Nigeria's Consumer Credit Corporation has distributed more than N53.5 billion in consumer credit to over 351,000 people since it began operations, with women representing about 59 per cent of recipients. The federal development finance institution unveiled its plans in Aba, Abia State, launching a USSD-based product called SPARK targeting credit access for market women, traders, youths and transport operators in the state.
Many small business owners and traders have been unable to grow their enterprises due to lack of funding, according to CREDICORP's Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba. The initiative aims to provide affordable credit closer to ordinary working Nigerians who want to acquire productive assets such as tricycles and vehicles. Nwagba stressed that consumer credit should be available to working Nigerians seeking to improve their economic circumstances rather than reserved for a privileged few.
Dr. Armstrong Ume Takang, Managing Director of MOFI and a member of CREDICORP's board, said the expansion reflects President Tinubu's support for wider access to consumer credit. He argued that if used responsibly, the initiative would help beneficiaries strengthen businesses, acquire assets and contribute to broader economic growth. CREDICORP's Executive Director, Aisha Abdullahi, urged prospective borrowers to choose products suited to their needs and repayment capacity and to use credit for productive purposes.
Abia State officials welcomed the move. Chinenye Mba-Uzoukwu, the Principal Secretary and Chief Strategy Officer representing Governor Alex Otti, described Aba as a major economic centre known for resilience and entrepreneurship. The state government is working to improve the operating environment for businesses, including plans to increase power capacity from Geometric Power from 141 megawatts to 500 megawatts to address electricity constraints and boost productivity in the area.