The Federal Government has introduced a USSD-based consumer credit service designed to enable Nigerians to access loans through basic mobile phones without internet connectivity 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 limited or no formal credit history.
CREDICORP announced *347*333# as the USSD code for accessing the service, although its nationwide rollout has not yet been confirmed. The corporation expects wider availability before the end of 2026.
SPARK is designed to help borrowers build repayment records, improve their credit profiles and qualify for additional financial services.
CREDICORP’s broader consumer credit programmes cover five major areas: mobility, including compressed natural gas and electric vehicles; digital devices such as laptops and smartphones; energy solutions, including generators and solar panels; home improvement; and essential needs such as healthcare, food and clothing.
However, the corporation has not confirmed that all these categories are currently available for financing through SPARK.
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The product was unveiled at CREDICORP’s CREDICORP for All showcase in Aba, Abia State, where the corporation demonstrated consumer credit opportunities to more than 1,000 residents.
The event featured credit-access demonstrations for market women and traders, presentations on the YouthCred initiative and the exhibition of credit-backed tricycles for transport operators under the Securing Consumer Access for Local Enterprises (S.C.A.L.E.) programme.
CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the initiative was designed to make consumer credit accessible beyond traditional financial institutions.
He described SPARK as a simple means for Nigerians to begin building their credit histories, adding that consumer credit should be available to every working Nigerian.
Representing Abia State Governor, Alex Otti, the governor’s Chief Principal, Chinenye Mba-Uzoukwu, said the state was creating an enabling environment for businesses, investments and responsible credit access.
Similarly, Managing Director of the Ministry of Finance Incorporated and CREDICORP board member, Armstrong Ume Takang, said the initiative demonstrated how public investment could support businesses, local manufacturers and economic opportunities.
CREDICORP said it had facilitated more than N53.5bn in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
The corporation stressed that SPARK is a loan service, not a grant. Borrowers will be required to repay loans according to agreed terms.
Details of the service’s loan limits, interest rates, repayment periods, and eligibility requirements have yet to be fully disclosed. Prospective users are therefore advised to rely on official CREDICORP announcements and avoid individuals demanding upfront payments in exchange for guaranteed loan approval.
