CREDICORP Launches SPARK for Consumer Financing in Nigeria

The Nigerian Consumer Credit Corporation (CREDICORP) has launched SPARK, a USSD code initiative designed to expand access to financing for Nigerians, enabling them to purchase essential goods and services without full upfront payments. This initiative is part of the Federal Government's efforts to improve access to affordable consumer credit and stimulate economic activity.

CREDICORP reported that it has facilitated over N53.5 billion in consumer credit for more than 351,000 Nigerians since its operations began, with women comprising approximately 59 percent of the beneficiaries. SPARK aims to allow eligible Nigerians to spread the cost of purchases over an agreed repayment period, thereby connecting consumer demand with local economic opportunities.

However, details regarding loan limits, interest rates, repayment periods, and eligibility requirements for SPARK have not been comprehensively disclosed. It is important to note that SPARK is a loan initiative, not a government grant, and beneficiaries will be required to repay borrowed funds according to agreed terms.