Abia State Governor Alex Otti welcomes CREDICORP pilot credit program SPARK in Aba to boost local enterprises.
Abia State Governor Dr. Alex Otti has restated his administration, resolve to provide an enabling environment for businesses to thrive in the state. The announcement was made during the official launch of the Nigerian Consumer Credit Corporation, also known as CREDICORP, pilot credit programme named SPARK in Aba.
The event marked a major milestone for the commercial hub as the government and federal agencies partnered to introduce a USSD-based credit product designed to empower traders, young people, and hard-working families across the region, according to information published by The Sun Nigeria.
Represented by his aide, Mr. Chinenye Mba-Uzoukwu, Governor Otti highlighted the deliberate infrastructure steps taken by the state government to ensure that investments flourish and responsible consumer credit reaches more citizens in a sustainable way.
CREDICORP pilot credit programme goals for working Nigerians
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed that the corporation was established under President Bola Tinubu, administration to expand consumer credit access to at least 50 percent of working Nigerians by the year 2030.
Nwagba emphasized that the mission is to take consumer credit beyond traditional financial institutions and directly into the hands of everyday citizens, ensuring that financial head starts are no longer a privilege reserved only for a privileged few.
The SPARK initiative in Aba provides a simple way for Nigerians to begin building their credit histories, connecting consumers with local manufacturers and vendors through affordable credit to support enterprise development and job creation.
Impacting local manufacturing and women entrepreneurs
Since commencing operations, CREDICORP has successfully disbursed over ₦53.5 billion in consumer credit to more than 351,000 Nigerians, with women accounting for approximately 59 percent of the total beneficiaries across the country.
The Managing Director of MOFI and board member of CREDICORP, Dr. Armstrong Ume, described the exercise as a practical example of translating Federal Government policy into tangible economic opportunities that stimulate local manufacturing.
Ume noted that well-structured public investments reflect President Bola Ahmed Tinubu,s commitment to building an economy where citizens can access the essential tools needed to significantly improve their daily lives.
Promoting financial opportunities through responsible borrowing
Organisers of the Abia State event explained that by establishing consistent repayment records through responsible borrowing, beneficiaries can progressively improve their individual credit profiles and unlock pathways to greater financial opportunities.
The high point of the launch event featured the formal handing over of locally assembled tricycles to deserving beneficiaries on credit through CREDICORP,s Securing Consumer Access for Local Enterprises initiative, known as SCALE.
This practical delivery of productive assets for transport operators demonstrates how the consumer credit framework directly impacts grassroots commerce and supports indigenous manufacturing enterprises in Abia State.
Frequently Asked Questions
What is the SPARK credit programme launched in Aba?
SPARK is a USSD-based credit product launched by the Nigerian Consumer Credit Corporation in Aba, Abia State, to help everyday Nigerians build credit histories and access affordable financing.
Who is the Governor of Abia State supporting this initiative?
Dr. Alex Otti is the Governor of Abia State who has restated his administration,s resolve to provide a thriving, enabling environment for businesses and federal credit programs.
What is the main goal of CREDICORP under President Bola Tinubu?
CREDICORP aims to expand consumer credit access to at least 50 percent of working Nigerians by 2030 by taking credit beyond traditional financial institutions.
How much consumer credit has CREDICORP disbursed so far?
Since commencing operations, CREDICORP has disbursed over ₦53.5 billion in consumer credit to more than 351,000 Nigerians, with nearly 59 percent going to women.
