CREDICORP Showcases Credit Opportunities for Over 1,000 Abians, Pilots SPARK in Aba

The Nigerian Consumer Credit Corporation (CREDICORP) has showcased consumer credit opportunities for over 1,000 Abians and piloted a new USSD-based credit product, SPARK, designed to simplify access to formal credit for Nigerians, particularly first-time borrowers.

The event, held on Wednesday at the Prime Time Event Center, Aba, under the CREDICORP for All – Abia State Edition, brought together government representatives, financial institutions, market women, traders, young people and transport operators.

Representing Abia State Governor, Dr Alex Otti, the Chief Principal/Chief Strategic Officer to the Governor, Mr Chinenye Mba-Uzoukwu, said the governor was unable to attend because of pressing state responsibilities, despite efforts made until late Tuesday night to accommodate the event in his schedule.

Mba-Uzoukwu said Aba remained central to Otti’s development agenda because of its importance as a commercial hub and a city of entrepreneurs.

“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,” he said.

He welcomed the CREDICORP and Ministry of Finance Incorporated (MOFI) leadership, participating financial institutions and other stakeholders on behalf of the governor.

The Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the corporation was established under President Bola Ahmed Tinubu’s administration to expand access to consumer credit and enable Nigerians to acquire essential goods and services without having to save for several years.

Nwagba described Nigerians as hardworking people but noted that many were unable to afford important assets, including vehicles, because they could not pay the full cost upfront.

He said the initiative was designed to make consumer credit more accessible to eligible Nigerians through participating financial institutions.

“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said.

Nwagba explained that the Aba engagement demonstrated how credit could support market women, provide financial opportunities for young people and help transport operators acquire income-generating assets.

The Managing Director and Chief Executive Officer of MOFI and CREDICORP board member, Dr Armstrong Ume Takang, described the initiative as a practical demonstration of the Federal Government’s efforts to translate policy into economic opportunities for Nigerians.

Takang, who recalled growing up helping his father in his shop and selling provisions, bread and groundnuts on the streets, said his childhood experiences gave him an understanding of the importance of credit to businesses.

He said he recognised the potential benefits of the consumer credit initiative when President Tinubu announced plans to expand access to financing, particularly for Nigerians engaged in trading and other commercial activities.

“The Federal Government’s consumer credit initiative reflects President Bola Ahmed Tinubu’s commitment to building an economy where more Nigerians can access the tools and opportunities needed to improve their lives,” Takang said.

He added that structured consumer credit could stimulate enterprise, support local manufacturers and deliver economic benefits directly to citizens.

Also speaking, Aisha Abdullahi, Executive Director, Credit and Portfolio Management at CREDICORP, said many Nigerians had been forced to delay their aspirations or depend on expensive loans because they could not afford to pay for goods and services upfront.

She said the event was aimed at bringing practical financial opportunities closer to Nigerians and creating awareness about available credit products.

Abdullahi encouraged prospective beneficiaries to engage with representatives of CREDICORP and participating financial institutions, ask questions and understand the terms of available credit products before making decisions.

A major highlight of the event was the pilot of SPARK, a USSD-based entry-level credit product designed to help Nigerians, particularly first-time borrowers, access credit through basic mobile phones without requiring smartphones or internet connectivity.

According to the organisers, the product is intended to help borrowers establish formal credit histories through responsible borrowing and repayment, with wider availability expected before the end of 2026.

The showcase also featured locally assembled tricycles made available on credit through CREDICORP’s S.C.A.L.E. initiative, meaning Securing Consumer Access for Local Enterprises. The programme connects consumers with Nigerian manufacturers and vendors through affordable credit to support local production, enterprise development and job creation.

YouthCred was also featured, providing eligible young Nigerians, including serving National Youth Service Corps members, with access to consumer credit opportunities.

The Abia engagement builds on the corporation’s activities in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa.

Established under President Tinubu’s administration, CREDICORP aims to expand consumer credit access to at least 50 per cent of Nigeria’s working population by 2030.