Governor of the Central Bank of Nigeria [CBN], Godwin Emefiele, in his Vision 2024 framework announced on Monday he has made provision for financial institutions to provide additional credit to Nigerians who are creditworthy borrowers.
He said, “Credit patterns of consumers will be shared with credit bureaus to assess repayment patterns and credit histories of customers. This will also enable financial institutions to provide additional credit to creditworthy borrowers.
“Consumer credit is critical to the growth of our economy as it will help to boost consumer spending to accelerate improved investments by businesses who seek to meet the demand of the consumers.”
To speed this process, Emefiele added that large departmental stores, automobile companies, equipment leasing companies, in partnership with financial institutions and the credit bureaus will be able to provide credit facilities at reasonable interest rates to consumers.
The framework, according to him, will support the emergence of a digital, less burdensome process for consumers who seek access to such facilities.
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The Governor added that the apex bank will mandate financial institutions to disclose “to consumers the upfront charges involved in accessing such credit facilities in order to prevent consumers from being abused by money lenders”.
He informed that improved consumer spending and investments by businesses will ultimately help to spur the growth of our economy and support our job creation efforts. “This will help to spur consumer spending and aid efforts at driving the growth of our economy”.