The Nigerian Consumer Credit Corporation, CREDICORP, and the National Credit Guarantee Company Limited have signed a Memorandum of Understanding to create a risk-sharing partnership aimed at expanding access to consumer credit for eligible Nigerians.

The agreement is expected to reduce lending risks for financial institutions through partial credit guarantees and increase funding opportunities for consumer lending through CREDICORP's network of participating financial institutions.

Under the partnership, the National Credit Guarantee Company Limited, established by President Bola Tinubu with an initial capital of 100 billion naira, will provide partial guarantee coverage for loans and advances issued through CREDICORP's participating financial institutions.

CREDICORP noted that the arrangement will support the Federal Government's efforts to deepen consumer credit access and improve affordable financing options for households.