The Nigerian Consumer Credit Corporation (CREDICORP) says it has enabled more than 351,000 Nigerians to access consumer credit worth ₦53.5 billion, as it takes its Federal Government-backed initiative to Abia State, where over 1,000 residents have accessed the scheme.

The initiative was showcased at an event held at the Prime Time Event Centre, Aba, yesterday, with the Abia State Governor, Dr Alex Otti, represented by his Principal Secretary, Mr Chinenye Mba-Uzoukwu.

The event brought together the leadership of the Ministry of Finance Incorporated (MOFI), CREDICORP, beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how affordable consumer credit can improve livelihoods and expand economic opportunities.

A major highlight was the pilot launch of SPARK, described by CREDICORP as a first-of-its-kind USSD-based entry-level credit product designed to help Nigerians, particularly first-time borrowers, access credit and build formal credit histories.

Market women and traders participated in live credit-access activities, while young Nigerians explored opportunities under the YouthCred programme. Transport operators also featured as beneficiaries of credit-backed tricycles, highlighting the practical impact of consumer financing on everyday economic activities.
CREDICORP explained that SPARK would simplify access to credit through basic mobile phones without requiring smartphones or internet connectivity. The product is expected to become more widely available to Nigerians before the end of 2026.

The corporation said responsible borrowing and consistent repayment would enable beneficiaries to establish repayment records, improve their credit profiles and gradually gain access to broader financial opportunities.
Another major feature of the showcase was the availability of locally assembled tricycles 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 arrangements, while supporting local production, enterprise development and job creation.

The YouthCred initiative also featured prominently, connecting eligible young Nigerians, including serving National Youth Service Corps (NYSC) members, with affordable credit opportunities to support their financial journeys and encourage responsible borrowing.

Speaking at the event, Otti’s representative, Mba-Uzoukwu, highlighted steps taken by the Abia State Government to create an enabling environment for responsible consumer credit, business growth and enterprise development.

He said: “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.”

Also speaking, the Managing Director of MOFI and CREDICORP board member, Dr Armstrong Ume Takang, described the showcase as an example of translating Federal Government policy into practical economic opportunities for Nigerians.

He said the consumer credit initiative reflected President Bola Tinubu’s commitment to building an economy in which more Nigerians could access the tools and opportunities needed to improve their livelihoods.

“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said.
The Managing Director and Chief Executive Officer of CREDICORP, Mr Uzoma Nwagba, said the corporation was determined to take consumer credit beyond conventional financial institutions and make it accessible to ordinary 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.

CREDICORP said the Abia showcase built on its engagements across Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states, reflecting its expanding national reach.

Since commencing operations, the corporation said it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians, with women accounting for approximately 59 per cent of beneficiaries.
Established by the Tinubu administration, CREDICORP is advancing the Federal Government‘s objective of expanding consumer credit access to at least 50 per cent of working Nigerians by 2030.

The corporation said its programmes were designed to move consumer credit beyond policy commitments and translate it into practical opportunities, enabling market women to expand their businesses, young Nigerians to establish financial histories and transport operators to acquire income-generating assets.