CREDICORP Disburses N53.5bn to 351,000 Nigerians, Unveils Scheme

Boniface Okoro in Umuahia

The Nigerian Consumer Credit Corporation (CREDICORP) says it has enabled more than N53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for about 59 per cent of beneficiaries.

The federal government-backed development finance institution disclosed this in Aba, Abia State, where it unveiled its USSD-based SPARK credit product targeting over 1,000 Abians and showcased consumer credit opportunities for market women, traders, youths and transport operators.

Speaking at the showcase, the Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, noted that many shoemakers, traders and small business owners have struggled to expand due to lack of funding, adding that the initiative was designed to bring affordable credit closer to the people to acquire productive assets including tricycles and vehicles.

He stressed that consumer credit should not be reserved for a privileged few but should be accessible to working Nigerians seeking to improve their economic circumstances, reflecting the Federal Government’s policy in practical terms.

The Managing Director and Chief Executive Officer of MOFI and member of CREDICORP Board, Dr. Armstrong Ume Takang, commended President Tinubu for supporting expansion of consumer credit, saying the initiative would help beneficiaries strengthen businesses, acquire assets and contribute to economic growth if used responsibly.

Representing Governor Alex Otti, the Principal Secretary and Chief Strategy Officer, Mr. Chinenye Mba-Uzoukwu, commended CREDICORP for bringing the initiative to Aba, which he described as a major economic centre known for resilience, creativity and entrepreneurship.

He said the state government is creating an enabling environment for businesses, noting that activation of Geometric Power under the Otti administration and plans to increase its capacity from 141 megawatts to 500 megawatts are part of efforts to address electricity challenges and boost productivity in Aba and environs.

Earlier, Executive Director of CREDICORP, Aisha Abdullahi, said Aba is associated with hard work and enterprise but financial constraints have limited entrepreneurs, urging prospective beneficiaries to carefully select products suited to their needs and repayment capacity and to use credit for productive purposes.