The Nigerian Consumer Credit Corporation (CREDICORP) has extended access to consumer loans to 4,811 vulnerable Nigerians without smartphones through its USSD-based credit platform, SPARK.
The beneficiaries received instant entry-level credit and credit assessments during the corporation’s CREDICORP for All event. The initiative is designed to help low-income earners access affordable loans without depending on lenders who charge exploitative interest rates.
CREDICORP said beneficiaries are also educated on responsible borrowing and loan management before receiving financial support. The corporation disclosed that Oyo and Kebbi states would be the next locations for the mass credit initiative.
The corporation further revealed that it had reached more than 353,561 Nigerians and facilitated ₦53.64 billion in consumer credit for vehicles, electronics, home improvements and other essential needs. It also reported zero non-performing loans across its facilitated consumer credit portfolio.
