... New USSD-based product targets first-time borrowers as Federal Government-backed initiative expands access to credit
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| L-R: Aisha Abdullahi, Executive Director of Credit and Portfolio Management, Credicorp; Honorable Blessing Nwagba (PhD); Mr. Chinenye Mba Uzoukwu, Chief Principal and Representative of Governor Alex Otti; Uzoma Nwagba, MD and CEO of Credicorp and Dr. Armstrong Ume Takang, MD/CEO of the Ministry of Finance Incorporated (MOFI), during the pilot of SPARK and Credicorp for All - Abia State Edition at the PrimeTime Event Center in Aba, Abia State on Wednesday. |
The Nigerian Consumer Credit Corporation (CREDICORP) has showcased consumer credit opportunities for more than 1,000 Abians in Aba, Abia State, while piloting SPARK, a USSD-based product designed to help Nigerians access credit and establish formal credit histories.
The showcase, held at the Prime Time Event Center, brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how access to affordable credit could support livelihoods, small businesses and income-generating activities.
Market women and traders participated in credit-access activities, while young Nigerians were introduced to opportunities through the YouthCred programme. Transport operators also featured among beneficiaries acquiring tricycles through credit-backed arrangements.
SPARK was a major highlight of the event. Designed to operate through USSD technology, the product is intended to make entry-level credit accessible through basic mobile phones without requiring smartphones or internet connectivity.
According to CREDICORP, the initiative is particularly aimed at first-time borrowers who want to begin building formal credit histories. Responsible borrowing and repayment could help users establish records that may support access to further financial opportunities.
The corporation said it expected the product to become more widely available before the end of 2026.
The event also featured locally assembled tricycles made available through CREDICORP’s S.C.A.L.E. initiative, which connects consumers with Nigerian manufacturers and vendors through credit arrangements. The programme is designed to support local production, enterprise development and job creation.
YouthCred also featured at the showcase, connecting eligible young Nigerians, including serving National Youth Service Corps members, with credit opportunities intended to encourage responsible borrowing and support their financial needs.
Representing Abia State Governor Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, welcomed the initiative and highlighted the state government’s efforts to create an enabling environment for enterprise and responsible consumer credit.
He said the state was working to strengthen conditions for businesses to grow and investments to flourish, adding that initiatives such as CREDICORP could support traders, young people and families.
Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Armstrong Ume Takang, described the showcase as an example of translating Federal Government policy into practical economic opportunities.
He said structured public investment could help stimulate enterprise, support local manufacturers and expand access to credit.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the corporation was working to make consumer credit more accessible to Nigerians beyond traditional financial channels.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He added that the Aba showcase demonstrated how credit could support market women, young people and transport operators, while SPARK could provide a starting point for Nigerians seeking to establish credit histories.
The Abia event builds on CREDICORP’s engagements in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa.
The corporation said it had 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 President Bola Ahmed Tinubu’s administration, CREDICORP is working towards the Federal Government’s objective of expanding consumer credit access to at least 50 per cent of working Nigerians by 2030.
