CREDICORP Disburses N61.4 Billion, Launches USSD Loan Service

The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over N61.40 billion to 353,561 Nigerians, achieving full nationwide reach as of October 31, 2026. This initiative, established under President Bola Tinubu's administration, aims to provide affordable credit to Nigerians previously excluded from formal lending.

Women constitute 58.8% of the beneficiaries, while 47% are young Nigerians. Notably, 31.81% of borrowers are accessing formal credit for the first time.

CREDICORP collaborates with 36 partner financial institutions and supports eight sectors, including vehicles, solar, and digital devices. The report indicates a 0% portfolio at risk, meaning no disbursed credit is at risk of default.

Additionally, the government introduced a USSD loan service named SPARK, allowing Nigerians to apply for loans without needing a smartphone or internet connection by dialing 333#. This service aims to assist users in building formal credit histories through consistent repayments, furthering the government's goal of expanding financial inclusion.