Business

CREDICORP: 151 Financial Institutions Show Interest Before Credit Disbursements

Published

1 month ago

August 5, 2024

Sahara Weekly

CREDICORP: 151 Financial Institutions Show Interest Before Credit Disbursements

By Ifeoma Ikem

As the recently established Nigeria Consumer Credit Corporation (CREDICORP) advances towards disbursement of consumer credit to Nigerians, sequel to the success on its recent Expression of Interest (EOI) campaign for financial institutions, no fewer than 151 organisations have indicated interest.

The CREDICORP is a Federal Government corporation with a mandate to expand consumer credit access to millions of Nigerians. In just one month, over 151 financial institutions have completed the detailed EOI. This includes commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks, and cooperatives.

Notably, 85 of these institutions are licensed by the Central Bank of Nigeria (CBN), collectively serving over 1.5 million consumer credit customers. Qualified and ready institutions are being reviewed and shortlisted for the pilot phase of the scheme, according to information from management of the Corporation.

The eagerness of financial institutions to partner with CREDICORP highlights the strategic vision and immense benefits of targeted consumer credit under President Bola Tinubu’s Renewed Hope Agenda, on a mission to improve quality of lives, help stem corruption, and catalyse industry.

The Managing Director/Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba of CREDICORP, has expressed his enthusiasm saying: “The EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagements from financial institutions – especially the leading institutions of each type.

“This speaks to the excitement of financial institutions to partner with CREDICORP to receive our development finance or targeted credit guarantees. Together with our partners, we are poised to accelerate consumer credit access, ensuring that millions more Nigerians can access the financial resources and products they need to improve their lives, backed by their income.”

From a recent report released by the Corporation on the EOI’s so far, here are other notable highlights on consumer credit by the CBN-licensed institutions:

“Average Interest Rate: The participating institutions report an average interest rate of
37% per annum on their consumer credit portfolios. This strengthens CREDICORP’s resolve in designing financial products with its partners to enable lower but sustainable rates on an ongoing basis.

Average Tenor: The institutions report an average tenor for consumer credit of 26 months, indicating a growing appetite for lending over extended periods. This contrasts with less formal lenders which may focus on shorter tenors to leverage faster turnover of capital.

Average NPLs: The consumer credit portfolios for profitable institutions show an average NPL of 6%, while the average NPL across all other credit is 9%. The commercial banks show a reverse pattern from the average (i.e. higher NPLs on consumer credit than other credit), likely due to a wider range of options to deploy their capital (e.g. corporates) and therefore deepened focus and expertise in those.

These findings underscore the dynamic nature of the consumer credit market in Nigeria and the need for continued innovation and support to ensure its sustainable growth. CREDICORP will proceed to review the submissions from Participating Financial Institutions (PFIs) in line with its governance and eligibility criteria – in preparation for disbursements to commence shortly.

The EOI for Financial Institutions remains open for submissions, and can be accessed at the Corporation’s website (www.credicorp.ng).

Business

Why you should Patronize Magaja Cocktails, B.Magaja Hairway

Published

6 hours ago

September 17, 2024

Sahara Weekly

Why you should Patronize Magaja Cocktails, B.Magaja Hairway

Arguably, B.Magaja Hairway is your number one choice when it comes to quality wigs and hair accessories. It’s the haven of great selection of quality, beautiful and stylish wigs and their delivery is top-notch.

Interestingly, B.Magaja Hairway boost of a vast array of human hair wigs products which include hair fill lace wigs, human hair front lace wigs, human hair ladies wigs among others. And their pricing is affordable and highly reputed as one of the best wigs suppliers in Nigeria.

Furthermore, the delectable owner who combined beauty with brains is also the owner of Magaja Cocktails and cocktails based in Lagos. It’s the best choice order for parties, events, and home delivery. They are trusted and tested and which is why dignitaries prefer them. A trial will convince you.

