Chinenye Mba-Uzoukwu, representative of Abia State Governor, Dr. Alex Otti (left), and Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, during the SPARK and CREDICORP for All pilot programme in Aba, Abia State on October 28, 2026.
By Peace Udugba -The Daily Torch Media
The Nigerian Consumer Credit Corporation (CREDICORP) has showcased affordable consumer credit opportunities for more than 1,000 residents of Abia State while piloting its new USSD-based credit product, SPARK, in Aba.
The event, held at the Prime Time Event Center, Aba, brought together beneficiaries, financial institutions, local vendors and government representatives to demonstrate how access to consumer credit can improve livelihoods and support economic activities.
The showcase featured market women and traders participating in credit-access activities, young Nigerians benefiting from the YouthCred initiative, and transport operators acquiring credit-backed tricycles.
A major highlight was the pilot of SPARK, a USSD-based entry-level credit product designed to help Nigerians, particularly first-time borrowers, access credit and build formal credit histories.
The product allows users to access credit through basic mobile phones without requiring smartphones or internet connectivity. It is expected to become more widely available to Nigerians before the end of 2026.
L-R:Aisha Abdullahi, Executive Director, Credit and Portfolio Management, CREDICORP; Hon. Blessing Nwagba; Chinenye Mba-Uzoukwu, Chief Principal and representative of Abia State Governor, Dr. Alex Otti; Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP; and Dr. Armstrong Ume Takang, Managing Director/CEO of the Ministry of Finance Incorporated (MOFI), during the SPARK and CREDICORP for All pilot programme in Aba, Abia State on October 28, 2026.
According to CREDICORP, the initiative is designed to encourage responsible borrowing and repayment, enabling beneficiaries to establish credit records that could improve their access to future financial opportunities.
The event also showcased locally assembled tricycles made available through CREDICORP’s S.C.A.L.E. initiative, which stands for Securing Consumer Access for Local Enterprises.
The programme connects consumers with Nigerian manufacturers and vendors through affordable credit, with the aim of promoting local production, enterprise development and job creation.
YouthCred, another initiative featured at the event, provides eligible young Nigerians, including serving members of the National Youth Service Corps (NYSC), with access to affordable credit to support their financial development and encourage responsible borrowing.
Representing Abia State Governor, Dr. 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 businesses, investment and responsible consumer credit.
He said the state was working to strengthen the conditions necessary for businesses to grow, investments to flourish and credit opportunities to reach more residents.
According to him, such an environment would enable initiatives like CREDICORP to support traders, young people and families across the state.
The Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Dr. Armstrong Ume Takang, described the showcase as an example of translating Federal Government policy into practical economic opportunities.
He said the consumer credit initiative reflected President Bola Ahmed Tinubu’s commitment to expanding access to financial opportunities and improving the livelihoods of Nigerians.
Takang added that well-structured public investment could stimulate enterprise, support local manufacturers and deliver measurable economic benefits to citizens.
The Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the corporation was committed to making consumer credit more 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,” Nwagba said.
He explained that the Aba showcase demonstrated how consumer credit could support market women, provide young people with a financial head start and help transport operators acquire productive assets.
He added that SPARK would provide a simple entry point for Nigerians seeking to establish their credit histories.
The Abia event builds on CREDICORP’s engagements in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states, reflecting its efforts to expand consumer credit access nationwide.
The corporation disclosed that it had facilitated 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 Tinubu, CREDICORP is supporting 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 help traders expand their businesses, young people establish financial records and transport operators acquire income-generating assets.
Tags: CREDICORP, SPARK, consumer credit, Abia State, Uzoma Nwagba, Armstrong Ume Takang, YouthCred, MOFI, financial inclusion, Nigerian economy
