Bill seeking legal backing for Consumer Credit Corporation scale second reading at House of Reps
The House of Representatives has passed for second reading a bill seeking to establish the Nigeria Consumer Credit Corporation (CreditCorp) to regulate consumer credit, ensure consumer protection, and enhance access to financing for Nigerians with verifiable incomes.
The proposed legislation was jointly sponsored by Speaker Abbas Tajudeen (APC, Kaduna) and Adewale Hameed (APC, Lagos).
Leading the debate on Thursday, Mr Hameed explained that CreditCorp, as the agency is popularly known, was created in April 2024 by the federal government under President Bola Tinubu as a Development Finance Institution (DFI) with the mandate to democratise access to consumer credit for Nigeria’s working population.
He said the proposed law seeks to provide the legislative framework and legal backing for an initiative that is already operational, describing it as one of the administration’s “transformative economic policies” designed to expand financial inclusion and stimulate consumer spending.
“CreditCorp was set up to remove structural, market, and policy barriers, accelerate access to consumer credit, to engender and to create a situation where high-quality life becomes more common in our country,” Mr Hameed said.
“It is like giving the average Nigerian worker an opportunity to acquire what makes life more pleasurable and fulfilling under a convenient payment plan, instead of waiting endlessly to save for years,” he added.
He noted that the bill would institutionalise and strengthen CreditCorp, ensuring it operates with clear statutory powers to regulate the consumer credit system, promote credit reporting, and protect the rights of beneficiaries.
Mr Hameed urged his colleagues to support the bill, stressing that it would help build a credit-based economy where Nigerians can access affordable financing for essential needs such as housing, vehicles, education, and household assets.
Following his submission, the Deputy Speaker, Benjamin Kalu, who presided over the plenary, commended the sponsor and described the proposal as “straightforward,” noting that the agency already exists and only requires legislative backing.
“The establishment is already there; this bill simply gives it legal strength,” Mr Kalu said before putting the question to members.
The bill was unanimously adopted without debate and referred to the Committee on Banking and Other Ancillary Matters for further legislative work.
The idea behind the bill
President Tinubu had in April 2024 announced the establishment of the Nigeria Consumer Credit Corporation (CreditCorp) to expand consumer lending and promote financial inclusion.
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The initiative aims to make credit facilities more accessible to workers and low- to middle-income earners, supporting them to acquire assets and services that improve their quality of life.
CreditCorp is expected to collaborate with employers, financial institutions, and credit bureaus to create a unified credit system, enabling responsible lending and repayment.
If passed into law, the bill will formalise the agency’s operations, ensure regulatory oversight, and protect borrowers’ rights through clear consumer protection provisions.