The Federal Government has been commended for establishing the Nigerian Consumer Credit Corporation (CREDICORP).
The commendation, which came from a technology solutions outfit, 360GadgetsAfrica, described the initiative as a bold step towards expanding financial inclusion and making affordable consumer credit accessible to millions of Nigerians.
The Chief Executive Officer of the outfit, Sheriffdeen Leke Soleye, and the Chief Technology Officer and Co-Founder, Mr Habeeb Abdulrahman, said the government-backed development finance institution has the potential to transform access to credit, particularly for Nigerians who have been excluded from the formal financial system.
The Nigerian Consumer Credit Corporation (CREDICORP) is a federal development finance institution created in April 2024 to unlock consumer credit access for at least 50% of working Nigerians by 2030, supporting the national goal of building a $1 trillion economy.
It was created to democratise access to affordable consumer credit and increase credit availability to 50 per cent of Nigeria’s working population by 2030 through partnerships with financial institutions.
Speaking on the initiative, the co-founders said 360GadgetsAfrica is already exploring ways to collaborate with CREDICORP to strengthen access to consumer financing by leveraging digital transaction data to establish creditworthiness.
According to them, transactions carried out on the company’s platform, including device purchases, airtime and data subscriptions, as well as savings through its GadgetSave feature, can provide reliable indicators of users’ financial discipline.
“The Federal Government’s initiative in establishing CreditCorp is a commendable step, and one we at 360GadgetsAfrica are actively seeking to build on,” they said.
They explained that while discussions on a possible partnership continue, the company is developing a proprietary credit scoring model that uses everyday micro-transactions to create financial profiles for individuals who have never enjoyed access to formal credit.
The duo noted that millions of Nigerians demonstrate responsible financial behaviour through routine digital transactions, even though they remain outside the traditional banking credit ecosystem.
“Someone who consistently tops up data, buys airtime regularly and fulfils instalment payments on a device is demonstrating financial discipline. That should count when assessing creditworthiness,” they stated.
The co-founders stressed that Nigeria’s consumer credit system should become more inclusive by recognising alternative financial behaviours and extending access to interest-free credit facilities to underserved citizens.
They maintained that building credit should not be limited to conventional banking records but should reflect the realities of everyday financial activities undertaken by ordinary Nigerians.
According to them, such an approach would complement the objectives of CREDICORP while accelerating financial inclusion and stimulating economic growth.
Beyond consumer financing, the company said it remains committed to building a technology ecosystem that enables Nigerians to buy, repair, finance and recycle electronic devices through transparent and innovative digital solutions.
They added that 360GadgetsAfrica is also expanding its corporate services by offering professional device repair solutions, bulk device procurement, staff repair service level agreements (SLAs) and electronics recycling programmes for organisations.
The company expressed confidence that stronger collaboration between government institutions and private technology firms would play a critical role in driving Nigeria’s digital economy and widening access to responsible consumer credit.
