More than 351,000 Nigerians have accessed over ₦53.5 billion in consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), as the Federal Government-backed agency pilots a USSD-based product to expand access for first-time borrowers.
The product, known as SPARK, was unveiled during CREDICORP’s beneficiary showcase in Aba, Abia State, where the agency highlighted credit opportunities for market women, young people and transport operators.
Designed to work on basic mobile phones without internet connectivity or smartphones, SPARK is intended to help Nigerians access entry-level credit and build formal credit histories through responsible borrowing and repayment. Wider availability is expected before the end of 2026.
At the event, locally assembled tricycles provided through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative were also showcased. The programme connects consumers with Nigerian manufacturers and vendors through affordable credit, with the aim of supporting local production, enterprise development and job creation.
The showcase also featured YouthCred, which connects eligible young Nigerians, including serving National Youth Service Corps members, with credit opportunities to support their financial needs and encourage responsible borrowing.
Representing Abia State Governor Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state government was working to create an environment in which businesses could grow and responsible consumer credit could reach more residents.
Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Armstrong Ume Takang, said the initiative was translating the Federal Government’s consumer credit policy into practical economic opportunities for citizens and local businesses.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the corporation was working to make credit accessible beyond traditional financial institutions, particularly for people seeking to improve their livelihoods or acquire productive assets.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
According to CREDICORP, women account for approximately 59 per cent of its beneficiaries.
The Aba event builds on the corporation’s engagements in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states.
Established under President Bola Tinubu’s administration, CREDICORP is pursuing the Federal Government’s target of expanding consumer credit access to at least 50 per cent of working Nigerians by 2030.