Low Credit Access Pushing Nigerians to Loan Shark Apps – Minister

The Federal Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that low credit access is pushing Nigerians to loan shark apps.

Ahmed spoke on Wednesday at the inauguration of the National Collateral Registry (NCR) in Abuja. She said that the NCR would help to improve access to credit for Nigerians, especially those who do not have traditional collateral.

“The NCR will make it easier for people to access loans, without having to put up hard collateral,” Ahmed said. “This will be a game-changer for many small businesses and individuals who are currently struggling to get the financing they need.”

The NCR is a central database of movable assets, such as crops, livestock, and equipment, that can be used as collateral for loans. The registry was launched in 2017, but it has only recently begun to be used by banks and other financial institutions.

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Ahmed said that the NCR would help to reduce the cost of borrowing for Nigerians. She also said that it would help to reduce the number of people who are forced to turn to loan shark apps.

Loan shark apps are mobile apps that offer quick and easy loans, but they often have very high interest rates and hidden fees. Many Nigerians have been trapped in a cycle of debt after taking out loans from loan shark apps.

The NCR is expected to help reduce the number of people who are turning to loan shark apps by making it easier for them to access loans from traditional financial institutions.

The inauguration of the NCR is a welcome development. It is hoped that the NCR will help to improve access to credit for Nigerians and reduce the number of people who are turning to loan shark apps.