The Federal Government has introduced a USSD-based credit service that lets Nigerians access consumer loans on basic mobile phones, without internet connectivity or a smartphone.
The service, called SPARK, was unveiled by the Nigerian Consumer Credit Corporation. It is meant to widen access to credit, particularly for first-time borrowers with limited or no formal credit history.
The USSD code unveiled for accessing SPARK is *347*333#. The service is not yet confirmed to be fully operational nationwide, and Nigerians have been advised to watch for its wider rollout.
CREDICORP said the product was expected to become more widely available before the end of 2026.
The initiative is designed to help borrowers build repayment records that could improve their credit profiles and open the way to further financial services.
CREDICORP’s broader consumer credit programmes cover five thematic areas aimed at improving access to essential goods, household equipment and productive assets.
The first is Mobility, which covers compressed natural gas (CNG) and electric vehicles.
The second is Digital devices, which covers laptops, smartphones and tablets.
The third is Energy solutions, which covers generators and solar panels.
The fourth is Home improvement, which covers furniture, household appliances and building materials.
The fifth is Life essentials, which covers healthcare, apparel, food and beverages.
These categories set out CREDICORP’s broader consumer credit priorities. However, the available announcement does not confirm that all the listed goods and services can currently be financed through SPARK specifically.
According to Vanguard in a Sunday publication sighted by PUNCH Online on Monday, the product was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State. At the event, the corporation highlighted consumer credit opportunities for more than 1,000 residents.
The event brought together beneficiaries, participating financial institutions, local vendors and government representatives. They came to see how consumer credit could support livelihoods and economic activities.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and a showcase of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles made available through CREDICORP’s Securing Consumer Access for Local Enterprises initiative, known as S.C.A.L.E.
CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was intended to extend consumer credit beyond traditional financial institutions.
He said, “Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Today in Aba, Abia State, in Nigeria’s South East, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people.”
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment in which businesses could grow and responsible consumer credit could reach more residents.
“Under Governor Alex Otti’s leadership, Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people,” Mba-Uzoukwu said, representing the governor at the event.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state.”
Similarly, Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how government policies could translate into economic opportunities.
“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.
CREDICORP said it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since it began operations. Women account for about 59 per cent of the beneficiaries.
SPARK is a credit service, not a grant. Borrowers who obtain loans will be expected to repay them according to the agreed terms.
The corporation has not provided comprehensive public details of SPARK’s loan limits, interest rates, repayment periods or full eligibility requirements in the reports announcing the product.
Prospective borrowers should also avoid unofficial websites, agents or individuals who demand upfront payments in exchange for guaranteed loan approval.
