The Federal Government has introduced a USSD-based credit service that will allow Nigerians to access consumer loans using basic mobile phones without internet connectivity or smartphones.
The service, known as SPARK, was unveiled by the Nigerian Consumer Credit Corporation, also called CREDICORP, as part of efforts to expand access to consumer credit, particularly for first-time borrowers with little or no formal credit history.
CREDICORP announced 347333# as the USSD code for accessing the service, although nationwide availability has not yet been confirmed.
The corporation said SPARK is expected to become more widely accessible before the end of 2026.
The initiative is also designed to help borrowers build repayment records, which could improve their credit profiles and make it easier for them to access other financial services in the future.
What can Nigerians use CREDICORP loans for?
CREDICORP’s wider consumer credit programmes cover five major areas, including essential goods, household equipment and productive assets.
They include:
– Mobility: Compressed natural gas (CNG) and electric vehicles.
– Digital devices: Laptops, smartphones and tablets.
– Energy solutions: Generators and solar panels.
– Home improvement: Furniture, household appliances and building materials.
– Life essentials: Healthcare, clothing, food and beverages.
However, CREDICORP has not confirmed that every item under these categories is currently available for financing through SPARK specifically.
Why FG introduced SPARK
According to a report by PUNCH, the service was unveiled at CREDICORP’s ‘CREDICORP for All’ showcase in Aba, Abia State.
The event brought together more than 1,000 residents, beneficiaries, financial institutions, local vendors and government representatives to demonstrate how consumer credit could support households and businesses.
Activities included credit-access demonstrations for market women and traders, presentations on the YouthCred initiative for young Nigerians, and the display of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles provided 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 SPARK was designed to make consumer credit more accessible beyond traditional financial institutions.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He explained that the initiative would provide credit opportunities for traders, young people and transport operators while helping borrowers establish their credit histories.
Also speaking at the event, Chinenye Mba-Uzoukwu, principal to Abia State Governor Alex Otti, said the state government was working to create an environment where businesses could grow and responsible consumer credit could reach more residents.
Similarly, the Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how government policies could translate into economic opportunities for citizens.
CREDICORP said it had facilitated more than ₦53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
What Nigerians should know before applying
SPARK is a loan service, not a government grant. Anyone who obtains credit through the programme will be required to repay the loan under the agreed terms.
As of the announcement, comprehensive details on loan limits, interest rates, repayment periods and eligibility requirements had not been made public.
Prospective applicants should therefore verify the service through CREDICORP’s official channels before submitting personal information or making payments.
Nigerians should also be wary of unofficial agents or individuals demanding upfront fees in exchange for guaranteed loan approval.
