CREDICORP launches SPARK to help Nigerians buy food, other items on credit

The Nigerian Consumer Credit Corporation (CREDICORP) has launched SPARK, a consumer credit initiative to expand access to financing for Nigerians and support local businesses and manufacturers. The scheme is part of the Federal Government’s push to make affordable consumer credit available so citizens can buy essential goods and services without paying full upfront.

More than 351,000 Nigerians have accessed over N53.5 billion in credit since CREDICORP began operations. Women account for about 59 per cent of beneficiaries. A USSD offline loan service was also launched, with CREDICORP disbursements put at N61.4 billion.

What SPARK will do

SPARK is designed to strengthen access to structured consumer financing. Eligible Nigerians may spread the cost of purchases over an agreed repayment period. The government expects the initiative to stimulate domestic production by connecting consumer demand with opportunities for Nigerian businesses. Improved credit access could help consumers make essential purchases while creating demand for goods made by local manufacturers.

The benefits will depend on financing terms, eligibility conditions and how accessible the scheme is.

Loan, not grant

SPARK is a loan initiative, not a government grant. Beneficiaries will repay borrowed funds according to conditions agreed with their lenders. CREDICORP has not provided comprehensive public information on SPARK’s loan limits, interest rates, repayment periods or complete eligibility requirements. Applicants should confirm these details through official CREDICORP channels before making financial commitments.

Nigerians should also watch out for fraudulent agents, unofficial websites and individuals demanding upfront payments in exchange for guaranteed loan approval. Borrowers are advised to understand the total repayment obligation, applicable charges and consequences of missed payments before accepting any credit offer.

The bigger picture

Takang said properly structured public investment could generate benefits beyond individual borrowers. "Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens," Takang said.

For manufacturers and retailers, improved access to consumer credit could translate into stronger sales, especially for products many households struggle to buy outright. CREDICORP’s figures also point to the growing role of structured lending in helping Nigerians finance purchases and manage household spending.

SPARK’s success will depend on whether it provides accessible financing on sustainable terms while delivering meaningful benefits to consumers and Nigerian businesses. Separately, some vulnerable households have reportedly received N25,000 payment alerts under the Federal Government’s Household Prosperity and Empowerment (HoPE) Cash Transfer Programme. The Federal Government also secured a $30 million Chinese grant for grassroots development projects. Reactions also came 24 hours after the Federal Government launched a USSD code to help Nigerians access loans without internet.