The Federal Government has introduced a USSD-based credit service to help Nigerians access consumer loans through basic mobile phones without internet access or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation (CREDICORP) to expand access to credit, particularly for first-time borrowers with little or no formal credit history. The designated USSD code is 347333#, although nationwide availability has not yet been confirmed.
CREDICORP said the service is expected to become more widely available before the end of 2026. It is designed to help borrowers build repayment records that could strengthen their credit profiles and improve their access to other financial services.
The corporation’s broader consumer credit programmes cover mobility, digital devices, energy solutions, home improvement and essential needs. These include loans for CNG and electric vehicles, laptops, smartphones, solar panels, household appliances, healthcare, food and clothing. However, CREDICORP has not confirmed that all these categories are currently available under SPARK.
The product was unveiled at CREDICORP’s showcase in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities. Activities included credit-access demonstrations for traders, presentations on the YouthCred initiative and the display of credit-backed tricycles made available through the corporation’s S.C.A.L.E. programme.
CREDICORP Managing Director, Uzoma Nwagba, said the initiative was intended to make consumer credit accessible beyond traditional financial institutions. The corporation also disclosed that it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for about 59 per cent of beneficiaries.
CREDICORP clarified that SPARK is a loan service, not a grant, meaning borrowers must repay funds according to agreed terms. It has yet to publish comprehensive details on loan limits, interest rates, repayment periods and eligibility requirements, while prospective applicants have been warned against unofficial agents demanding upfront payments for guaranteed loan approval.
