The Federal Government has introduced a new credit initiative known as SPARK to help Nigerians establish credit histories and improve their chances of accessing financial services in the future.
The programme, introduced by the Credit Corporation of Nigeria (CREDICORP), is designed to encourage responsible borrowing and repayment by giving Nigerians an opportunity to build verifiable credit records.
Through the initiative, beneficiaries can establish a repayment history that may strengthen their credit profiles and make it easier for them to qualify for additional financial support.
CREDICORP said the programme forms part of its wider effort to make consumer credit accessible to more Nigerians, particularly those who have limited access to formal lending opportunities.
The corporation’s broader consumer credit priorities cover five major areas: transportation, digital devices, energy, home improvement and essential goods.
Under these categories, Nigerians could access financing opportunities for compressed natural gas (CNG) and electric vehicles, smartphones, laptops, solar panels, generators, furniture, household appliances, building materials, healthcare, clothing, food and beverages.
However, CREDICORP has clarified that the announcement does not mean all these products are currently available for financing under SPARK.
According to a report by Vanguard, the initiative was unveiled during CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to different consumer credit opportunities.
The event attracted beneficiaries, financial institutions, local businesses and government officials, with demonstrations highlighting how access to credit could support small businesses and improve livelihoods.
Market women and traders were introduced to credit opportunities, while young Nigerians were also presented with information about the YouthCred programme. Transport operators equally benefited from demonstrations involving credit-backed tricycles.
Locally assembled tricycles were also showcased under CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which is aimed at supporting local businesses through consumer financing.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said access to consumer credit should not be limited to a privileged section of the population.
He explained that the organisation was working to ensure ordinary Nigerians, including traders, young people and transport operators, could benefit from financial opportunities that would help improve their economic activities.
Nwagba added that SPARK would provide Nigerians with a simple starting point for building credit histories, making responsible borrowing an important part of their financial development.
Also speaking, Chinenye Mba-Uzoukwu, Chief Principal to Abia State Governor Alex Otti, said the state government was creating an environment that would encourage investment, business growth and wider access to responsible credit.
Representing the governor, Mba-Uzoukwu noted that improved business conditions would make it easier for initiatives such as CREDICORP’s programmes to reach traders, young people and working families.
Meanwhile, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, described the showcase as an example of how government policies could be translated into practical economic opportunities for Nigerians.
