…Launches SPARK in Aba, commercial hub of Abia
Uzoma Nwagba, Managing Director/Chief Executive Officer, Nigerian Consumer Credit Corporation (CREDICORP) says that the initiative has enabled over N53.5 billion in consumer credit for more than 351,000 Nigerians, with women representing approximately 59% of beneficiaries
since commencing operations.
Nwagba made the disclosure Wednesday, in Aba, at the Abia State edition of CREDICORP For All and the launch of SPARK, a first-of-its-kind USSD-based entry-level credit product, designed to enable Nigerians, particularly first-time borrowers, to access credit and begin building their formal credit histories.
Nwagba emphasised that the Corporation’s mission is to take consumer credit beyond financial institutions and into the hands of everyday Nigerians.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian. Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people”, he said.
Armstrong Ume Takang, Managing Director Ministry of Finance Incorporated (MOFI) and Board Member, CREDICORP, described the scheme, as an example of translating Federal Government policy into practical economic opportunities for Nigerians.
“The Federal Government’s consumer credit initiative reflects President Bola Tinubu’s commitment to building an economy where more Nigerians can access the tools and opportunities needed to improve their lives.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens”, he noted.
Chinenye Mba-Uzoukwu, Chief Principal to Governor Alex Otti, who expressed appreciation to CREDICORP, welcomed the initiative, noting that the State Government’s investment in infrastructure is to create an environment in which responsible consumer credit and enterprise can thrive.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives, such as CREDICORP to support traders, young people and hardworking families across the state”, he said.
Established under President Bola Tinubu’s administration, CREDICORP is advancing the Federal Government’s objective of expanding consumer credit access to at least 50% of working Nigerians by 2030, says Aisha Abdullahi, Executive Director, Credit and Portfolio Management, CREDICORP.
The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit can improve everyday livelihoods.
At the showcase, market women and traders participated in live credit-access activities, while young Nigerians engaged with YouthCred and transport operators were showcased as beneficiaries of credit-backed tricycles. Together, the activities put real people and the practical value of consumer credit at the centre of the event.
By establishing repayment records, through responsible borrowing, beneficiaries can progressively improve their credit profiles and create pathways to greater financial opportunities.
The product, which simplifies credit access through basic mobile phones without requiring smartphones or internet connectivity, is expected to become more widely available to Nigerians before the end of 2026.
The showcase also featured locally assembled tricycles made available on credit, through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E) initiative.
The programme connects consumers with Nigerian manufacturers and vendors, through affordable credit, supporting local production, enterprise development and job creation.
YouthCred also featured at the event, connecting eligible young Nigerians, including serving National Youth Service Corps (NYSC) members, with affordable credit opportunities intended to support their financial journeys and responsible borrowing habits.
The Abia showcase builds on CREDICORP’s engagements across Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa, reflecting the Corporation’s growing nationwide reach.
From market women accessing credit to young Nigerians beginning their financial journeys, and transport operators acquiring income-generating assets, the Abia showcase demonstrated how consumer credit can move beyond policy into practical opportunities that improve everyday lives.
