The Nigerian Consumer Credit Corporation, CREDICORP, has disclosed that it has facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations.

The institution also revealed that women account for approximately 59 per cent of the beneficiaries who have accessed credit through its programmes.

The announcement was made in Aba, Abia State, where the corporation introduced a new USSD-based credit product known as SPARK.

The initiative is designed to expand access to consumer financing, with an initial target of reaching more than 1,000 residents of Abia State.

Speaking at the event, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, explained that many traders, artisans and small business owners struggle to expand their activities because of limited access to financing.

He said the programme was designed to make credit more accessible to Nigerians who need funding to acquire productive assets, including vehicles and tricycles, as well as support their businesses.

The event also featured discussions on financing opportunities for market women, young entrepreneurs, traders and transport operators.

Representatives of the Abia State Government welcomed the initiative, noting that improved access to financing could support local businesses and strengthen economic activities in Aba, a major commercial centre in the South-East.

The announcement adds to ongoing conversations about consumer credit in Nigeria, particularly the role affordable financing can play in helping individuals acquire assets and expand income-generating activities.

However, prospective beneficiaries will still need to understand the eligibility requirements, repayment conditions and applicable charges before taking up any credit facility.

Source: THISDAY.