CREDICORP Showcases Consumer Credit for Over 1,000 Abians, Pilots New USSD Product in Aba

The Nigerian Consumer Credit Corporation (CREDICORP) has showcased consumer credit opportunities for more than 1,000 residents of Abia State, introducing a new USSD-based product designed to help Nigerians access credit using basic mobile phones.

The showcase, held on Wednesday, October 28, 2026, at the Prime Time Event Center in Aba, featured market women, traders, young Nigerians and transport operators who are benefiting from various consumer credit initiatives.

A major highlight of the event was the pilot launch of SPARK, a USSD-based credit product designed to help Nigerians, particularly first-time borrowers, access credit and begin building formal credit histories without smartphones or internet connectivity.

According to CREDICORP, the product is expected to become more widely available before the end of 2026.

The initiative is intended to help borrowers establish repayment records through responsible borrowing, potentially improving their credit profiles and access to future financial opportunities.

The event also showcased locally assembled tricycles made available through the corporation’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which connects consumers with Nigerian manufacturers and vendors through affordable credit.

The programme is designed to support local production, encourage enterprise development and create employment opportunities by making productive assets more accessible to consumers.

Another initiative featured was YouthCred, which provides eligible young Nigerians, including serving National Youth Service Corps (NYSC) members, with access to affordable credit to support their financial needs and encourage responsible borrowing.

Representing Abia State Governor Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, welcomed the initiative, saying the state government was working to create an environment that supports business growth, investment and responsible consumer lending.

“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said.

He added that efforts to strengthen the business environment would make it easier for initiatives such as 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 initiative as an example of translating Federal Government policy into practical economic opportunities.

Takang said the Federal Government’s consumer credit programme reflected President Bola Tinubu’s commitment to expanding access to financial opportunities, adding that structured public investment could support businesses, local manufacturers and citizens.

CREDICORP Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba, said the corporation was working to make consumer credit accessible to Nigerians beyond the conventional banking system.

“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 credit could support market women, provide young people with a financial starting point and help transport operators acquire income-generating assets.

Nwagba also highlighted SPARK as a means of helping Nigerians begin building credit histories through a simpler, mobile-phone-based process.

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

According to the corporation, it has 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 Tinubu administration, CREDICORP is pursuing 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 corporation’s efforts to extend credit opportunities to traders, young people and transport operators, while supporting local businesses and encouraging responsible borrowing.