Business

OTUKOYA WINS LAGOSTALKS BACK TO SCHOOL ARTS COMPETITION

Published

6 hours ago

September 17, 2024

Sahara Weekly

OTUKOYA WINS LAGOSTALKS BACK TO SCHOOL ARTS COMPETITION

Otukoya Oluwajoba has emerged the overall winner of the Lagostalks painting and artwork exhibition,
receiving a cash prize of ₦200,000.

The event was organized by Lagos’ number one talk station, LagosTalks 91.3FM, to mark its 8th years
anniversary and supported by Krispy Kreme, BIC, and Cera Cerni’s Art Hub.
Oghene Odafe and Pamilerin Abdullahi secured the first and second runner-up positions, winning
₦150,000 and ₦100,000, respectively.

The Programmes Director, LagosTalks 91:3FM, Ify Igwe, described the event as fulfilling and a celebration of individual prowess of the children.

“Our recent ‘Colourful Creations Kids Contest’ was a tremendous success and a true highlight of our
back-to-school activation, celebrating Lagos Talks’ 8th anniversary.

“This initiative provided a platform for children to not only express their creativity but also engage with
the richness and diversity of our country through art.

“Watching the kids bring their vision of the theme, ‘My Colourful Nigeria & My Nigeria of Tomorrow,’ to
life was inspiring, and it reminded us of the importance of nurturing young talent Beyond the fantastic
prizes, this contest fostered a sense of community, inclusion, and shared joy.

“At Lagos Talks, we remain committed to creating opportunities that inspire future generations while
strengthening the bonds within our communities.”
The Sales and Marketing Director of Megalectrics Limited, operators of Beat FM, Classic FM, Naija FM,
and Lagos Talks FM, Madam Amira Obi-Okoye, urged parents to nurture their children’s talents, aiming
to develop their untapped creativity for the country’s human capital development.
Obi-okoye also emphasized mission of the “Back to School for Kids Art Competition” which seeks to help
children develop their creative talents for personal growth and the betterment of society.

“You all have the potential to become creative leaders of tomorrow. Your skills are undeniable, and what
we’ve seen today from your thoughts, vision, and creativity shows that you all envision a better Nigeria. I
see future leaders in each of you.”

Founder of Cera Cerni’s Art-Hub and one of the judges at the grand finale, Ms. Cera Cerni, encouraged
the children to use their talents positively and remain open to creative ideas and thinking.
The Community Manager for LagosTalks 91.3FM, Joy Egwudah, the brain behind the competition, shared
her inspiration:
“This initiative came from the growing concerns observed among Nigerians about the state of our
country. Many parents express deep frustration and worry about the future, due to the challenges posed
by poor leadership

Business

Bet9ja Foundation Awards 100 Undergraduates Nationwide With Scholarships

Published

13 hours ago

September 17, 2024

Sahara Weekly

Bet9ja Foundation Awards 100 Undergraduates Nationwide With Scholarships

Bet9ja Foundation, a charitable organization of Bet9ja, aimed at improving the lives of Nigerians via different program, has announced the recipients of its prestigious scholarship awards for undergraduates.

This year, 100 outstanding undergraduates from across the country have been selected to receive the coveted scholarship, recognizing their exceptional academic achievements.

The Bet9ja Foundation Scholarship Awards for undergraduates aim to identify and support high-achieving students who have demonstrated academic excellence.The foundation has identified 100 deserving students from various tertiary institutions nationwide.

According to the VP and Trustee of Bet9ja Foundation, Ada Cuomo “We are proud to recognize and reward these exceptional students who have demonstrated unwavering dedication to academic excellence.
“This scholarship program is one we have been planning to execute and we are so glad to finally go ahead with it as we received over 800 applications for this program”, she said.

The scholarship awardees were selected from a pool of applicants through a merit-based process, ensuring that the most deserving students received the awards.

Each scholarship recipient will receive full tuition payment to support their educational pursuits. This investment in Nigeria’s future leaders aligns with Bet9ja Foundation’s mission to promote education and youth development.