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

The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over N53.5 billion in consumer credit to more than 351,000 Nigerians since its inception, with women accounting for approximately 59% of the beneficiaries. The federal government-backed institution disclosed this in Aba, Abia State, while unveiling its USSD-based SPARK credit product aimed at over 1,000 residents.

The initiative targets market women, traders, youths, and transport operators, providing them with access to affordable credit to acquire productive assets such as tricycles and vehicles. CREDICORP's Managing Director and CEO, Engr. Uzoma Nwagba, emphasized that the initiative was designed to bring credit closer to the people to help them expand their businesses.

CREDICORP Board member, Dr. Armstrong Ume Takang, praised President Tinubu for supporting the expansion of consumer credit, stating that it would enable beneficiaries to strengthen their businesses, acquire assets, and contribute to economic growth if used responsibly. Abia State's Principal Secretary and Chief Strategy Officer, Mr. Chinenye Mba-Uzoukwu, commended CREDICORP for bringing the initiative to Aba, a major economic center known for its resilience, creativity, and entrepreneurship.

He highlighted the state government's efforts to create an enabling environment for businesses, including plans to increase Geometric Power's capacity from 141 megawatts to 500 megawatts to address electricity challenges and boost productivity in Aba and its environs.