CREDICORP Unveils SPARK Credit Scheme in Abia, Targets Over 1,000 Beneficiaries

The Nigerian Consumer Credit Corporation (CREDICORP), a Federal Government-backed development finance institution, has showcased consumer credit opportunities for more than 1,000 Abians, while piloting its USSD-based SPARK credit product to help Nigerians access credit and establish formal credit histories.

The event, held at the Prime Time Event Centre in Aba, brought together representatives of the Abia State Government, CREDICORP, the Ministry of Finance Incorporated (MOFI), prospective beneficiaries, financial institutions and local entrepreneurs

The showcase featured credit opportunities for market women, traders, young Nigerians and transport operators, including access to tricycles, vehicles and other productive assets through flexible credit arrangements.

A major highlight was the pilot of SPARK, an entry-level credit product designed to make credit more accessible, particularly to first-time borrowers, through basic mobile phones without requiring smartphones or internet connectivity.

The product is expected to help beneficiaries build formal credit histories through responsible borrowing and timely repayment, potentially opening doors to wider financial opportunities.

Speaking at the event, the Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, thanked President Bola Ahmed Tinubu for the opportunity to serve and expressed appreciation to the Corporation’s executive directors for their support in advancing its mandate.

Nwagba, who highlighted the creativity and entrepreneurial spirit of Aba residents, said his upbringing in the commercial city had strengthened his appreciation of the ingenuity of its people.

He explained that many entrepreneurs, including shoemakers, traders and other small-business owners, had struggled to expand their businesses because of inadequate access to funding.

According to him, the initiative was designed to bridge that gap by bringing affordable consumer credit closer to the people and helping them acquire the resources needed to grow their businesses and improve their livelihoods.

He urged prospective beneficiaries to take advantage of the available credit facilities, stressing that access to finance could help them expand their businesses, acquire productive assets and increase their earning capacity.

Nwagba also reiterated that consumer credit should not be reserved for a privileged few but should be accessible to working Nigerians seeking opportunities to improve their economic circumstances.

The CREDICORP chief executive said the initiative reflected the Corporation’s commitment to translating the Federal Government’s consumer credit policy into practical benefits for ordinary Nigerians.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI) and a member of the CREDICORP Board, Dr. Armstrong Ume Takang, commended President Tinubu for supporting the expansion of consumer credit access in Nigeria.

Takang said the initiative would create opportunities for beneficiaries to strengthen their businesses, acquire essential assets and improve their financial circumstances.

He encouraged prospective beneficiaries to take advantage of the programme responsibly, noting that access to credit could help entrepreneurs scale their businesses, increase productivity and contribute to economic growth.

The initiative also aligns with efforts to support local manufacturers by connecting consumers with locally produced goods through affordable financing arrangements.

Under CREDICORP’s S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises, eligible consumers can access locally assembled tricycles and other products through credit arrangements.

The programme is designed to stimulate demand for Nigerian-made products, support domestic enterprises and encourage job creation.

Prospective beneficiaries were also informed about opportunities to acquire vehicles and repay the cost gradually under applicable financing arrangements.

Representing Abia State Governor, Dr. Alex Otti, at the event, the Governor’s Principal Secretary and Chief Strategic Officer, Chinenye Mba-Uzoukwu, commended CREDICORP for bringing the initiative to Aba.

Mba-Uzoukwu described Aba as a major economic centre whose residents are known for their resilience, creativity and entrepreneurial drive.

He said the state government was working to create an enabling environment for businesses to thrive, adding that improved infrastructure and reliable electricity supply were essential to increasing productivity and expanding economic opportunities.

According to him, the activation of Geometric Power under the Otti administration was part of efforts to address electricity challenges affecting Aba and its surrounding communities.

He further disclosed that the state government’s plan was to increase Geometric Power’s capacity from its current 141 megawatts to 500 megawatts to meet rising electricity demand in Abia and neighbouring areas.

Mba-Uzoukwu said the proposed expansion would support businesses, improve productivity and contribute to economic growth.

He added that Governor Otti remained committed to addressing infrastructure gaps and improving the business environment, particularly in Aba, which serves as the commercial hub of the state.

The governor’s representative expressed optimism that initiatives such as CREDICORP would complement the state’s efforts by providing entrepreneurs with access to financing needed to expand their operations.

Earlier in her opening remarks, CREDICORP Executive Director Aisha Abdullahi said Aba was widely associated with resilience, creativity, enterprise and hard work, but noted that financial constraints had prevented many entrepreneurs from fully realising their potential.

She explained that CREDICORP was working to bridge the financing gap by providing access to affordable credit that could help individuals and businesses expand their activities.

Abdullahi encouraged prospective beneficiaries to pay attention to the available financing options and carefully select the products best suited to their needs and repayment capacity.

She emphasised the importance of responsible borrowing, noting that credit should be used to support productive activities and improve livelihoods.

Also speaking, CREDICORP’s Executive Director, Olanike Kolawole, highlighted the Corporation’s commitment to supporting local manufacturers and expanding access to credit across the country.

Kolawole said the initiative was intended to make life easier for Nigerians by providing financing opportunities not only in the South-East but across the federation.

She explained that connecting consumers to locally manufactured goods through credit would help support domestic production while giving individuals access to products they might otherwise find difficult to purchase outright.

A representative of CREDICORP’s Legal Department, Viola Lekwauwa, educated participants on the legal implications of consumer credit and the rights of individuals accessing credit facilities.

Lekwauwa explained that lenders were expected to provide borrowers with clear information about the terms of their credit agreements, including the amount being borrowed, applicable interest rates, repayment schedules and other relevant conditions.

She stressed that prospective borrowers should understand the terms of an agreement before accepting a credit facility and should not be coerced into taking credit they did not want.

She also highlighted the importance of protecting borrowers’ personal information, explaining that data collected during the credit application process should be handled appropriately and used for the purposes for which it was obtained.

Lekwauwa urged applicants to provide accurate information when seeking credit and to develop clear repayment plans before committing themselves to any financial obligation.

Using the example of a transport operator acquiring a tricycle to generate income, she explained that borrowers should ensure that the assets or activities financed by credit could support their repayment plans.

She reminded participants that consumer credit was not free money and that borrowers had an obligation to repay their loans within the agreed period.

According to her, responsible borrowing and a clear understanding of credit terms were essential to ensuring that consumer credit improved people’s lives rather than creating additional financial difficulties.

The showcase also featured YouthCred, a CREDICORP initiative designed to connect eligible young Nigerians, including serving National Youth Service Corps (NYSC) members, with affordable credit opportunities.

The programme seeks to support young people’s financial journeys while encouraging responsible borrowing and the development of sound credit histories.

Through its various initiatives, CREDICORP aims to make consumer credit more accessible to Nigerians who need financing for essential purchases, productive assets and other eligible needs.

The event forms part of the Corporation’s wider engagements across the country, following similar activities in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states.

CREDICORP has reported that it has enabled more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.

Established under the administration of President Bola Ahmed Tinubu, the Corporation is working towards the Federal Government’s objective of expanding consumer credit access to at least 50 per cent of working Nigerians by 2030.

The Aba showcase highlighted the potential of consumer credit to support traders, young people and transport operators while strengthening local production and enterprise development.

By combining affordable financing, borrower education and support for Nigerian manufacturers, CREDICORP seeks to turn consumer credit into a practical tool for improving livelihoods and expanding economic opportunities.