At unveiling of Nigerian Consumer Credit Corporation, CREDICORP’s new credit product, SPARK, in Aba, Abia on Wednesday, Oct. 28, 2026.
The Nigerian Consumer Credit Corporation (CREDICORP) on Wednesday in Aba presented the pilot of “SPARK”, a new credit product designed to encourage new borrowers to access credit.
Speaking during the conclusion of its CREDICORP for All programme in Abia, the Managing Director/CEO of CREDICORP, Mr Uzoma Nwagba, said the loan facility type was the first of its kind in the corporation.
“It is a first-of-its-kind, USSD-based entry-level credit product designed to enable Nigerians, particularly first-time borrowers, to access credit.
“It is an entry-level credit product to test your use of credit and when given a little amount and you pay back, when you want another credit, the amount you will get will increase.
“It helps you build your formal credit history by establishing repayment records through responsible borrowing”, he said.
Nwagba said the beneficiaries could progressively improve their credit profiles and create pathways to greater financial opportunities by using the SPARK platform.
He said that his organisation was in Aba to revive the creative spirit of Aba artisans to boost their creativity which had dwindled because of paucity of funds.
Nwagba urged the residents of Aba to thank President Bola Tinubu who gave them the chance to touch lives through CREDICORP.
Gov. Alex Otti of Abia who spoke during the event enumerated ways his administration had ensured residents could easily access credit.
Otti, represented by his Principal Secretary and Chief Strategy Officer, Mr Chinenye Mba-Uzoukwu, said CREDICORP’s initiatives were commendable.
“Under Governor Alex Otti’s leadership, Abia State has emplaced conditions for businesses to grow, investments to flourish and responsible credit to reach more of our people.
‘By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.” he said.
The Managing Director, Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang said the product unveiling demonstrated the transformation of government’s policies into practical economic opportunities.
“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 are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens.” Takang said.
The highlight of the event was the handing over of about 25 sample Tricycles out of the 1000 Tricycles acquired through third party agents.
(NAN)
