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Consumer credit coming to Nigeria?

Came across this encouraging article from Nigeria's Vanguard newspaper. Using credit cards to buy goods is still uncommon in Nigeria, but the National Economic Empowerment and Development Strategy (NEEDS) seems to be making progress.

It is envisaged that the consumer credit system would commence with the development of registration procedures, registration and licensing of consumer credit operators and be completed before the end of this administration's tenure in May.

We all know that Nigeria's grappling with serious problems. However, it's good to see progress made on some important fronts, like access to credit.

If you're interested in credit in developing countries, some of my IFC colleagues have done a lot of work on credit bureaus. In particular, they produced a Credit Bureau Knowledge Guide (PDF) that is, dare I say it, interesting.

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