Nairametrics can confirm that the interest rates on loans under the scheme range from 4% monthly to 22% annually.
However, unlike the digital lenders that offer instant, same-day loans, he said this would take three days to process.
As consumers gravitate toward cheaper, government-backed credit, private digital lenders may struggle to attract new borrowers or retain existing ones, unless they adjust their offerings.
“They may be forced to reduce their interest rates to remain competitive.
What you should knowPresident Bola Tinubu announced the launching of the first phase of the Consumer Credit Scheme on April 21, a programme designed to offer credit facilities to working citizens in the country...
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