Otti Hails FG’s Consumer Credit Scheme as CREDICORP Targets Over 1,000 Abians. —-SPARK credit product debuts in Aba, offering traders, youths and transport operators access to affordable financing.
Otti Hails FG’s Consumer Credit Scheme as CREDICORP Targets Over 1,000 Abians.
—-SPARK credit product debuts in Aba, offering traders, youths and transport operators access to affordable financing.
Abia State Governor, Dr. Alex Otti, has commended the Federal Government’s consumer credit initiative for its potential to promote enterprise development, boost purchasing power and empower small-business owners, as the Nigerian Consumer Credit Corporation (CREDICORP) unveiled financing opportunities for more than 1,000 Abians in Aba.
The initiative, which featured the pilot launch of SPARK, a USSD-based credit product that enables eligible Nigerians to initiate credit applications using basic mobile phones without internet access, was showcased on Wednesday at the Prime Time Event Centre, Aba.
The event brought together government representatives, financial institutions, local manufacturers, vendors and prospective beneficiaries, including market women, traders, artisans, young people and transport operators, to demonstrate how affordable credit could support business expansion, asset acquisition and income generation.
Otti, who was represented by his Chief Principal Secretary, Dr. Chinenye Mba-Uzoukwu, described Aba as an appropriate location for the initiative because of its longstanding reputation for entrepreneurship, manufacturing and commercial activities.
The governor said his administration was committed to creating an enabling environment for businesses to thrive, investments to grow and residents to access responsible credit to improve their livelihoods.
He explained that the state government’s investments in infrastructure, electricity, education and environmental management were designed to strengthen productivity and position Abia for sustainable economic growth.
Otti highlighted improvements in environmental sanitation and urban infrastructure in Aba, attributing the progress to the government’s waste management programme and residents’ commitment to maintaining a cleaner environment.
He also cited the resumption of operations by Geometric Power after more than two decades of inactivity as a significant step towards improving electricity supply and supporting industrial development.
According to him, the state government is working to expand electricity generation capacity and distribution networks to meet the needs of businesses and industries.
On education, Otti disclosed that his administration had allocated 30 per cent of its annual budget to the sector, intervened in more than 500 schools, planned the establishment of 21 smart schools and recruited over 9,000 teachers.
He maintained that access to credit would deliver greater benefits when borrowers operated in an environment that supported productivity, income generation and timely loan repayment.
The governor commended the Federal Government and CREDICORP for extending the initiative to Abia, expressing confidence that it would benefit traders, artisans, manufacturers and small-business owners across the state.
Earlier, CREDICORP Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba, said the corporation was established under President Bola Ahmed Tinubu’s administration to expand access to consumer credit and improve the quality of life of Nigerians.
Nwagba explained that consumer credit would enable individuals to acquire essential goods and productive assets without having to save for years before making purchases.
He said wider access to financing could increase purchasing power, stimulate demand for locally manufactured products and strengthen Nigerian industries.
The CREDICORP chief executive disclosed that the corporation had facilitated more than N53.5 billion in consumer credit for over 351,000 Nigerians nationwide since commencing operations, with women accounting for approximately 59 per cent of the beneficiaries.
He said the corporation worked with banks, microfinance banks, finance companies and financial technology firms to deliver credit to eligible Nigerians through established financial channels.
According to him, the Aba showcase was expected to provide more than 1,000 residents with opportunities to access different forms of credit for business equipment, mobility and other goods and services capable of improving their livelihoods.
Nwagba noted that many micro, small and medium-sized enterprises relied on personal credit to finance their operations because they lacked the formal business structures, collateral and other requirements needed to obtain conventional business loans.
He said consumer credit was particularly relevant to Aba, where traders, artisans and manufacturers often operated individual businesses and needed financing to expand their activities.
He added that the corporation’s experience showed that many Nigerians used personal consumer loans for productive purposes, including purchasing equipment, acquiring vehicles and expanding small businesses.
Nwagba said the product was developed to help first-time borrowers access financing and establish formal credit histories through responsible borrowing and repayment.
He explained that the platform would assess applicants’ financial information and cash flows to determine the amount of credit they could reasonably manage.
Nwagba said CREDICORP’s objective was to make consumer credit accessible to working Nigerians rather than restrict it to a privileged few.
He added that the corporation’s model would also strengthen financial institutions by helping them expand their lending portfolios and reach more eligible customers..
Also speaking, the Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Dr. Armstrong Ume Takang, urged Abians to take advantage of the Federal Government’s consumer credit programme to expand their businesses and improve their livelihoods.
Takang, who recalled growing up in a business-owning family and selling provisions, bread and groundnuts, said his personal experience had given him an appreciation of the challenges traders and entrepreneurs face in accessing capital.
He described Aba and the wider South-East as major beneficiaries of the initiative because of the region’s concentration of traders, artisans, manufacturers and small-business operators.
According to him, more than 70 per cent of beneficiaries of the consumer credit programme use the financing to support their businesses.
He said the scheme would help traders acquire goods, expand their operations and invest in productive assets, while local manufacturers and vendors would benefit from increased demand for their products.
Takang urged participating manufacturers and vendors to collaborate with CREDICORP and make more locally produced goods available to beneficiaries.
He also drew attention to other Federal Government initiatives, including the MOFI Real Estate Investment Fund and the Nigerian Education Loan Fund (NELFUND), encouraging eligible Nigerians to explore the opportunities they offer.
Takang commended President Tinubu for establishing CREDICORP, describing the initiative as an important reform aimed at widening access to credit for individuals, including those who use financing to sustain and expand their businesses.
He expressed optimism that increased access to consumer credit would stimulate economic activity, improve purchasing power and strengthen local enterprises.
Tricycles, YouthCred feature at showcase.
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CREDICORP’s Abia showcase builds on similar engagements held in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states, reflecting the corporation’s expanding national reach.
Established under the Tinubu administration, the corporation is working towards the Federal Government’s target of extending consumer credit access to at least 50 per cent of working Nigerians by 2030.
Through initiatives such as SPARK, YouthCred and S.C.A.L.E., CREDICORP aims to bridge financing gaps, improve access to essential goods and productive assets, support local industries and create opportunities for Nigerians to improve their economic circumstances.
The event also featured locally assembled tricycles under the consumer credit initiative, providing transport operators with opportunities to acquire income-generating assets while supporting domestic manufacturing, enterprise development and job creation
The highlighted was YouthCred, which is designed to connect eligible young Nigerians, including serving National Youth Service Corps members, with affordable credit opportunities to support their financial development and encourage responsible borrowing.
A major highlight of the event was the pilot launch of SPARK, an entry-level credit product designed to enable eligible Nigerians to initiate access to credit through a USSD platform using basic mobile phones.
