme
Tinubu said the scheme issued ₦21.59 billion in guarantees and unlocked ₦46.95 billion in loans, with 33.5% of beneficiaries first-time formal borrowers.
- On Monday, President Bola Tinubu announced that the National Credit Guarantee Company supported 67,512 borrowers across 25 states and the Federal Capital Territory within its first year of operations.
- Launched to address barriers to formal credit, the NCGC absorbs an agreed portion of lending risk, giving banks greater confidence to extend loans to viable businesses lacking sufficient collateral or credit history.
- Working through 19 financial institutions—13 commercial banks, three microfinance banks, and three development finance institutions—the program leveraged N21.59 billion in guarantees to mobilize N46.95 billion in loans, achieving a 2.17-fold credit mobilization ratio.
- The initiative enabled over 22,000 Nigerians to enter the formal credit system for the first time, while 11,374 women beneficiaries—about 16.8 per cent of total borrowers—have accessed finance, supporting 661,291 direct and indirect jobs.
- Prioritizing women-owned businesses through the GuaranteeHer initiative, the NCGC operates alongside the Nigerian Education Loan Fund as the federal government expands integrated credit infrastructure across the economy.
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More than 67,000 Nigerians benefitted from consumer credit scheme in one year - Tinubu
…says NCGC has created 661,291 direct and indirect jobs President Bola Tinubu on Monday, said the National Credit Guarantee Company read more More than 67,000 Nigerians benefitted from consumer credit scheme in one year – Tinubu
Tinubu highlights success of national credit scheme in first-year review
President Tinubu says the National Credit Guarantee Company has issued ₦21.59bn in guarantees, helping lenders extend ₦46.95bn in loans to 67,512 borrowers Read More: https://punchng.com/tinubu-highlights-success-of-national-credit-scheme-in-first-year-review/
I promised you credit-based economy
President Bola Tinubu has reassured to move Nigeria towards a credit-based economy. The President gave the reassurance in a statement posted on his verified X handle on Monday. Tinubu stated that the move is to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance. According to the […] I promised you credit-based economy – Tinubu
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CoreTV NewsOver 67,000 Nigerians Have So Far Benefited From Consumer Credit Scheme
President Bola Tinubu has said that so far, more than 67,000 borrowers across 25 states and the FCT have received credit backed by the National Credit Guarantee Company (NCGC) in the last year.
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