CREDICORP shows how Abians can access consumer credit

The Nigerian Consumer Credit Corporation, CREDICORP, held its event called CREDICORP for All, Abia State Edition at the Prime Time Event Centre in Aba, Abia State. The event highlighted affordable credit options for over 1,000 Abians. It brought together beneficiaries, financial institutions, local vendors, and government officials to show how consumer credit can improve daily lives.

At the showcase, market women and traders took part in live credit-access activities. Young Nigerians interacted with YouthCred, and transport operators were shown as beneficiaries of credit-backed tricycles. These activities placed real people and the value of consumer credit at the heart of the event.

A major part of the event was the pilot for SPARK, a new USSD-based credit product. This product is aimed at helping Nigerians, especially first-time borrowers, access credit and start building their credit histories. By making repayment records through responsible borrowing, beneficiaries can improve their credit profiles and access better financial opportunities.

The SPARK product makes it easy to access credit through basic mobile phones, without needing smartphones or internet. It is expected to be available to more Nigerians before the end of 2026.

The showcase also displayed locally assembled tricycles available on credit through CREDICORP’s S.C.A.L.E. initiative. This program connects consumers with Nigerian manufacturers and vendors by providing affordable credit. It supports local production, business growth, and job creation.

YouthCred was also part of the event, linking eligible young Nigerians, including NYSC corps members, to affordable credit options aimed at helping their financial journeys and encouraging responsible borrowing.

Mr Chinenye Mba-Uzoukwu, Chief Principal to Governor Alex Otti of Abia State, represented the governor at the event. He welcomed the initiative and talked about how the Abia State Government is creating a good environment for responsible consumer credit and business to thrive.

"Under Governor Alex Otti’s leadership, Abia State is putting in place the right conditions for businesses to grow, investments to prosper and responsible credit to reach more of our people. By improving the environment for business, we help initiatives like CREDICORP support traders, young people, and hardworking families across the state," he said.

Dr Armstrong Ume Takang, Managing Director of MOFI and Board Member of CREDICORP, described the showcase as a way to turn Federal Government policy into real economic opportunities for Nigerians.

"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. Through CREDICORP, we see how well-structured public investment can support local businesses and have a direct economic impact on citizens," he said.

Uzoma Nwagba, Managing Director/CEO, spoke about CREDICORP’s growing national presence. He said that the company's mission is to take consumer credit away from just financial institutions and make it available to all Nigerians.

"Consumer credit should not be a privilege for just a few. It should be available to every working Nigerian. Today in Aba, we are showing what that means in real terms: credit for market women, a financial boost for young people, and assets for transport operators. With SPARK, we are providing a simple way for Nigerians to start building their credit histories. This is how we make credit work for the people," he said.

The Abia event is part of CREDICORP’s activities across Lagos, Abuja, Ondo, Osun, Ogun, Rivers, and Adamawa. This shows how the Corporation's reach is expanding in the country.

Since it started operations, CREDICORP has provided over ₦53.5 billion in consumer credit to more than 351,000 Nigerians, with women making up about 59 percent of the beneficiaries.

CREDICORP was set up under President Bola Ahmed Tinubu’s administration to help the Federal Government reach its goal of providing consumer credit access to at least 50 percent of working Nigerians by 2030.

From market women getting credit to young Nigerians starting their financial journeys, and transport operators acquiring assets, the Abia showcase showed how consumer credit can translate from policy to real opportunities that enhance daily lives.

CREDICORP for All. Credit for Every Nigerian.